South Dakota Administrative Code

Rule 20:69:11:13.01 Withdrawal of approval for a course or instructor. 20:69:11:13.01. Withdrawal of approval for a course or instructor. If the commission at any time determines that a course or an instructor approved pursuant to chapter 20:69:11 is not continuing to meet the re…

Rule 20:69:11:14 Same or duplicate courses. 20:69:11:14. Same or duplicate courses. Credit for a course may be given only once to an individual during a reporting period. Source: 5 SDR 12, effective August 21, 1978; 10 SDR 54, effective December 5, 1983; 12 SDR 151, 12 SDR 155, e…

Rule 20:69:11:15 Repealed. 20:69:11:15. School fees.Repealed. Source: 5 SDR 12, effective August 21, 1978; 12 SDR 102, effective December 22, 1985; 12 SDR 151, 12 SDR 155, effective July 1, 1986; transferred from § 20:56:19:16, 20 SDR 18, effective August 16, 1993; repealed, 23 S…

Rule 20:69:11:16 Repealed. 20:69:11:16. Notice. Repealed. Source: 5 SDR 12, effective August 21, 1978; 12 SDR 102, effective December 22, 1985; 12 SDR 151, 12 SDR 155, effective July 1, 1986; transferred from § 20:56:19:17, 20 SDR 18, effective August 16, 1993; 26 SDR 41, effecti…

Rule 20:69:11:17 Facilities. 20:69:11:17. Facilities. Each course provider must have the classrooms, facilities, equipment, and personnel necessary to implement the course. Source: 5 SDR 12, effective August 21, 1978; 12 SDR 151, 12 SDR 155, effective July 1, 1986; transferred fr…

Rule 20:69:11:17.01 Schedule. 20:69:11:17.01. Schedule. The course provider shall provide a schedule of all courses, including the date, time, and place where they will be offered to the commission before the courses begin. Source: 28 SDR 28, effective September 2, 2001. General …

Rule 20:69:11:18 Auditing. 20:69:11:18. Auditing. The commission or its representatives may audit courses. Source: 5 SDR 12, effective August 21, 1978; 12 SDR 102, effective December 22, 1985; 12 SDR 151, 12 SDR 155, effective July 1, 1986; transferred from § 20:56:19:19, 20 SDR …

Rule 20:69:11:19 Postlicensing or continuing education certificate of attendance. 20:69:11:19. Postlicensing or continuing education certificate of attendance. A course provider shall provide an individual certificate of attendance to each licensee upon completion of the approved…

Rule 20:69:11:19.01 Course provider reporting requirements -- Course evaluation. 20:69:11:19.01. Course provider reporting requirements -- Course evaluation. The course provider must submit a list of participants to the commission within ten days after completion of a course. The…

Rule 20:69:11:20 Preregistration allowed -- Notice of cancellation required. 20:69:11:20. Preregistration allowed -- Notice of cancellation required. A course provider offering approved continuing education courses may require preregistration with a cutoff date for permission to …

Rule 20:69:11:21 Limit on independent study courses. 20:69:11:21. Limit on independent study courses. No more than six hours of independent study courses may be used in any one period to fulfill continuing education requirements. Source: 15 SDR 100, effective January 10, 1989; tr…

Rule 20:69:11:22 Instructors. 20:69:11:22. Instructors. No instructor may teach postlicensing or continuing education courses unless approved, by name, by the commission. This section does not apply to guest speakers as provided for in § 20:69:11:24. Source: 28 SDR 28, effective …

Rule 20:69:11:23 Application for approval of classroom instructors -- Guest speakers exempt. 20:69:11:23. Application for approval of instructors -- Guest speakers exempt. An applicant for instructor approval shall apply on a form provided by the commission. A guest speaker is ex…

Rule 20:69:11:24 Utilization of guest speakers -- Résumé to accompany course application. 20:69:11:24. Utilization of guest speakers -- Résumé to accompany course application. A course provider may utilize guest speakers with expertise in a particular area in any approved course …

Rule 20:69:11:25 Certificate of instructor approval -- Approval certificates not issued to guest speakers. 20:69:11:25. Certificate of instructor approval -- Approval certificates not issued to guest speakers. The commission shall grant a certificate of approval for each instruct…

Rule 20:69:12:01 Definitions. 20:69:12:01. Definitions. As used in this chapter: (1) "Agent" or "time-share agent" means a time-share agent licensed by the commission under SDCL 36-21A-47; (2) "Commission" means the South Dakota Real Estate Commission; (3) "Developer" means a per…

Rule 20:69:12:02 Registration of time-share estates. 20:69:12:02. Registration of time-share estates. All applications for registration of time-share estates must be on forms approved by the commission. Source: 10 SDR 68, effective January 1, 1984; 12 SDR 102, effective December …

Rule 20:69:12:03 Registration fee. 20:69:12:03. Registration fee. Applications for registration must be accompanied by a fee of $25 for each time-share unit. The total fee may not exceed $1,000. The fee is payable in advance and must be made to the commission. Source: 10 SDR 68, …

Rule 20:69:12:04 Inspection fee. 20:69:12:04. Inspection fee. The inspection fee required by SDCL 43-15B-5 including actual and necessary expenses shall accompany the application. Source: 10 SDR 68, effective January 1, 1984; 12 SDR 102, effective December 22, 1985; 12 SDR 151, 1…

Rule 20:69:12:05 Disclosure statement. 20:69:12:05. Disclosure statement. An application for registration must include a disclosure statement. Source: 10 SDR 68, effective January 1, 1984; 12 SDR 102, effective December 22, 1985; 12 SDR 151, 12 SDR 155, effective July 1, 1986; tr…

Rule 20:69:12:06 Encouragement to read the disclosure statement. 20:69:12:06. Encouragement to read the disclosure statement. The following must be printed on the bottom half of the face page of the disclosure statement, in centered boldface capital letters: THIS HANDBOOK IS PREP…

Rule 20:69:12:07 Additional disclosure statement requirements. 20:69:12:07. Additional disclosure statement requirements. In addition to the requirements prescribed in § 20:69:12:06, disclosure statements distributed to the public must meet the following requirements: (1) Provide…

Rule 20:69:12:08 Nonconforming disclosure statements. 20:69:12:08. Nonconforming disclosure statements. A disclosure statement not in conformance with the requirements of §§ 20:69:12:06 and 20:69:12:07 is void. Source: 10 SDR 68, effective January 1, 1984; 12 SDR 102, effective D…

Rule 20:69:12:09 Offer, transfer, or disposal under a void statement. 20:69:12:09. Offer, transfer, or disposal under a void statement. An offer, transfer, or disposal of a time-share unit or plan made under a void disclosure statement is voidable at the option of the purchaser. …

Rule 20:69:12:10 Additional filings required. 20:69:12:10. Additional filings required. In addition to the application, fees, and disclosure statement, a developer shall file the following with the commission to register a time-share project: (1) A financial statement not more th…

Rule 20:69:12:11 Filing of option unacceptable. 20:69:12:11. Filing of option unacceptable. A developer who has only an option to purchase a property for a time-share plan may not file with the commission. Source: 10 SDR 68, effective January 1, 1984; 12 SDR 102, effective Decemb…

Rule 20:69:12:12 Acquisition solicitation requirements for agents. 20:69:12:12. Acquisition solicitation requirements for agents. 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…

Rule 20:69:12:13 Sales solicitation requirements for agents. 20:69:12:13. Sales solicitation requirements for agents. 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 i…

Rule 20:69:12:14 Limitation on plan managers. 20:69:12:14. Limitation on plan managers. 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 …

Rule 20:69:12:15 Renewal of time-share filings. 20:69:12:15. Renewal of time-share filings. 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 t…

Rule 20:69:12:16 Responsible managing employee -- Designation, duties, and change. 20:69:12:16. Responsible managing employee -- Designation, duties, and change. The commission may not accept the filing of a corporate time-share agent or corporate plan manager unless the corporat…

Rule 20:69:12:17 Copy of disclosure statement to be given to prospective purchasers. 20:69:12:17. Copy of disclosure statement to be given to prospective purchasers. A registrant or other person attempting to sell a time-share estate or plan shall provide to prospective purchaser…

Rule 20:69:12:18 Issuance of registration number. 20:69:12:18. Issuance of registration number. 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.…

Rule 20:69:12:19 Plan manager or RME designated for time-share unit or time-share plan located in the state. 20:69:12:19. Plan manager or RME designated for time-share unit or time-share plan located in the state. All time-share plans must have a plan manager or an RME designated…

Rule 20:69:12:20 Material change in disclosure statement. 20:69:12:20. Material change in disclosure statement. 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…

Rule 20:69:12:21 Mutual right to cancel contract. 20:69:12:21. Mutual right to cancel contract. 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…

Rule 20:69:12:22 Retention of copy of contract. 20:69:12:22. Retention of copy of contract. 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 perfor…

Rule 20:69:12:23 Preexisting time-share unit. 20:69:12:23. Preexisting time-share unit. 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-…

Rule 20:69:12:24 Persons responsible for filing of preexisting time-share plan. 20:69:12:24. Persons responsible for filing of preexisting time-share plan. In addition to the requirements of this chapter, a developer, agent, or plan manager presently associated with a preexisting…

Rule 20:69:12:25 Plan manager for preexisting time-share plan. 20:69:12:25. Plan manager for preexisting time-share plan. 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 preexist…

Rule 20:69:12:26 Mixed-use project containing existing time-share unit or plan. 20:69:12:26. Mixed-use project containing existing time-share unit or plan. Additional time-share units may not be created in a mixed-use project containing an existing time-share unit or time-share p…

Rule 20:69:12:27 Law and rules to be available. 20:69:12:27. Law and rules to be available. 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 prospe…

Rule 20:69:12:28 Agent and special escrow account. 20:69:12:28. Agent and special escrow account. 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 es…

Rule 20:69:12:29 Plan manager and special account. 20:69:12:29. Plan manager and special account. 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 …

Rule 20:69:12:30 Developer and special escrow account. 20:69:12:30. Developer and special escrow account. 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…

Rule 20:69:12:31 Developer's escrow agreement when funds deposited. 20:69:12:31. Developer's escrow agreement when funds deposited. 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 fo…

Rule 20:69:12:32 Developer's escrow agreement when financial plan submitted. 20:69:12:32. Developer's escrow agreement when financial plan submitted. If a developer elects to submit a financial plan for protection of the purchasers to the commission for approval, the developer sh…

Rule 20:69:12:33 Exclusions from funds placed in escrow. 20:69:12:33. Exclusions from funds placed in escrow. 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…

Rule 20:69:12:34 Integrated special escrow account. 20:69:12:34. Integrated special escrow account. 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 trus…

Rule 20:69:12:35 Account open for inspection. 20:69:12:35. Account open for inspection. 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 t…