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.
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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