S.D. Admin. R. 20:08:07:21 - Real estate and mortgage-backed securities

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.


S.D. Admin. R. 20:08:07:21
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.

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