reglab/statecodes huggingface dataset:
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:12 - Acquisition solicitation requirements for agents

Current through Register Vol. 51, page 10, July 15, 2024
An agent, including the developer if it is also the agent,
				  may not solicit or encourage others to attend a time-share sales presentation
				  or to contact an agent or developer if the time-share unit is located in the
				  state, whether the solicitation is conducted in the state or out-of-state,
				  unless the agent files and the commission accepts the following:
(1) The time-share plan or plans for which it
				is providing prospective purchasers;
(2) Its principal office address and
				telephone number; and
(3) If a
				corporation, the name, address, and telephone number of its responsible
				managing employee.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:13 - Sales solicitation requirements for agents

Current through Register Vol. 51, page 10, July 15, 2024
An agent, including the developer if it is also the agent,
				  may not sell or offer to sell an interest in a time-share plan for a developer
				  if the time-share unit is located in the state whether the sale or offer for
				  sale is made in the state or out-of-state, unless the agent files and the
				  commission accepts the following:
(1)
				The time-share plan or plans it intends to sell;
(2) Its principal office address and
				telephone number;
(3) If a
				corporation, the name, address, and telephone number of its responsible
				managing employee; and
(4) A copy
				of the special escrow agreement as required by §
									20:69:12:28.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:14 - Limitation on plan managers

Current through Register Vol. 51, page 10, July 15, 2024
A plan manager, including the developer if it is also the
				  plan manager, may not undertake the duties, responsibilities, and obligations
				  of managing a time-share plan if the time-share unit is located in the state
				  unless the plan manager files and the commission accepts the following:
(1) The time-share plan or plans that it
				intends to manage;
(2) Its
				principal office address and telephone number;
(3) If a corporation, the name, address, and
				telephone number of its responsible managing employee;
(4) A sworn statement from the developer
				listing the plan manager's duties, responsibilities, and obligations;
(5) A sworn statement from the plan manager
				stating its duties, responsibilities, and obligations, as set out in §
									20:69:12:19; and
(6) The address where all accounting records,
				including receipts, expenditures, and payment vouchers, are
				maintained.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:15 - Renewal of time-share filings

Current through Register Vol. 51, page 10, July 15, 2024
A filing required by this chapter shall be renewed by
				  December 31 of each year on a form prescribed by the commission. Failure to
				  renew by the specified date will result in forfeiture of the right to engage in
				  the sale of a time-share plan. A forfeited registration may be restored within
				  90 days upon payment of a registration fee of $25 for each time-share unit and
				  meeting all of the renewal requirements. The registration fee shall accompany
				  the renewal application. The fee for renewal may not exceed $250. No sale or
				  offer for sale of a time-share plan may be made until registration has been
				  restored. A current financial statement is required for renewal in the same
				  form as required in §
									20:69:12:10.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-4,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:16 - Responsible managing employee - Designation, duties, and change

Current through Register Vol. 51, page 10, July 15, 2024
The commission may not accept the filing of a corporate
				  time-share agent or corporate plan manager unless the corporation has
				  designated a responsible managing employee and prescribed the RME's duties,
				  responsibilities, and obligations.
The corporate RME is responsible for the direct management of
				  the corporation's time-share operations. The commission does not consider the
				  corporate RME to have the direct management of the corporation's time-share
				  operation unless the RME meets the following requirements:
(1) Is a bona fide employee of the
				corporation and has direct control, supervision, and management of the
				corporation's time-share operations;
(2) Has full knowledge and control of the
				corporation's accounting practices;
(3) Has full knowledge and control over the
				moneys belonging to and in the custody of the corporation in connection with
				the time-share operation; and
(4)
				Has full access to all books, records, and documents materially related to the
				corporation's part in the time-share operation whether they are kept in the
				state or out-of-state.
The name, address, and telephone number of the RME must be
				  filed with the commission. If there is a change in RME, the name of the new RME
				  must be reported to the commission in writing within ten days after the change.
				  A plan manager may manage one or more time-share plans. A plan manager may have
				  one or more RMEs. If a developer or plan manager of two or more time-share
				  plans, at least one of which includes time-share units located in this state,
				  maintains its principal office or has primary management and accounting
				  functions out-of-state, the duties of the RME specified in this section may be
				  divided between two or more RMEs provided that at least one RME is located in
				  the state.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-2,
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:17 - Copy of disclosure statement to be given to prospective purchasers

Current through Register Vol. 51, page 10, July 15, 2024
A registrant or other person attempting to sell a time-share
				  estate or plan shall provide to prospective purchasers a copy of the disclosure
				  statement which is a true, accurate, and complete reproduction of the statement
				  filed and accepted by the commission. The registrant or other person attempting
				  to sell a time-share plan or estate shall give the prospective purchaser an
				  opportunity to read the statement.
Prospective purchasers receiving a copy of the disclosure
				  statement shall sign a statement acknowledging receipt of the disclosure
				  statement on a receipt form prescribed by the commission. The receipt must be
				  kept at the principal office of the developer for a period of two years from
				  the date of the receipt and is subject to inspection upon notice by the
				  commission or the commission's representative. If the principal office is not
				  located in this state, the developer is subject to the out-of-state inspection
				  requirements of §
									20:69:12:19.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:18 - Issuance of registration number

Current through Register Vol. 51, page 10, July 15, 2024
The commission shall issue a registration number to a
				  time-share plan in consecutive order of receipt of filing provided that the
				  filing complies with the requirements of this chapter. The commission shall
				  print the registration number and the date of acceptance on the upper
				  right-hand corner of the face page of the disclosure
				  statement.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:19 - Plan manager or RME designated for time-share unit or time-share plan located in the state

Current through Register Vol. 51, page 10, July 15, 2024
All time-share plans must have a plan manager or an RME
				  designated.
There must be a plan manager or an RME in the state if a
				  time-share unit or time-share plan is located in the state whether or not a
				  time-share unit or time-share plan is offered for sale in the state or
				  out-of-state.
There must be a plan manager or an RME in the state for a
				  multiple location time-share plan if the plan includes a time-share unit or
				  time-share plan located in the state.
A plan manager's duties, responsibilities, and obligations
				  include the following:
(1) Management
				and maintenance of the time-share units;
(2) Assessments and the collection of
				maintenance fees;
(3) Payment of
				real property taxes due on the time-share units under the plan manager's
				authority;
(4) Supervision of the
				occupancy scheduling so that time-share unit owners or users will be provided
				the use of time-share units;
(5)
				Provision to time-share owners and users of a copy of the house rules of the
				building;
(6) Supervision of the
				enforcement of the house rules; and
(7) The keeping of a detailed and accurate
				record, in chronological order, of receipts and expenditures.
All accounting records of the plan manager are subject to
				  inspection by the commission or the commission's representative. Accounting
				  records must be kept at the principal office of the plan manager, which may be
				  located in this state or in another state.
If the accounting records are not kept in this state, they
				  shall be made available for inspection in this state upon notice. If the
				  records are not made available, they shall be inspected at the place where they
				  are kept and all costs, including the travel expense, per diem, and salary of
				  the inspector, must be borne by the plan manager. The commission may require
				  the plan manager to remit the amount of the estimated cost in advance of the
				  inspection. Failure on the part of the plan manager to comply with the
				  commission's request to remit the amount of the estimated cost may be grounds
				  for cancellation, suspension, or revocation of registration of the
				  project.
If the principal office of the developer is not in the state,
				  a failure to make available upon the commission's request bookkeeping records,
				  computer records, or any other records of the developer on the time-share plan
				  may be grounds for cancellation, suspension, or revocation of the plan
				  manager's registration.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-4,
					 43-15B-5,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:20 - Material change in disclosure statement

Current through Register Vol. 51, page 10, July 15, 2024
A developer shall notify the commission in writing of any
				  material changes in the disclosure statement.
A developer shall file a supplemental disclosure statement
				  which specifies, in detail, the material changes that have occurred.
The supplemental disclosure statement must be filed with the
				  commission within 20 days after the material changes become known to the
				  developer.
Upon acceptance of the supplemental disclosure statement by
				  the commission, a true, accurate, and complete copy of the supplemental
				  disclosure statement must be given to each purchaser adversely affected by the
				  material change and to each prospective purchaser. A receipt from each
				  purchaser and prospective purchaser must be taken and filed as required in
				  §
									20:69:12:17. The developer is not
				  in violation of this chapter if the purchaser fails to return the receipt and
				  the developer can verify that a statement was sent to the purchaser.
The commission may independently determine that a material
				  change has occurred and require the developer to prepare a supplemental
				  disclosure statement disclosing the material change in a form approved by the
				  commission.
If the purchaser has received title by instrument of record
				  in the sale of an interest in an ownership plan, the developer is not required
				  to give the purchaser a supplemental disclosure statement.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:21 - Mutual right to cancel contract

Current through Register Vol. 51, page 10, July 15, 2024
A developer or purchaser may cancel a contract by giving the
				  other party written notice within seven calendar days after execution of the
				  contract or after the purchaser's receipt of a disclosure statement, whichever
				  occurs later.
The purchaser is entitled to a refund of all sums paid within
				  30 days after notice of cancellation if all materials received on the date of
				  sale are returned to a specified address of the seller or within 60 days if all
				  sales materials are not returned.
A developer or agent shall furnish each purchaser at the time
				  the contract for purchase of a membership is signed the following cancellation
				  notice prepared exactly as follows:
NOTICE TO BUYER: YOU OR THE DEVELOPER MAY CANCEL THIS
				  TRANSACTION WITHIN SEVEN (7) CALENDAR DAYS AFTER THE EXECUTION OF THE CONTRACT
				  OR AFTER YOUR RECEIPT OF THE DISCLOSURE STATEMENT, WHICHEVER OCCURS LATER. YOU
				  ARE ENTITLED TO A REFUND OF ALL SUMS YOU PAID WITHIN 30 DAYS AFTER NOTICE OF
				  CANCELLATION WHEN ALL MATERIALS RECEIVED ON THE DATE OF SALE ARE RETURNED TO
				  THE ADDRESS STATED BELOW OR WITHIN 60 DAYS IF ALL SALES MATERIALS ARE NOT
				  RETURNED. TO CANCEL THIS TRANSACTION, MAIL OR DELIVER A SIGNED AND DATED
				  WRITTEN CANCELLATION NOTICE TO:
(Insert name and address of
				  developer)
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:22 - Retention of copy of contract

Current through Register Vol. 51, page 10, July 15, 2024
A copy of a contract from each sale of a time-share plan must
				  be retained by the developer for a period of at least one year after the
				  parties to the time-share plan have completely performed all of their
				  obligations.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:23 - Preexisting time-share unit

Current through Register Vol. 51, page 10, July 15, 2024
Preexisting time-share units and time-share plans for
				  preexisting time-share units must comply with the requirements of this chapter
				  and the provisions of SDCL 43-15B by January 1, 1985.
Time-share units not existing by July 1, 1983, are subject to
				  this chapter when it takes effect.
A developer, agent, or plan manager shall submit evidence,
				  such as an agreement, contract, or document, at the time of filing of a
				  preexisting time-share plan to show that a time-share unit or plan was created
				  prior to July 1, 1983.
Preexisting time-share plans must be filed on a form
				  prescribed by the commission.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:24 - Persons responsible for filing of preexisting time-share plan

Current through Register Vol. 51, page 10, July 15, 2024
In addition to the requirements of this chapter, a developer,
				  agent, or plan manager presently associated with a preexisting time-share plan
				  shall file at the time of filing of a preexisting time-share plan a certified
				  statement giving the location of the preexisting time-share unit and time-share
				  plan, the number of time-share units, the nature of the ownership of the units,
				  the ownership or use period, the date, and an explanation of how the time-share
				  plan was created, the number of purchasers who purchased time-share plans, and
				  the name and address of the plan manager.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:25 - Plan manager for preexisting time-share plan

Current through Register Vol. 51, page 10, July 15, 2024
A preexisting time-share plan must have a plan manager. Any
				  provision relating to a plan manager in this chapter is applicable to a plan
				  manager of a preexisting time-share plan.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:26 - Mixed-use project containing existing time-share unit or plan

Current through Register Vol. 51, page 10, July 15, 2024
Additional time-share units may not be created in a mixed-use
				  project containing an existing time-share unit or time-share plan and a
				  residential unit unless the project is located in a hotel or in a place
				  designated for hotel use, resort use, or transient vacation rentals and all of
				  the requirements of this chapter relating to time-share use are
				  met.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:27 - Law and rules to be available

Current through Register Vol. 51, page 10, July 15, 2024
A developer or agent must comply with the following:
(1) Have a copy of SDCL 43-15B and a copy of
				this chapter available for inspection by any prospective purchaser;
(2) Advise each prospective purchaser that
				copies are available at the time any interest in a time-share plan is offered
				for sale in this state or out-of-state; and
(3) Provide copies upon request.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:28 - Agent and special escrow account

Current through Register Vol. 51, page 10, July 15, 2024
An agent shall establish and maintain a special escrow
				  account in a federally insured depository in this state for the deposit of any
				  moneys received from the purchaser. A special escrow account with a federally
				  insured depository doing business in another state may be established upon
				  approval by the commission; but if all sales are conducted in this state, a
				  special escrow account must be established and maintained in this state.
The escrow agreement shall provide that no moneys received
				  from a purchaser may be disbursed until after the expiration of the seven-day
				  period in which a purchaser may rescind the contract. The agreement shall
				  include a statement on the method of disbursement of funds in
				  escrow.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:29 - Plan manager and special account

Current through Register Vol. 51, page 10, July 15, 2024
A plan manager shall establish and maintain a special account
				  in a bank or trust company in this state for the deposit of any moneys
				  received. A special account with a bank or trust company doing business in
				  another state may be established upon approval by the
				  commission.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:30 - Developer and special escrow account

Current through Register Vol. 51, page 10, July 15, 2024
A developer shall establish and maintain a special escrow
				  account with a bank, licensed escrow company, or a trust company in this state.
				  A special escrow account with a bank, licensed escrow company, or trust company
				  doing business in another state may be established upon approval by the
				  commission.
The developer shall place in the special escrow account all
				  funds, except those excluded by §
									20:69:12:33, paid by the
				  purchasers of time-share ownership or use plans or submit to the commission for
				  approval a financial plan for the protection of the
				  purchasers.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:31 - Developer's escrow agreement when funds deposited

Current through Register Vol. 51, page 10, July 15, 2024
If a developer elects to place in the special escrow account
				  all funds, except those excluded by §
									20:69:12:33, the escrow agreement
				  must provide for the following:
(1)
				The purchaser's right to refund at any time the time-share units or facilities
				are no longer available as provided in the contract in an amount which
				represents the purchaser's pro rata share of the moneys in the escrow
				account;
(2) If a deed, title, or
				assignment of lease of the time-share plan free and clear of any liens is
				transferred to the benefit of the purchaser, withdrawal by the developer of all
				of the funds which have been placed in escrow on behalf of the
				purchaser;
(3) If a deed, title, or
				assignment of lease of the time-share plan free and clear of any liens is not
				transferred to the benefit of the purchaser, withdrawal by the developer of a
				proportion of the moneys placed in escrow which is in the ratio of the time
				made available to the purchaser in relation to the total amount of time which
				the purchaser has a right to use under the contract.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
Example:
Examples for subdivision (3):
(1) If the total time available to a time-share plan
					 purchaser under the purchaser's plan is 100 days and in a given year the
					 purchaser uses 10 of those days, the time-share plan seller that year may
					 withdraw one-tenth of the moneys placed in escrow for the purchaser.
(2) If the time-share purchaser is entitled to 10 days a
					 year and it is a 40-year plan, the time share seller may withdraw each year
					 one-fortieth of the moneys placed in escrow for the
					 purchaser.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:33 - Exclusions from funds placed in escrow

Current through Register Vol. 51, page 10, July 15, 2024
Purchaser's funds to be placed in an escrow account need not
				  include operational expenses, such as office expenses and sales commissions,
				  maid services, telephone charges, special assessments, club dues, and
				  maintenance fees.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:34 - Integrated special escrow account

Current through Register Vol. 51, page 10, July 15, 2024
If a developer also performs the function of plan manager and
				  sales agent, it may establish and maintain a single special escrow account in a
				  bank, licensed escrow company, or trust company for the deposit of any moneys
				  received from purchasers.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:35 - Account open for inspection

Current through Register Vol. 51, page 10, July 15, 2024
A developer, agent, or plan manager shall provide information
				  on the developer's, agent's, or plan manager's respective account to the
				  commission upon written request. The account is subject to inspection upon
				  notice by the commission or commission's representative. If the accounting
				  records are not kept in this state, provisions on inspections and production of
				  records in §
									20:69:12:19 of these rules are
				  applicable.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:36 - Unprofessional conduct

Current through Register Vol. 51, page 10, July 15, 2024
A developer or agent of time-share plans or units may not do
				  any of the following:
(1) Use a
				promotional device without fully disclosing that the device is being used for
				the purpose of soliciting sales of time-share plans or units;
(2) Misrepresent or deceptively represent a
				material fact concerning the time-share plans or time-share units, including
				the following:
(a) The amount or period of
				time the units and facilities will be available to a purchaser;
(b) The location or locations of the offered
				units and facilities;
(c) The size,
				nature, or characteristics of the offered units and facilities;
(d) The rights of a purchaser, if any, to
				exchange the purchaser's rights to units in one location for rights to units in
				another location; and
(e) The
				contents of the contract or the purchaser's rights, privileges, or benefits
				under the contract;
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:37 - Cause for suspension or revocation

Current through Register Vol. 51, page 10, July 15, 2024
The commission may suspend or revoke a registration by a
				  developer, agent, or plan manager for violation by the registrant or its
				  employees of any of the provisions of this chapter, chapter 20:69:13, or SDCL
				  43-15B after a hearing conducted pursuant to SDCL 1-26.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 43-15B-2,
					 43-15B-3,
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:01 - Definition of time-share agent

Current through Register Vol. 51, page 10, July 15, 2024
A time-share agent is a person who works for another person
				  for compensation and performs at least one of the following functions:
(1) Directly or indirectly lists, sells,
				exchanges, buys, rents, manages, offers, or attempts to negotiate a sale,
				option, exchange, purchase, lease, or rental of an interest or use in a
				time-share estate;
(2) Advertises
				as engaging in or holds out to be engaged in any of the activities listed in
				subdivision (1) of this section; or
(3) Directly or indirectly negotiates,
				offers, or attempts to negotiate a loan or financing for the purchase of a
				time-share estate.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-6,
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:02 - Time-share agents - License required

Current through Register Vol. 51, page 10, July 15, 2024
Persons who act as time-share agents within this state must
				  be licensed according to this chapter and must comply with the provisions of
				  this chapter.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:03 - OPC exempt from licensing

Current through Register Vol. 51, page 10, July 15, 2024
An outside public contact is exempt from licensing under this
				  chapter.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-6,
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
Definitions, §
											20:69:12:01(8).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:04 - Persons and organizations exempt from licensing or examination

Current through Register Vol. 51, page 10, July 15, 2024
Real estate brokers are exempt from licensing under this
				  chapter. A real estate broker or salesperson may obtain a time-share license
				  without examination.
General Authority:
SDCL
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:05 - Application

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for a time-share agent's license shall file an
				  application on a form provided by the commission.
General Authority:
SDCL
					 36-21A-89(2),
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-30,
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:06 - Application fee

Current through Register Vol. 51, page 10, July 15, 2024
The application fee for a time-share agent's license is
				  $225.
General Authority:
SDCL
					 36-21A-49,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-47,
					 36-21A-49,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:08 - Grounds for denial of license

Current through Register Vol. 51, page 10, July 15, 2024
The commission may deny an application for a license or a
				  renewal of a license on any of the following grounds:
(1) The applicant has previously been
				convicted of a felony or of a misdemeanor involving moral turpitude;
(2) The applicant has failed the examination
				prescribed by the commission;
(3)
				The applicant has written insufficient funds checks for application or renewal
				fees;
(4) The applicant has been
				disciplined for unprofessional conduct by any regulatory agency anywhere within
				the United States in relation to the applicant's activities as a real estate
				salesperson or broker or as a time-share agent or broker or similar
				licensee;
(5) Misstatements,
				intentional omissions, misrepresentations, or untruths in any application,
				registration statement, or renewal application.
General Authority:
SDCL
					 36-21A-89(2),
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-30,
					 36-21A-36,
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:09 - Examination

Current through Register Vol. 51, page 10, July 15, 2024
Any person, not otherwise exempted by this chapter, who meets
				  the qualifications of this chapter must pass an examination for a time-share
				  agent's license to be given by the commission at a time, place, and in a manner
				  established by the commission. The commission shall determine the contents of
				  the examination and the rating and standards for passing. A passing grade of 75
				  is required.
General Authority:
SDCL
					 36-21A-89(2),
					 36-21A-47,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-36,
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:10 - Authorization to take examination

Current through Register Vol. 51, page 10, July 15, 2024
A person may not take the time-share agent's examination
				  unless authorized by the commission in writing to take the
				  examination.
General Authority:
SDCL
					 36-21A-89(2),
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-36,
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:12 - Administration of examination

Current through Register Vol. 51, page 10, July 15, 2024
The licensing examination must be conducted under the
				  supervision of the executive director of the commission or a designee of the
				  executive director. Identification supplied to the applicant by the commission
				  is required for admission to the examination room. Before beginning the
				  examination, the applicant must certify in writing that the applicant has not
				  solicited or received any information about the contents of the examination
				  about to be written and that during or subsequent to the examination the
				  applicant will not disclose its contents to any person.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-36,
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:13 - Cheating on examination

Current through Register Vol. 51, page 10, July 15, 2024
The examination of an applicant for a time-share agent's
				  license who is caught cheating during the examination must be declared
				  void.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-36,
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:14 - Results of examination

Current through Register Vol. 51, page 10, July 15, 2024
The applicant must be notified in writing of the examination
				  results.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-36,
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:14.01 - Rights to passing score

Current through Register Vol. 51, page 10, July 15, 2024
Upon notification that a person has passed the time-share
				  examination, a person has 60 days to apply for a time-share agent's license, or
				  the passing score is forfeited.
General Authority:
SDCL
					 36-21A-89(2),
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-89(2),
					 43-15B-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:15 - Biennial renewal fee

Current through Register Vol. 51, page 10, July 15, 2024
The biennial renewal fee for a time-share agent's license is
				  $125.
General Authority:
SDCL
					 36-21A-61,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-47,
					 36-21A-61,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:16 - Cancellation of license upon failure to pay fee

Current through Register Vol. 51, page 10, July 15, 2024
Failure to remit the renewal fee or registration statement or
				  both by the registration deadline automatically cancels the license of a
				  time-share agent. In addition, if an insufficient funds check is presented to
				  the commission for payment of the renewal fee, the commission may cancel the
				  license of the time-share agent.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-47,
					 36-21A-61,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:17

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL
					 36-21A-60,
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-60,
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:18 - Trust account requirements

Current through Register Vol. 51, page 10, July 15, 2024
All the requirements relating to trust accounts imposed by
				  SDCL Chapter 36-21 A or Article 20:69 upon real estate agents apply to
				  time-share agents.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
Handling of money received by broker for principal, SDCL
					 36-21A-80.
Deposit slip and ledger sheet for special trust account,
					 SDCL 36-21A-82.
Documents kept by broker remitting immediately to
					 principal, SDCL
					 36-21A-83.
Completed transaction required for compensation of broker,
					 SDCL 36-21A-84.
Acts constituting unprofessional conduct, SDCL
					 36-21A-71(5).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:19 - Office requirements

Current through Register Vol. 51, page 10, July 15, 2024
A time-share agent must have an office physically located in
				  the state of South Dakota before transacting any sales of real estate located
				  in the state of South Dakota.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-47,
					 36-21A-51,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:20 - Auditing

Current through Register Vol. 51, page 10, July 15, 2024
The time-share agent must maintain all records of all sales
				  transactions made within this state at the office required by §
									20:69:13:19, and these records are
				  subject to audit by the commission or its agents.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:21 - Real estate law applicable

Current through Register Vol. 51, page 10, July 15, 2024
Unless inconsistent with this chapter and chapter 20:69:12,
				  the real estate law contained in SDCL Chapter 36-21 A and Article 20:69 applies
				  to time-share agents.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:13 - Time-share agents › Section 20:69:13:22 - Supervising agent

Current through Register Vol. 51, page 10, July 15, 2024
A developer must designate a real estate broker or time-share
				  agent licensed in South Dakota as the supervising agent who has general
				  superintending control over all time-share agents employed in South Dakota by
				  that person. The supervising agent is also responsible for the actions of all
				  outside public contacts who are employed by the principal or by the supervising
				  agent.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-47,
					 43-15B-6,
					 43-15B-7.
Definitions, §
											20:69:12:01(3).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:14 - Property managers › Section 20:69:14:01 - Property manager license

Current through Register Vol. 51, page 10, July 15, 2024
The property manager license is a restricted broker's license
				  pursuant to SDCL
				  36-21A-47.
General Authority:
SDCL
					 36-21A-47.
Law Implemented:
SDCL
					 36-21A-47.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:14 - Property managers › Section 20:69:14:02 - Persons to whom license law applicable

Current through Register Vol. 51, page 10, July 15, 2024
A person may not act as a property manager in this state
				  unless the person holds a property manager license pursuant to this chapter or
				  otherwise complies with the provisions of this chapter. Individuals must be
				  licensed as individual property managers. Partnerships, associations, or
				  corporations must be licensed as firms.
General Authority:
SDCL
					 36-21A-47.
Law Implemented:
SDCL
					 36-21A-27,
					 36-21A-28,
					 36-21A-37,
					 36-21A-38,
					 36-21A-47.
Persons and entities exempted from this chapter, SDCL
					 36-21A-29.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:14 - Property managers › Section 20:69:14:02.01 - Qualifications of applicants

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for a property manager's license, in addition to
				  the other requirements in SDCL chapter 36-21 A, shall furnish evidence of
				  completion of 40 hours of education within the two years before the date of
				  application in a course on the fundamentals of property
				  management.
General Authority:
SDCL
					 36-21A-47,
					 36-21A-89.
Law Implemented:
SDCL
					 36-21A-47.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:14 - Property managers › Section 20:69:14:03 - Exemptions from examination

Current through Register Vol. 51, page 10, July 15, 2024
A real estate broker may obtain a property manager license
				  without an examination. A broker associate may manage property independently of
				  a responsible broker if the broker associate has fulfilled the education and
				  experience requirements of SDCL
				  36-21A-31.
General Authority:
SDCL
					 36-21A-47.
Law Implemented:
SDCL
					 36-21A-6,
					 36-21A-47.
Broker defined, SDCL
					 36-21A-6.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:14 - Property managers › Section 20:69:14:04 - Trust account requirements

Current through Register Vol. 51, page 10, July 15, 2024
All of the requirements relating to trust accounts imposed by
				  SDCL Chapter 36-21 A or this article on real estate brokers apply to property
				  managers.
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 36-21A-47,
					 36-21A-80,
					 36-21A-82.
Handling of money received by broker for principal, SDCL
					 36-21A-80.
Deposit slip and ledger sheet for special trust account,
					 SDCL 36-21A-82.
Acts constituting unprofessional conduct, SDCL
					 36-21A-71(5).
Financial obligations and records, §
											20:69:14:11.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:14 - Property managers › Section 20:69:14:05 - Auditing

Current through Register Vol. 51, page 10, July 15, 2024
The property manager must maintain all records of all South
				  Dakota transactions at the property manager's office. These records are subject
				  to audit by the commission or its agents.
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 36-21A-30,
					 36-21A-47.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:14 - Property managers › Section 20:69:14:06 - Contracts to be in writing

Current through Register Vol. 51, page 10, July 15, 2024
Before a property manager performs any services, the property
				  manager and client must enter into a written management agreement specifying
				  the duties and conditions under which the property manager is to perform
				  services. A management agreement may include a provision for automatic renewal
				  at expiration if it contains a provision for written cancellation on terms
				  agreeable to all parties to the agreement.
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 36-21A-30,
					 36-21A-47.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:14 - Property managers › Section 20:69:14:07 - Full disclosure required

Current through Register Vol. 51, page 10, July 15, 2024
In all dealings between a client and property manager, the
				  property manager must inform the client of all liabilities, costs, and other
				  financial obligations that may be incurred by the client if the client uses the
				  services of the property manager.
General Authority:
SDCL
					 36-21A-89.
Law Implemented:
SDCL
					 36-21A-47.