South Dakota Codified Laws 54-4-74. Debt suspension contract defined
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For the purposes of this chapter, the term, debt suspension contract, means a term of an extension of credit or contractual arrangement modifying terms of an extension of credit under which a licensee agrees to suspend all or part of a customer’s obligation to repay an extension of credit from the licensee upon the occurrence of a specified event. The contract may be separate from or a part of other extension of credit documents. The term does not include installment payment deferral arrangements in which the triggering event is the customer’s unilateral election to defer repayment, or the licensee’s unilateral decision to allow a deferral of repayment.
Terms Used In South Dakota Codified Laws 54-4-74
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Source: SL 2012, ch 235, § 3.