S.D. Admin. R. 20:69:12:01

Current through Register Vol. 51, page 57, November 12, 2024

Section 20:69:12:01 - Definitions

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.

S.D. Admin. R. 20:69:12:01

10 SDR 68, effective 1/1/1984; 10 SDR 121, amended May 17, 1984, retroactively effective 1/1/1984; 12 SDR 102, effective 12/22/1985; 12 SDR 151, 12 SDR 155, effective 7/1/1986; transferred from; 47 SDR 037, effective 10/5/2020

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.