20:08:07:21Real estate and mortgage-backed securities.
Section · Administrative Rules of South Dakota · View on sdlegislature.gov ↗
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.
Source: 28 SDR 48, effective October 10, 2001; 30 SDR 211, effective July 1, 2004.