58-17E-39. Disclosure that product is not insurance--Advertisements--Rules--Revocation of registration--Agents. Any person subject to registration pursuant to § 58-17E-9 shall prominently and boldly disclose that the product is not insurance. Any advertisements or solicitations made by such a person are subject to the provisions of §§ 58-33A-2 to 58-33A-4, inclusive, and §§ 58-33A-7 to 58-33A-8, inclusive, and §§ 58-33A-10 to 58-33A-12, inclusive. Any administrative rule promulgated pursuant to § 58-33A-7 does not apply to those registered pursuant to the provisions of §§ 58-17E-9, 58-17E-39, 58-17E-41, and 58-17E-45, inclusive, unless specifically referenced in the rule. If any person fails to comply with these provisions or the provisions of §§ 58-17E-9, 58-17E-39, 58-17E-41, and 58-17E-45, inclusive, the director may issue an order to cease and desist pursuant to the provisions of chapter 58-4 and may revoke the registration. Any such action by the director is subject to notice and hearing as provided pursuant to chapter 1-26 and § 58-4-7. A person acting as an agent as defined in chapter 58-30 who sells, solicits, or negotiates a plan or program containing insurance benefits shall meet the licensing and appointment requirements of that chapter if the person is otherwise required to be licensed pursuant to the provisions of chapter 58-30.
Source: SL 2005, ch 269, § 2; SDCL § 58-17C-105; SL 2015, ch 260, § 7.
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