S.D. Admin. R. 67:12:05:01

Current through Register Vol. 51, page 57, November 12, 2024

Section 67:12:05:01 - Definitions

Terms used in this chapter mean:

(1) "Earned income," for an employed applicant or recipient income in cash or in kind, before deductions such as income taxes, social security taxes, insurance premiums, or savings bonds, earned by an applicant or recipient through the receipt of wages, salary, commissions, or fees; for a self-employed individual, that income remaining after deducting the business expenses allowed in § 67:12:05:12;

(2) "Encumbrance," a claim, lien, charge, legal debt, chattel mortgage, or liability of record attached to and binding real property, personal property, or real and personal property;

(3) "Equity value," the current fair market value minus encumbrances of record as of the date of evaluation;

(4) "Fair market value," the price an item of a particular make, model, size, material, or condition will sell for on the open market in the geographic area involved;

(5) "Liquid assets," cash on hand, plus tangible or intangible personal property as defined in SDCL 43-1-3 which can be readily converted into cash within 30 days, such as bank accounts, current value of securities, burial funds, loan value of insurance policies, and collectible debts;

(6) "Personal property," personal property as defined in SDCL 43-1-2 and 43-1-3. For purposes of public assistance, personal property is divided into liquid assets, tangible personal property, deductible income, and other benefits and earned income; and

(7) "Tangible personal property," as defined in SDCL 43-1-3, including such items as livestock, farm implements, and automobiles.

S.D. Admin. R. 67:12:05:01

SL 1975, ch 16, § 1; 7 SDR 66, 7 SDR 89, effective 7/1/1981; 8 SDR 82, effective 1/13/1982; 8 SDR 95, effective 2/18/1982; 9 SDR 46, effective 10/1/1982.

General Authority: SDCL 28-7-2.

Law Implemented: SDCL 28-7-4.