<html> <head> <title>Rule 20:69:12:01 Definitions.</title> <META NAME="Keywords" Content="Administrative Rules 20:69:12:01"> <META NAME="Description" Content="Administrative Rules 20:69:12:01 Definitions."> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Generator content="Microsoft Word 15 (filtered)"> <style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4;} @font-face {font-family:Times; panose-1:2 2 6 3 5 4 5 2 3 4;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {margin:0in; margin-bottom:.0001pt; font-size:12.0pt; font-family:"Times",serif;} a:link, span.MsoHyperlink {color:blue; text-decoration:underline;} a:visited, span.MsoHyperlinkFollowed {color:purple; text-decoration:underline;} .MsoChpDefault {font-size:10.0pt;} @page WordSection1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in;} div.WordSection1 {page:WordSection1;} --> </style> </head> <body lang=EN-US link=blue vlink=purple> <div class=WordSection1> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:69:12:01.&nbsp;&nbsp;Definitions.</b> </span><span style='font-family:"Times New Roman",serif'>A</span><span style='font-family:"Times New Roman",serif'>s used in this chapter:</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;&quot;Agent&quot; or &quot;time-share agent&quot;</span><span style='font-family:"Times New Roman",serif'> means</span><span style='font-family:"Times New Roman",serif'> a </span><span style='font-family:"Times New Roman",serif'>time-share agent</span><span style='font-family:"Times New Roman",serif'> licensed by the commission under </span><span style='font-family:"Times New Roman",serif'>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=36-21A-47">36-21A-47</A></span><span style='font-family:"Times New Roman",serif'>;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;&quot;Commission&quot;</span><span style='font-family:"Times New Roman",serif'> means</span><span style='font-family:"Times New Roman",serif'> the South Dakota Real Estate Commission;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)&nbsp;&nbsp;&quot;Developer&quot;</span><span style='font-family:"Times New Roman",serif'> means</span><span style='font-family:"Times New Roman",serif'> a person in the business of creating a time-share project or in the business of selling its own time-share in a project;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)&nbsp;&nbsp;&quot;Facility&quot;</span><span style='font-family:"Times New Roman",serif'> means </span><span style='font-family:"Times New Roman",serif'>a structure, service, or property, whether improved or unimproved, made available to </span><span style='font-family:"Times New Roman",serif'>a</span><span style='font-family: "Times New Roman",serif'> purchaser</span><span style='font-family:"Times New Roman",serif'> of a time-share plan or time-share unit</span><span style='font-family:"Times New Roman",serif'> for </span><span style='font-family:"Times New Roman",serif'>non-commercial</span><span style='font-family:"Times New Roman",serif'> use;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)&nbsp;&nbsp;&quot;Invitee&quot;</span><span style='font-family:"Times New Roman",serif'> means </span><span style='font-family:"Times New Roman",serif'>an individual who is contacted and invited or encouraged to attend a time-share sales presentation;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)&nbsp;&nbsp;&quot;Material change&quot;</span><span style='font-family:"Times New Roman",serif'> means</span><span style='font-family:"Times New Roman",serif'> a change that make</span><span style='font-family:"Times New Roman",serif'>s</span><span style='font-family: "Times New Roman",serif'> </span><span style='font-family:"Times New Roman",serif'>any</span><span style='font-family:"Times New Roman",serif'> information provided in the disclosure statement misleading or that affects the rights and obligations </span><span style='font-family:"Times New Roman",serif'>associated with</span><span style='font-family:"Times New Roman",serif'> a time-share</span><span style='font-family:"Times New Roman",serif'> plan or time-share</span><span style='font-family:"Times New Roman",serif'> unit;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)&nbsp;&nbsp;&quot;Multiple location time-share plan&quot;</span><span style='font-family:"Times New Roman",serif'> means</span><span style='font-family:"Times New Roman",serif'> a time-share plan that includes time-share units located both in this state and in another state or country;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)&nbsp;&nbsp;&quot;Outside public contact&quot; or &quot;OPC&quot;</span><span style='font-family:"Times New Roman",serif'> means</span><span style='font-family:"Times New Roman",serif'> an individual who contacts invitees but </span><span style='font-family:"Times New Roman",serif'>neither</span><span style='font-family:"Times New Roman",serif'> engage</span><span style='font-family:"Times New Roman",serif'>s</span><span style='font-family: "Times New Roman",serif'> in the sale of time-share interests </span><span style='font-family:"Times New Roman",serif'>n</span><span style='font-family: "Times New Roman",serif'>or perform</span><span style='font-family:"Times New Roman",serif'>s</span><span style='font-family:"Times New Roman",serif'> any other activity </span><span style='font-family:"Times New Roman",serif'>on behalf of a registrant</span><span style='font-family:"Times New Roman",serif'>;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)&nbsp;&nbsp;&quot;Registrant&quot;</span><span style='font-family:"Times New Roman",serif'> means</span><span style='font-family:"Times New Roman",serif'> a </span><span style='font-family: "Times New Roman",serif'>person</span><span style='font-family:"Times New Roman",serif'> who is required to file with the commission;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1</span><span style='font-family:"Times New Roman",serif'>0</span><span style='font-family: "Times New Roman",serif'>)&nbsp;&nbsp;&quot;Responsible managing employee&quot; or &quot;RME&quot;</span><span style='font-family:"Times New Roman",serif'> means</span><span style='font-family:"Times New Roman",serif'> the individual employed by a registrant who is responsible for the management of the registrant's time-share unit or time-share plan;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1</span><span style='font-family:"Times New Roman",serif'>1</span><span style='font-family: "Times New Roman",serif'>)&nbsp;&nbsp;&quot;State&quot;</span><span style='font-family:"Times New Roman",serif'> means</span><span style='font-family:"Times New Roman",serif'> the state of South Dakota;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1</span><span style='font-family:"Times New Roman",serif'>2</span><span style='font-family: "Times New Roman",serif'>)&nbsp;&nbsp;&quot;Supplementary disclosure statement&quot;</span><span style='font-family:"Times New Roman",serif'> means</span><span style='font-family:"Times New Roman",serif'> an amended disclosure statement filed when there has been a material change;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1</span><span style='font-family:"Times New Roman",serif'>3</span><span style='font-family: "Times New Roman",serif'>)&nbsp;&nbsp;&quot;Time-share operation&quot;</span><span style='font-family:"Times New Roman",serif'> means</span><span style='font-family:"Times New Roman",serif'> a business 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;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1</span><span style='font-family:"Times New Roman",serif'>4</span><span style='font-family: "Times New Roman",serif'>)&nbsp;&nbsp;&quot;Time-share unit&quot;</span><span style='font-family:"Times New Roman",serif'> means </span><span style='font-family:"Times New Roman",serif'>the time interval for right to use or occupy.</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 10 SDR 68, effective January 1, 1984; 10 SDR 121, amended May 17, 1984, retroactively effective January 1, 1984; 12 SDR 102, effective December 22, 1985; 12 SDR 151, 12 SDR 155, effective July 1, 1986; transferred from &#167;&nbsp;20:56:20:01, August 16, 1993; 47 SDR 37, effective October 5, 2020.</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=36-21A-89">36-21A-89</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=43-15B-6">43-15B-6.</A></span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=36-21A-47">36-21A-47</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=43-15B-1">43-15B-1</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=43-15B-3">43-15B-3</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=43-15B-6">43-15B-6.</A></span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Cross-Reference:</b> Limited time-sharing licenses, ch 20:69:13.</span></p> <p class=MsoNormal style='text-align:justify'><span style='font-family:"Times New Roman",serif'>&nbsp;</span></p> </div> </body> </html>