Lease–purchase agreements which comply with this chapter are not subject to the laws relating to:

(1) A consumer transaction in chapter 54-3A;

Terms Used In South Dakota Codified Laws 54-6A-3

  • 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
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

(2) A security interest defined in § 57A-1-201; or

(3) A lease in chapter 57A-2A.

This chapter does not apply to the following:

(1) Lease–purchase agreements primarily for business, commercial, or agricultural purposes, or those made with governmental agencies or instrumentalities or with organizations;

(2) A lease of a safe deposit box;

(3) A lease or bailment of personal property which is incidental to the lease of real property, and which provides that the consumer has no option to purchase the leased property; or

(4) A lease of a motor vehicle.

Source: SL 1991, ch 393, § 3.

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