<html> <head> <title>Rule 20:08:07:21 Real estate and mortgage-backed securities.</title> <META NAME="Keywords" Content="Administrative Rules 20:08:07:21"> <META NAME="Description" Content="Administrative Rules 20:08:07:21 Real estate and mortgage-backed securities."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:08:07:21.&nbsp;&nbsp;Real estate and mortgage-backed securities.</b> The exemption for real estate and mortgage-backed securities specified in SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=47-31B-202">47-31B-202(11)</A> does not include any transaction which involves a security that is an investment contract or a profit-sharing agreement.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 28 SDR 48, effective October 10, 2001; 30 SDR 211, effective July 1, 2004.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=47-31B-203">47-31B-203</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=47-31B-605(a)(1)">47-31B-605(a)(1)</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=47-31B-605(a)(3)">47-31B-605(a)(3).</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=47-31B-202">47-31B-202(11)</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=47-31B-203">47-31B-203.</A></p> </div> </body> </html>