A s used in this chapter:

1. (1) "Agent" or "time-share agent" means a time-share agent licensed by the commission under SDCL 36-21A-47;
2. (2) "Commission" means the South Dakota Real Estate Commission;
3. (3) "Developer" means a person in the business of creating a time-share project or in the business of selling its own time-share in a project;
4. (4) "Facility" means a structure, service, or property, whether improved or unimproved, made available to a purchaser of a time-share plan or time-share unit for non-commercial use;
5. (5) "Invitee" means an individual who is contacted and invited or encouraged to attend a time-share sales presentation;
6. (6) "Material change" means a change that makes any information provided in the disclosure statement misleading or that affects the rights and obligations associated with a time-share plan or time-share unit;
7. (7) "Multiple location time-share plan" means a time-share plan that includes time-share units located both in this state and in another state or country;
8. (8) "Outside public contact" or "OPC" means an individual who contacts invitees but neither engages in the sale of time-share interests nor performs any other activity on behalf of a registrant;
9. (9) "Registrant" means a person who is required to file with the commission;
10. (10) "Responsible managing employee" or "RME" means the individual employed by a registrant who is responsible for the management of the registrant's time-share unit or time-share plan;
11. (11) "State" means the state of South Dakota;
12. (12) "Supplementary disclosure statement" means an amended disclosure statement filed when there has been a material change;
13. (13) "Time-share operation" means 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;
14. (14) "Time-share unit" means the time interval for right to use or occupy.

Source: 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 § 20:56:20:01, August 16, 1993; 47 SDR 37, effective October 5, 2020.

General Authority: SDCL 36-21A-89 , 43-15B-6.

Law Implemented: SDCL 36-21A-47 , 43-15B-1 , 43-15B-3 , 43-15B-6.

Prior versions effective: 1993-08-16.