ARSD 20:69:12:01. Definitions

As used in this chapter: (1) "Agent" or "time-share agent" means a time-share agent licensed by the commission under SDCL 36-21A-47; (2) "Commission" means the South Dakota Real Estate Commission; (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) "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) "Invitee" means an individual who is contacted and invited or encouraged to attend a time-share sales presentation; (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) "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) "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) "Registrant" means a person who is required to file with the commission; (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) "State" means the state of South Dakota; (12) "Supplementary disclosure statement" means an amended disclosure statement filed when there has been a material change; (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) "Time-share unit" means the time interval for right to use or occupy.