Title 43 — PROPERTY
57 chapters · 841 sections in this title.
SDCL § 43-15B-1 "Time - share" defined
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For purposes of this chapter, the term "time - share" means the right to use and occupy a living unit, of which the use and occupancy right is divided among persons holding similar interests within that living unit according to a fixed or variable time schedule on a periodic basi…
SDCL § 43-15B-2 Restrictions on sales
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No person may sell, convey, present for sale, or advertise any interest in a time - share project unless he complies with the provisions of this chapter. Source: SL 1983, ch 273 , § 2.
SDCL § 43-15B-3 Registration of projects
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Any time - share project shall be registered annually with the Real Estate Commission. Source: SL 1983, ch 273 , § 3; SL 1986, ch 302 , § 95.
SDCL § 43-15B-4 Fee for registration
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Application for initial registration under § 43-15B-3 shall be accompanied by a fee set by rule promulgated pursuant to chapter 1-26 not to exceed twenty - five dollars per unit. The total fee may not exceed one thousand dollars per time - share project. Source: SL 1983, ch 273 ,…
SDCL § 43-15B-5 Inspection fee
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The Real Estate Commission may charge an inspection fee in the amount of seventy - five dollars per day for each day estimated to be consumed in the examination of the project, plus additional reasonable expenses, which shall be paid to the commission representative inspecting a …
SDCL § 43-15B-6 Rules
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The Real Estate Commission shall promulgate rules pursuant to chapter 1-26 to implement the provisions of this chapter. Source: SL 1983, ch 273 , § 6; SL 1986, ch 302 , § 98.
SDCL § 43-15B-7 Sale of unregistered project prohibited--Exception--Issuance of restricted licenses
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No person may offer to sell in this state any time - share project, or offer to sell outside the state any time - share in a time - share project located within this state without first registering the time - share project with the South Dakota Real Estate Commission. The sale or…
SDCL § 43-15B-8 Forfeited registration--Restoration--Fee
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If a time - share project is not renewed by the date set by the commission by rule promulgated pursuant to chapter 1-26 the registration for such project is forfeited. A forfeited registration may be restored within ninety days upon payment of a registration fee set by the commis…
SDCL § 43-15B-9 Applicants and licensees under disciplinary investigation--Criminal background check
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Each applicant for licensure and registration as a time share agent in this state shall submit to a state and federal criminal background investigation by means of fingerprint checks by the Division of Criminal Investigation and the Federal Bureau of Investigation. Upon applicati…