South Dakota Codified Laws 58-33A-15. Exemptions from requirements
Unless otherwise specifically included, §§ 58-33A-13 to 58-33A-27, inclusive, do not apply to any transactions involving:
(1) A direct response solicitation if there is no recommendation based on information collected from the consumer pursuant to §§ 58-33A-13 to 58-33A-27, inclusive; or
Terms Used In South Dakota Codified Laws 58-33A-15
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
(2) Any contract used to fund:
(a) An employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act (ERISA);
(b) A plan described by sections 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code (IRC), as of January 1, 2023, if established or maintained by an employer;
(c) A government or church plan defined in section 414 of the IRC as of January 1, 2023, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization under section 457 of the IRC as of January 1, 2023; or
(d) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;
(3) A settlement of or assumption of liabilities associated with personal injury litigation or any dispute or claim resolution process; or
(4) A formal prepaid funeral contract.
The director may, by rules promulgated pursuant to chapter 1-26, adopt revisions of the Internal Revenue Code which are in substantial compliance with the intent of subsections (b) and (c) of this section.
Source: SL 2008, ch 273, § 3; SL 2022, ch 186, § 3, eff. Jan. 1, 2023.