37-26-1. Definition of terms.
Terms used throughout this chapter unless the context plainly requires otherwise shall mean:
(1)"Buying club," any corporation, partnership, unincorporated association, or other business enterprise organized with the primary purpose of providing benefits to members from the cooperative purchase of services or merchandise;
(2)"Club," any buying club;
(3)"Contract," any written agreement by which one becomes a member of a club;
(4)"Member," any status by which any natural person is entitled to any of the benefits of a club;
(5)"Prepayment," any payment greater than twenty-five dollars for service, merchandise or membership made before the service is rendered. Money received by a club from a financial institution upon assignment of a contract shall be considered prepayment when and to the extent the member is required to make prepayments to the financial institution pursuant to the contract.
Source: SL 1975, ch 246, ยง1.
Structure South Dakota Codified Laws
Section 37-26-1 - Definition of terms.
Section 37-26-2 - Fraudulent offer or sale of membership as felony.
Section 37-26-3 - Bond required of buying club--Amount.
Section 37-26-4 - Loss covered by bond--Filing and approval of bond--Action on bond.
Section 37-26-5 - Liability of surety limited to amount of bond.
Section 37-26-7 - Violation of chapter as felony.
Section 37-26-8 - Punishment under other criminal laws not prevented by chapter.
Section 37-26-9 - Consumer protection avoidance period provisions applied.
Section 37-26-10 - Civil action for damages from violation of chapter--Equitable relief.