Terms Used In South Carolina Code > Title 39 > Chapter 5 > Article 7 - Pyramid Promotional Scheme Prohibition Act

• Compensation: means the payment of money, a thing of value, or a benefit. See South Carolina Code 39-5-720
• Consideration: means either the payment of money or the provision of a thing of value for the purchase of a product, good, service, or intangible property. See South Carolina Code 39-5-720
• Dependent: A person dependent for support upon another.
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Pyramid promotional scheme: means a plan or operation in which an individual pays consideration for the right to receive compensation based primarily upon recruiting other individuals into the plan or operation instead of selling products or services to ultimate users for their use or consumption. See South Carolina Code 39-5-720