South Dakota Codified Laws 54-3A-2. Items included in amount financed
As used in this chapter, unless the context otherwise requires, “amount financed” means the total of the following items from which any prepaid finance charge or required deposit has been excluded:
(1) The cash price of the goods or services less the total amount of any down payment whether made in cash or in property traded in;
Terms Used In South Dakota Codified Laws 54-3A-2
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- Services: includes :
(a) Work, labor, and other personal services. See South Dakota Codified Laws 54-3A-1
(2) The amount actually paid or to be paid by the creditor pursuant to an agreement to discharge a security interest in, a lien on, or an unpaid obligation with respect to any property traded in; and
(3) Amounts actually paid or to be paid by the creditor which are for additional charges authorized by § 54-3A-5 and are agreed to by the consumer.
Source: SL 1974, ch 305, § 1 (1).