South Dakota Administrative Code

Rule 20:08:07:06 Repealed. 20:08:07:06. Other covered securities.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:07 Repealed. 20:08:07:07. Institutional buyer definition.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:08 Repealed. 20:08:07:08. Excluded securities.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:09 Repealed. 20:08:07:09. Government issued securities.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:10 Repealed. 20:08:07:10. Credit enhancements.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:11 Repealed. 20:08:07:11. Bank securities.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:12 Repealed. 20:08:07:12. Securities listed on exchanges.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:13 Nonprofit corporations. 20:08:07:13. Nonprofit corporations. The exemption granted in SDCL 47-31B-201(7) for non-profit organizations, also includes community development organizations, economic development organizations, agricultural trade associations, and atto…

Rule 20:08:07:14 Repealed. 20:08:07:14. Commercial paper.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:15 Repealed. 20:08:07:15. Employee stock purchase plan.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:16 Repealed. 20:08:07:16. Notice requirements for employee stock purchase plan.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:17 Foreign cooperatives. 20:08:07:17. Foreign cooperatives. A foreign cooperative, that has been issued a certificate of authority by the South Dakota secretary of state and has filed the required annual reports, is entitled to the same exemptions as a domestic coop…

Rule 20:08:07:18 Repealed. 20:08:07:18. Isolated non-issuer transaction.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:19 Repealed. 20:08:07:19. Secondary trading.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:20 Unsolicited orders. 20:08:07:20. Unsolicited orders. Any purchaser acquiring a security pursuant to the exemption specified in section SDCL 47-31B-202(6) shall acknowledge in writing that his/her order to buy was unsolicited. However, no such acknowledgement is r…

Rule 20:08:07:21 Real estate and mortgage-backed securities. 20:08:07:21. Real estate and mortgage-backed securities. The exemption for real estate and mortgage-backed securities specified in SDCL 47-31B-202(11) does not include any transaction which involves a security that is a…

Rule 20:08:07:22 Repealed. 20:08:07:22. Original incorporator and subscriber.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:23 Sales to existing security holders/standby commissions. 20:08:07:23. Sales to existing security holders/standby commissions. For purposes of SDCL 47-31B-202(15), a standby commission means payment to an underwriter for risk and services in connection with the com…

Rule 20:08:07:24 Limited offerings general rules. 20:08:07:24. Limited offerings general rules. (1) Limited offerings issued pursuant to an exemption from registration under SDCL 47-31B-203 will be reviewed on the basis of "full disclosure" rather than "merit" review. (2) Any dis…

Rule 20:08:07:25 Intrastate limited offering transactional exemption. 20:08:07:25. Intrastate limited offering transactional exemption. Any sale by an issuer having its principal office in this state is eligible for the intrastate limited offering transactional exemption accordin…

Rule 20:08:07:26 Repealed. 20:08:07:26. Uniform limited offering exemption -- Reg. A, Reg. D, Rule 504, Rule 505, and SCOR.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:27 Testing-the-waters exemption. 20:08:07:27. Testing-the-waters exemption. Solicitations of interest prior to filing with the division is allowed if there is compliance with this section. (1) An offer, but not a sale, of a security made by or on behalf of an issuer…

Rule 20:08:07:28 Repealed. 20:08:07:28. Preliminary offering circulars.Repealed. Source: 28 SDR 48, effective October 10, 2001; repealed, 30 SDR 211, effective July 1, 2004.

Rule 20:08:07:29 Model accredited investor exemption. 20:08:07:29. Model accredited investor exemption. Any offer or sale of a security in a transaction that meets the following requirements is exempted from SDCL 47-31B-301: (1) Sales of securities shall be made only to persons w…

Rule 20:08:07:30 Manual exemption. 20:08:07:30. Manual exemption. The following nationally recognized securities manuals are approved for purposes of SDCL 47-31B-202(2)(D). (1) Mergent's Industrial Manual; (2) Mergent's Bank and Finance Manual; (3) Mergent's Public Utility Manual…

Rule 20:08:07:31 Viatical settlements. 20:08:07:31. Viatical settlements. (1) Viatical settlements: Pursuant to SDCL 47-31B-102(28), viatical settlements are defined as securities. Viatical settlements are hereinafter referred to as "viatical investments." All persons involved in…

Rule 20:08:07:32 Canadian-United States cross-border trading exemption. 20:08:07:32. Canadian-United States cross-border trading exemption. Any offer or sale of a security effected by a Canadian broker-dealer exempted from broker-dealer registration pursuant to SDCL 47-31B-401(d)…

20:08:07:33. Church extension fund securities. (1) Definitions. (a) Church extension fund means a not-for-profit organization affiliated or associated with a denomination, or a fund that is accounted for separately by a denomination organized as a not-for-profit organization, tha…

Rule 20:08:07:34 Solicitation of interest. 20:08:07:34. Solicitation of interest. 1. Scope of the exemption. The solicitation of interest exemption under SDCL 47-31B-202(17) if only available to issuers that register by qualification under SDCL 47-31B-304(b)(13) and have filed wi…

Rule 20:08:07:35 Merger and consolidation. 20:08:07:35. Merger and consolidation. The transactional exemption granted pursuant to SDCL 47-31B-202(18) does not apply if the transaction was made for the purpose of avoiding the registration requirements of SDCL chapter 47-31B. Sourc…

Rule 20:08:07:36 Designated foreign jurisdiction. 20:08:07:36. Designated foreign jurisdiction. In designating a foreign jurisdiction under SDCL 47-31B-202(23), the director shall consider whether a foreign jurisdiction's laws provide substantially similar protection to investors…

Rule 20:08:07:37 Twenty-five purchasers exempt transaction. 20:08:07:37. Twenty-five purchasers exempt transaction. (1) Payment of compensation to a finder as set forth in § 20:08:03:17 is not considered a violation of SDCL 47-31B-202(14)(C). (2) For calculating the number of pur…

Rule 20:08:07:38 Entities for economic development. 20:08:07:38. Entities for economic development. (1) In order to facilitate economic development, a potential issuer may present a business plan at a public meeting prior to the registration of securities if the following conditi…

Rule 20:08:07:39 Isolated non-issuer exemption. 20:08:07:39. Isolated non-issuer exemption. The term, isolated, as used in SDCL 47-31B-202(1), means standing alone, detached, separate as opposed to repeated or successive. Whether a sale is isolated depends upon the facts and circ…

Rule 20:08:07:40 Request for Transactional Exemption Pursuant to a Fairness Determination. 20:08:07:40. Request for Transactional Exemption Pursuant to a Fairness Determination. (1) Any person seeking the director's approval, pursuant to SDCL § 47-31B-202(9), of the fairness of t…

Rule 20:08:07:41 Notice filing requirement for federal crowdfunding offerings. 20:08:07:41. Notice filing requirement for federal crowdfunding offerings. The following provisions apply to offerings made under federal Regulation Crowdfunding (17 C.F.R § 227) and Sections 4(a)(6) a…

Rule 20:08:07:42 Notice filing requirement for Regulation A - Tier 2 offering. 20:08:07:42. Notice filing requirement for Regulation A - Tier 2 offering. The following provisions apply to offerings made under Tier 2 of federal Regulation A and Section 18(b)(3) of the Securities A…

Rule 20:08:07:43 Transactional exemption from registration of issuers that comply with ongoing reporting requirements under Tier 2 of Regulation A. 20:08:07:43. Transactional exemption from registration of issuers that comply with ongoing reporting requirements under Tier 2 of Re…

Rule 20:09:01:01 Definitions. 20:09:01:01. Definitions. Terms used in this article and not otherwise defined in the South Dakota Housing Development Act, SDCL chapter 11-11, mean: (1) "Act," the South Dakota Housing Development Authority Act, SDCL chapter 11-11; (2) "Administrati…

Rule 20:09:01:02 Authority mortgage loan defined. 20:09:01:02. Authority mortgage loan defined. An authority mortgage loan is a mortgage loan authorized by resolution or by a mortgage loan commitment and issued on behalf of the authority to a housing sponsor for the purpose of pr…

Rule 20:09:01:03 Other authority financing defined. 20:09:01:03. Other authority financing defined. Other authority financing is any loan or financial assistance from the authority, other than an authority mortgage loan, to another entity. Other authority financing includes grant…

Rule 20:09:02:01 Repealed. 20:09:02:01. Request for decision from agency.Repealed. Source: SL 1975, ch 16, § 1; 2 SDR 31, effective October 30, 1975; transferred from § 45:01:02:01, effective July 1, 1979; repealed, 6 SDR 98, effective April 6, 1980.

Rule 20:09:02:02 Petition for declaratory ruling. 20:09:02:02. Petition for declaratory ruling. A petition for a declaratory ruling shall be filed with the authority in substantially the following form: SOUTH DAKOTA HOUSING DEVELOPMENT AUTHORITY Pursuant to the provisions of SDCL…

Rule 20:09:03:01 Appeal to authority or administrative agent for explanation of loan refusal. 20:09:03:01. Appeal to authority or administrative agent for explanation of loan refusal. An applicant who is refused an authority loan or other authority financing by the authority or a…

Rule 20:09:03:02 Appeal to executive director. 20:09:03:02. Appeal to executive director. After receiving a written explanation, the applicant may appeal, in writing, to the executive director, adding any further information or explanations of extenuating circumstances the applic…

Rule 20:09:03:03 Appeal to board. 20:09:03:03. Appeal to board. If the executive director upholds the denial, the applicant may appeal the decision by submitting a written outline of the applicant's case to the chairman of the board to be considered at the next meeting scheduled …

Rule 20:09:03:04 Notice of appeal procedure. 20:09:03:04. Notice of appeal procedure. The authority or its administrative agent shall advise an applicant who is refused an authority mortgage loan or other authority financing in detail of the appeals procedure available, and shall…

Rule 20:09:03:05 Administrative agent appeal for written explanation. 20:09:03:05. Administrative agent appeal for written explanation. Any administrative agent who is aggrieved by an action taken by the authority which affects that administrative agent's contractual relationship…

Rule 20:09:03:06 Administrative agent appeal procedure. 20:09:03:06. Administrative agent appeal procedure. After receiving the written explanation, the administrative agent may appeal the action taken by the authority to the chairman of the board by submitting a written outline …

Rule 20:09:03:07 Repealed. 20:09:03:07. Right to employ legal counsel. Repealed. Source: SL 1975, ch 16, § 1; 2 SDR 31, effective October 30, 1975; transferred from § 45:01:03:07, effective July 1, 1979; 6 SDR 98, effective April 6, 1980; 10 SDR 4, effective July 27, 1983; 12 SDR…