South Dakota Administrative Code

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…

Rule 20:69:12:36 Unprofessional conduct. 20:69:12:36. Unprofessional conduct. 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…

Rule 20:69:12:37 Cause for suspension or revocation. 20:69:12:37. Cause for suspension or revocation. 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 chapt…

Rule 20:69:13:01 Definition of time-share agent. 20:69:13:01. Definition of time-share agent. 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, buy…

Rule 20:69:13:02 Time-share agents -- License required. 20:69:13:02. Time-share agents -- License required. 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. Source: 10 SDR 68, ef…

Rule 20:69:13:03 OPC exempt from licensing. 20:69:13:03. OPC exempt from licensing. An outside public contact is exempt from licensing under this chapter. Source: 10 SDR 121, adopted May 17, 1984, retroactively effective January 1, 1984; 12 SDR 151, 12 SDR 155, effective July 1, …

Rule 20:69:13:04 Persons and organizations exempt from licensing or examination. 20:69:13:04. Persons and organizations exempt from licensing or examination. Real estate brokers are exempt from licensing under this chapter. A real estate broker or salesperson may obtain a time-sh…

Rule 20:69:13:05 Application. 20:69:13:05. Application. An applicant for a time-share agent's license shall file an application on a form provided by the commission. Source: 10 SDR 68, effective January 1, 1984; 12 SDR 102, effective December 22, 1985; 12 SDR 151, 12 SDR 155, eff…

Rule 20:69:13:06 Application fee. 20:69:13:06. Application fee. The application fee for a time-share agent's license is $225. Source: 10 SDR 68, effective January 1, 1984; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 16 SDR 36, effective August 29, 1989; transferred from § 20:…

Rule 20:69:13:07 Repealed. 20:69:13:07. Photograph to accompany application.Repealed. Source: 10 SDR 68, effective January 1, 1984; 12 SDR 151, 12 SDR 155, effective July 1, 1986; transferred from § 20:56:21:06, August 16, 1993; repealed, 26 SDR 41, effective September 29, 1999.

Rule 20:69:13:08 Grounds for denial of license. 20:69:13:08. Grounds for denial of license. 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 misdemea…

Rule 20:69:13:09 Examination. 20:69:13:09. Examination. 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 estab…

Rule 20:69:13:10 Authorization to take examination. 20:69:13:10. Authorization to take examination. A person may not take the time-share agent's examination unless authorized by the commission in writing to take the examination. Source: 10 SDR 68, effective January 1, 1984; 12 SD…

Rule 20:69:13:11 Repealed. 20:69:13:11. Failure to appear for examination.Repealed. 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; transferred from § 20:56:21:10, August 16, 1993; repealed, 26…

Rule 20:69:13:12 Administration of examination. 20:69:13:12. Administration of examination. 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 applic…

Rule 20:69:13:13 Cheating on examination. 20:69:13:13. Cheating on examination. The examination of an applicant for a time-share agent's license who is caught cheating during the examination must be declared void. Source: 10 SDR 68, effective January 1, 1984; 12 SDR 102, effectiv…

Rule 20:69:13:14 Results of examination. 20:69:13:14. Results of examination. The applicant must be notified in writing of the examination results. Source: 10 SDR 68, effective January 1, 1984; 12 SDR 102, effective December 22, 1985; 12 SDR 151, 12 SDR 155, effective July 1, 198…

Rule 20:69:13:14.01 Rights to passing score. 20:69:13:14.01. Rights to passing score. 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. Source: 26 SDR 41, effec…

Rule 20:69:13:15 Biennial renewal fee. 20:69:13:15. Biennial renewal fee. The biennial renewal fee for a time-share agent's license is $125. 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; 13 S…

Rule 20:69:13:16 Cancellation of license upon failure to pay fee. 20:69:13:16. Cancellation of license upon failure to pay fee. Failure to remit the renewal fee or registration statement or both by the registration deadline automatically cancels the license of a time-share agent.…

Rule 20:69:13:17 Repealed. 20:69:13:17. Replacement of license and change of address. Repealed. 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; 18 SDR 101, effective December 17, 1991; transfer…

Rule 20:69:13:18 Trust account requirements. 20:69:13:18. Trust account requirements. All the requirements relating to trust accounts imposed by SDCL Chapter 36-21A or Article 20:69 upon real estate agents apply to time-share agents. Source: 10 SDR 68, effective January 1, 1984; …

Rule 20:69:13:19 Office requirements. 20:69:13:19. Office requirements. 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. Source: 10 SDR 68, effective January 1,…

Rule 20:69:13:20 Auditing. 20:69:13:20. Auditing. 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. Source: 10 SDR 68, ef…

Rule 20:69:13:21 Real estate law applicable. 20:69:13:21. Real estate law applicable. Unless inconsistent with this chapter and chapter 20:69:12, the real estate law contained in SDCL Chapter 36-21A and Article 20:69 applies to time-share agents. Source: 10 SDR 68, effective Janu…

Rule 20:69:13:22 Supervising agent. 20:69:13:22. Supervising agent. 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 …

Rule 20:69:14:01 Property manager license. 20:69:14:01. Property manager license. The property manager license is a restricted broker's license pursuant to SDCL 36-21A-47. Source: 15 SDR 100, effective January 10, 1989; transferred from § 20:56:22:02, 20 SDR 18, effective August …

Rule 20:69:14:02 Persons to whom license law applicable. 20:69:14:02. Persons to whom license law applicable. 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 provis…

Rule 20:69:14:02.01 Qualifications of applicants. 20:69:14:02.01. Qualifications of applicants. An applicant for a property manager's license, in addition to the other requirements in SDCL chapter 36-21A, shall furnish evidence of completion of 40 hours of education within the tw…

Rule 20:69:14:03 Exemptions from examination. 20:69:14:03. Exemptions from examination. 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 fulf…

Rule 20:69:14:04 Trust account requirements. 20:69:14:04. Trust account requirements. All of the requirements relating to trust accounts imposed by SDCL Chapter 36-21A or this article on real estate brokers apply to property managers. Source: 15 SDR 100, effective January 10, 198…

Rule 20:69:14:05 Auditing. 20:69:14:05. Auditing. 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. Source: 15 SDR 100, effective January 10, 1989; …