37-5B-50. Limitation of actions.
No person may obtain relief for an action pursuant to §37-5B-49:
(1)In an action for rescission pursuant to §§37-5B-4, 37-5B-7 to 37-5B-9, inclusive, or 37-5B-17 unless the action is instituted within one year after the violation occurred;
(2)In an action for actual damages, costs, and attorneys and experts fees unless instituted within the earlier of two years after discovery of the facts constituting the violation or three years after the violation; or
(3)Upon receipt by the franchisee of a rescission offer in a form approved by the director unless the action is instituted within ninety days after the receipt by the franchisee of a rescission.
Source: SL 2008, ch 203, §50.
Structure South Dakota Codified Laws
Chapter 05B - Franchise Investment
Section 37-5B-1 - Definitions.
Section 37-5B-2 - Jurisdiction.
Section 37-5B-3 - Offer or sale not made in state.
Section 37-5B-4 - Notice filing required.
Section 37-5B-5 - Notice filing provisions.
Section 37-5B-7 - Updating disclosure documents.
Section 37-5B-8 - Start-up financial statements.
Section 37-5B-9 - Phase-in of financial statements.
Section 37-5B-10 - Negotiation of terms.
Section 37-5B-11 - Signed receipt.
Section 37-5B-12 - Exemptions from chapter.
Section 37-5B-13 - Exemptions from notice filing and obligations to deliver disclosure document.
Section 37-5B-14 - Exemptions from notice filing.
Section 37-5B-15 - Exemptions by director.
Section 37-5B-16 - Thresholds.
Section 37-5B-17 - Delivery of disclosure document.
Section 37-5B-18 - Time of delivery of disclosure document.
Section 37-5B-19 - Books and records.
Section 37-5B-20 - Burden of proof.
Section 37-5B-21 - Arbitration.
Section 37-5B-22 - Consent to service of process.
Section 37-5B-23 - Advertisement.
Section 37-5B-24 - Fraud--Class 4 felony.
Section 37-5B-25 - Fraud--Class 6 felony.
Section 37-5B-26 - Prohibited practices.
Section 37-5B-27 - Director approval not permitted.
Section 37-5B-28 - Administration.
Section 37-5B-29 - Promulgation of rules.
Section 37-5B-31 - Filed documents.
Section 37-5B-32 - Records of filings and orders.
Section 37-5B-33 - Public and nonpublic records.
Section 37-5B-34 - Copies of notice filings and orders.
Section 37-5B-35 - Investigations.
Section 37-5B-36 - Request for information.
Section 37-5B-37 - Subpoena powers.
Section 37-5B-39 - Unauthorized use of information--Misdemeanor.
Section 37-5B-40 - Cooperation with other agencies.
Section 37-5B-41 - Cease and desist orders.
Section 37-5B-42 - Order to show cause.
Section 37-5B-43 - Civil penalty.
Section 37-5B-44 - Order or request for hearing.
Section 37-5B-45 - Effect of order without hearing.
Section 37-5B-46 - Affirmance, modification, or vacation of order.
Section 37-5B-47 - Civil action by attorney general.
Section 37-5B-48 - Injunctive relief.
Section 37-5B-49 - Civil damages or rescission.
Section 37-5B-50 - Limitation of actions.
Section 37-5B-51 - Pending actions and actions based on prior conduct.