<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 37-26-1 - Definition of terms. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2061840Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2061840SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2061840CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2061840Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2061840DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2061840Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2061840DefaultParagraphFont-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2061840000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2061840SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2061840SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2061840Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=37-26-1"><span class="s2061840SENU">37-26-1</span></a><span xml:space="preserve" class="s2061840SENU">. </span><span class="s2061840CL">Definition of terms.</span></p><p dir="ltr" class="s2061840Normal-000000"><span class="s2061840DefaultParagraphFont">Terms used throughout this chapter unless the context plainly requires otherwise shall mean:</span></p><p dir="ltr" class="s2061840Normal-000001"><span class="s2061840DefaultParagraphFont">(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;</span></p><p dir="ltr" class="s2061840Normal-000001"><span class="s2061840DefaultParagraphFont">(2)    "Club," any buying club;</span></p><p dir="ltr" class="s2061840Normal-000001"><span class="s2061840DefaultParagraphFont">(3)    "Contract," any written agreement by which one becomes a member of a club;</span></p><p dir="ltr" class="s2061840Normal-000001"><span class="s2061840DefaultParagraphFont">(4)    "Member," any status by which any natural person is entitled to any of the benefits of a club;</span></p><p dir="ltr" class="s2061840Normal-000001"><span class="s2061840DefaultParagraphFont">(5)    "Prepayment," any payment greater than twenty</span><span class="s2061840DefaultParagraphFont-000002">-</span><span class="s2061840DefaultParagraphFont">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.</span></p><p dir="ltr" class="s2061840Normal"><span xml:space="preserve" class="s2061840000003"> </span></p><p dir="ltr" class="s2061840Normal"><span class="s2061840SCL">Source:</span><span xml:space="preserve" class="s2061840SCL-000004"> SL 1975, ch 246, § 1.</span></p></div></body></html>