SDCL § 58-33A-15: Exemptions from requirements.

Unless otherwise specifically included, §§ 58-33A-13 to 58-33A-27, inclusive, do not apply to any transactions involving:

(1) A direct response solicitation if there is no recommendation based on information collected from the consumer pursuant to §§ 58-33A-13 to 58-33A-27, inclusive; or

(2) Any contract used to fund:

(a) An employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act (ERISA);

(b) A plan described by sections 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code (IRC), as of January 1, 2023, if established or maintained by an employer;

(c) A government or church plan defined in section 414 of the IRC as of January 1, 2023, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization under section 457 of the IRC as of January 1, 2023; or

(d) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;

(3) A settlement of or assumption of liabilities associated with personal injury litigation or any dispute or claim resolution process; or

(4) A formal prepaid funeral contract.

The director may, by rules promulgated pursuant to chapter 1-26, adopt revisions of the Internal Revenue Code which are in substantial compliance with the intent of subsections (b) and (c) of this section.