For the purposes of § 10-45-96, the term, professional employer organization, means a firm which:

(1) Enters into a contractual agreement with a client company to create a co–employment relationship for the provision of payroll, benefits, and other human resources functions;

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(2) Covers at least seventy–five percent of the client company’s full–time or full–time equivalent employees domiciled in South Dakota; and

(3) Maintains separate books and records of account for each client company.

Source: SL 1999, ch 57, § 2.