Please note that the South Dakota Department of Revenue and Regulation (Division of Securities) has advised us of their position that a note secured by a contract for deed is a "security" under South Dakota's Securities Act, and therefore, according to that Agency, any person receiving a commission or other remuneration for brokering a transaction in such notes within the state of South Dakota must be registered with the Division of Securities of the state of South Dakota. Accordingly, the Note Network will not permit the submission of notes on its website service for properties located in South Dakota or for brokers or finders located in South Dakota.
The Note Network does not provide legal advice, and you should consult with counsel on this issue if you intend to transact business in South Dakota.
Thank you for your understanding.