South Dakota Code § 37-25A-37

Sales and offers subject to chapter
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The provisions of this chapter concerning sales and offers to sell apply to persons who sell or offer to sell if:
(1) An offer to sell is made in this state;
(2) An offer to purchase is made and accepted in this state; or
(3) The purchaser is domiciled in this state and the business opportunity is operated in this state.

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