§ 20:08:07:21

ARSD 20:08:07:21

Real estate and mortgage-backed securities.

Effective Jul 1, 200430 SDR 211Source: 28 SDR 48, effective October 10, 2001; 30 SDR 211, effective July 1, 2004. | General Authority: SDCL 47-31B-203 , 47-31B-605(a)(1) , 47-31B-605(a)(3). | Law Implemented: SDCL 47-31B-202(11) , 47-31B-203.

The exemption for real estate and mortgage-backed securities specified in SDCL 47-31B-202(11) does not include any transaction which involves a security that is an investment contract or a profit-sharing agreement.

Source: 28 SDR 48, effective October 10, 2001; 30 SDR 211, effective July 1, 2004.

General Authority: SDCL 47-31B-203 , 47-31B-605(a)(1) , 47-31B-605(a)(3).

Law Implemented: SDCL 47-31B-202(11) , 47-31B-203.