Terms used in this chapter mean:

(1) “Advance payment contract,” a contract entered into by the executive director and a purchaser pursuant to this chapter to provide for the higher education of a beneficiary;

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Terms Used In South Dakota Codified Laws 13-55E-1

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2

(2) “Beneficiary,” the person designated within the advance payment contract to receive tuition, room and board, or tuition only at a statesupported institution of higher education;

(3) “Executive director,” the executive director of the Board of Regents;

(4) “Institution of higher education,” any statesupported university;

(5) “Purchaser,” any person obligated to make an advance payment of tuition, room and board, or tuition only costs on behalf of a beneficiary pursuant to an advance payment contract;

(6) “Room and board costs,” the amount assessed for lodging and regularly scheduled meals provided to students pursuant to a contract for room and board with an institution of higher education;

(7) “Tuition costs,” the amount assessed for fulltime enrollment at an institution of higher education including mandatory fees imposed upon all fulltime students as a condition of enrollment.

Source: SL 1994, ch 145, § 1.