A filing required by this chapter shall be renewed by December 31 of each year on a form prescribed by the commission. Failure to renew by the specified date will result in forfeiture of the right to engage in the sale of a time-share plan. A forfeited registration may be restored within 90 days upon payment of a registration fee of $25 for each time-share unit and meeting all of the renewal requirements. The registration fee shall accompany the renewal application. The fee for renewal may not exceed $250. No sale or offer for sale of a time-share plan may be made until registration has been restored. A current financial statement is required for renewal in the same form as required in § 20:69:12:10.

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 § 20:56:20:15, August 16, 1993.

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

Law Implemented: SDCL 43-15B-3 , 43-15B-4 , 43-15B-6.