South Dakota Codified Laws 54-6A-1. Definitions
Terms used in this chapter mean:
(1) “Advertisement,” a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a lease–purchase agreement;
Terms Used In South Dakota Codified Laws 54-6A-1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(2) “Cash price,” the price at which the lessor would have sold the property to the consumer for cash on the date of the lease–purchase agreement;
(3) “Consumer,” a natural person who rents personal property under a lease–purchase agreement to be used primarily for personal, family or household purposes;
(4) “Consummation,” the time a consumer becomes contractually obligated on a lease–purchase agreement;
(5) “Lessor,” a person who regularly provides the use of property through lease–purchase agreements and to whom lease payments are initially payable on the face of the lease–purchase agreement.
Source: SL 1991, ch 393, § 1.