43-15B-1.”Time-share” defined. 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 basis and allotted from the use […]
43-15B-2. Restrictions on sales. 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.
43-15B-3. Registration of projects. Any time-share project shall be registered annually with the Real Estate Commission. Source: SL 1983, ch 273, §3; SL 1986, ch 302, §95.
43-15B-4. Fee for registration. 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, §4; SL 1986, ch 302, §96.
43-15B-5. Inspection fee. 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 project. Source: SL 1983, ch 273, §5; SL […]
43-15B-6. Rules. 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.
43-15B-7. Sale of unregistered project prohibited–Exception–Issuance of restricted licenses. 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 transfer […]
43-15B-8. Forfeited registration–Restoration–Fee. 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 commission by rule promulgated pursuant to […]
43-15B-9. Applicants and licensees under disciplinary investigation–Criminal background check. 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 application, the commission shall […]
