South Dakota Codified Laws 34-12-41. Entrance fee defined
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For the purposes of §§ 34-12-40 to 34-12-47, inclusive, an entrance fee is an initial or deferred transfer to a provider of a sum of money, or other property, made or promised to be made, as a full or partial consideration for acceptance of the person in the facility under a continuing care agreement, if the amount exceeds five thousand dollars or the sum of periodic charges for three months of residency, whichever is greater.
Terms Used In South Dakota Codified Laws 34-12-41
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
Source: SL 1998, ch 206, § 2.