S.D. Admin. R. 20:69:12:19

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

Section 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.

There must be a plan manager or an RME in the state if a time-share unit or time-share plan is located in the state whether or not a time-share unit or time-share plan is offered for sale in the state or out-of-state.

There must be a plan manager or an RME in the state for a multiple location time-share plan if the plan includes a time-share unit or time-share plan located in the state.

A plan manager's duties, responsibilities, and obligations include the following:

(1) Management and maintenance of the time-share units;

(2) Assessments and the collection of maintenance fees;

(3) Payment of real property taxes due on the time-share units under the plan manager's authority;

(4) Supervision of the occupancy scheduling so that time-share unit owners or users will be provided the use of time-share units;

(5) Provision to time-share owners and users of a copy of the house rules of the building;

(6) Supervision of the enforcement of the house rules; and

(7) The keeping of a detailed and accurate record, in chronological order, of receipts and expenditures.

All accounting records of the plan manager are subject to inspection by the commission or the commission's representative. Accounting records must be kept at the principal office of the plan manager, which may be located in this state or in another state.

If the accounting records are not kept in this state, they shall be made available for inspection in this state upon notice. If the records are not made available, they shall be inspected at the place where they are kept and all costs, including the travel expense, per diem, and salary of the inspector, must be borne by the plan manager. The commission may require the plan manager to remit the amount of the estimated cost in advance of the inspection. Failure on the part of the plan manager to comply with the commission's request to remit the amount of the estimated cost may be grounds for cancellation, suspension, or revocation of registration of the project.

If the principal office of the developer is not in the state, a failure to make available upon the commission's request bookkeeping records, computer records, or any other records of the developer on the time-share plan may be grounds for cancellation, suspension, or revocation of the plan manager's registration.

S.D. Admin. R. 20:69:12:19

10 SDR 68, effective 1/1/1984; 12 SDR 102, effective 12/22/1985; 12 SDR 151, 12 SDR 155, effective 7/1/1986; transferred from

General Authority: SDCL 36-21A-89, 43-15B-6.

Law Implemented: SDCL 43-15B-3, 43-15B-4, 43-15B-5, 43-15B-6.