No person may offer to sell in this state any time - share project, or offer to sell outside the state any time - share in a time - share project located within this state without first registering the time - share project with the South Dakota Real Estate Commission. The sale or transfer of a time - share project by an owner other than the developer or sales agent is exempt from this chapter. The Real Estate Commission may issue restricted brokers' or salesmen's licenses for time share brokers or salesmen pursuant to § 36-21-28.1.
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