20:69:08:12. Restrictions on chargeable costs and expenses. In addition to the initial written contract, the real estate broker shall give to the potential borrower an estimate of the amount of chargeable costs and expenses that will be collected by the broker in case no loan is found for the borrower. An estimated total cost to the borrower under these conditions shall be stated to the borrower and may not exceed the amount customarily charged for the same or comparable service in the community where the service was rendered. All of these costs and expenses, if actually expended and chargeable to the borrower, must have been actually and reasonably expended for the potential borrower's benefit.
Source: 4 SDR 71, effective April 30, 1978; 12 SDR 151, 12 SDR 155, effective July 1, 1986; transferred from § 20:56:17:40, 20 SDR 18, effective August 16, 1993; 26 SDR 41, effective September 29, 1999.
General Authority:SDCL 36-21A-89(8).
Law Implemented:SDCL 36-21A-30, 36-21A-47.
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