54-6A-2. Lease-purchase agreement defined.
A lease-purchase agreement is an agreement for the use of personal property by a natural person primarily for personal, family or household purposes, for an initial period of four months or less that is automatically renewable with each payment after the initial period, but does not obligate or require the consumer to continue leasing or using the property beyond the initial period, and that permits the consumer to become the owner of the property.
Source: SL 1991, ch 393, ยง2.
Structure South Dakota Codified Laws
Title 54 - Debtor and Creditor
Chapter 06A - Lease-Purchase Agreements For Personal Property
Section 54-6A-1 - Definitions.
Section 54-6A-2 - Lease-purchase agreement defined.
Section 54-6A-3 - Agreements exempt from other laws.
Section 54-6A-4 - Disclosure of information.
Section 54-6A-5 - Information required in disclosure.
Section 54-6A-6 - Provisions prohibited in agreements.
Section 54-6A-7 - Reinstatement of agreement--Repossession.
Section 54-6A-8 - Written receipts for cash or money order.
Section 54-6A-9 - Renegotiation for new agreement--Extensions.
Section 54-6A-10 - Advertisement of lease-purchase agreement.