South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:69 - REAL ESTATE BROKERS AND SALESPERSONS › Chapter 20:69:12 - Time-share estates › Section 20:69:12:01 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
Terms used in this chapter mean:
(1) "Agent" or "time-share agent," means a
				limited licensee licensed by the commission under chapter 20:56:21;
(2) "Commission," means the South Dakota Real
				Estate Commission;
(3) "Developer,"
				means a person in the business of creating a time-share project or in the
				business of selling its own time-share in a project;
(4) "Facility," means a structure, service,
				or property, whether improved or unimproved, made available to the purchaser
				for recreational, social, family, or personal use;
(5) "Invitee," means an individual who is
				contacted and invited or encouraged to attend a time-share sales
				presentation;
(6) "Material
				change," means a change of circumstance that would make the information
				provided in the disclosure statement misleading to purchasers or that affects
				the rights and obligations of a purchaser or a prospective purchaser of a
				time-share unit, such as change in the nature of the time-share plan; change in
				the period of time usage of the unit; and change in terms and increase in the
				amounts of underlying encumbrances;
(7) "Multiple location time-share plan,"
				means a time-share plan that includes time-share units located both in this
				state and in another state or country;
(8) "Outside public contact" or "OPC," means
				an individual who contacts invitees but does not engage in the sale of
				time-share interests or perform any other activity done by an agent;
(9) "Preexisting time-share unit," means a
				time-share unit in existence before July 1, 1983, in which the actual receipt
				of possession, occupancy, or right of use of the unit was obtained by the
				purchaser or user before July 1, 1983, evidenced by tenancy in common, sale,
				deed, membership agreement, lease, rental agreement, license, use agreement, or
				security; or a time-share unit which has been explicitly provided for in a
				project instrument or in a declaration or other instrument describing a
				time-share plan for a property and recorded in the state before July 1,
				1983;
(10) "Registrant," means a
				developer, agent, or plan manager who is required to file with the
				commission;
(11) "Responsible
				managing employee" or "RME," means the individual employed by a registrant who
				is responsible for the direct management of the registrant's time-share units
				or time-share plans;
(12) "State,"
				means the state of South Dakota;
(13) "Supplementary disclosure statement,"
				means an amended disclosure statement filed when there has been a material
				change in the information provided in the original disclosure
				statement;
(14) "Time-share
				operation," means a business or operation which, for compensation, solicits or
				encourages others to attend a time-share sales presentation or to contract with
				an agent or developer; creates a time-share plan; sells time-share units; sells
				or offers to sell an interest in a time-share plan for a developer; or
				undertakes the duties, responsibilities, and obligations of managing a
				time-share plan;
(15) "Time-share
				unit," means the time interval for right to use or occupy;
(16) "Unit," means the physical
				condominium.
General Authority:
SDCL
					 36-21A-89,
					 43-15B-6.
Law Implemented:
SDCL
					 36-21A-47,
					 43-15B-1,
					 43-15B-3,
					 43-15B-6.
Limited time-sharing licenses, ch
					 20:69:13.