S.D. Codified Laws § 54-11-8 — SD Code / Title 54 / Chapter 11 / Section 54-11-8
Bank loan accounts unaffected
Status: in_force

The provisions of §§ 54-11-5 and 54-11-6.1 shall not apply to a revolving loan account arrangement made by a bank pursuant to § 51A-12-12 .

Source: SL 1974, ch 306, § 2.
S.D. Codified Laws § 54-3A-3 — SD Code / Title 54 / Chapter 3A / Section 54-3A-3
Finance charges on installment sales contract
Status: in_force

Notwithstanding the provisions of any other law, a creditor may contract for and receive, pursuant to an installment sales contract, a finance charge at a rate as agreed upon by the creditor and the consumer by written agreement. The finance charge is expressed and compounded in the same manner as an interest rate.

Source: SL 1974, ch 305, § 2; SL 1979, ch 331; SL 1980, ch 337, § 2A; SL 1982, ch 343, § 1.
S.D. Codified Laws § 54-3A-11 — SD Code / Title 54 / Chapter 3A / Section 54-3A-11
Delinquent installments--Notice of penalty to consumer
Status: in_force

If the buyer has not paid an installment on an installment sales contract on or before the tenth day after its due date, as originally scheduled or as deferred, the creditor, if he chooses to impose a penalty for the delinquency, shall before the due date of the next scheduled installment, mail or deliver to the buyer at his last known address a written notice informing the buyer:

(1) That the installment is delinquent;

(2) That a penalty has been or will be imposed pursuant to § 54-3A-12 , if that is the case, and the amount of such penalty;

(3) If the creditor agrees, that, in lieu of paying a delinquency penalty, the buyer may defer the delinquent installment or refinance the unpaid balance; and

(4) That, if the installment remains delinquent without being deferred or without a refinancing, the creditor may after thirty days, pursue his remedies pursuant to § 54-3A-19 .

Source: SL 1974, ch 305, § 8; SL 1975, ch 299, § 3; SL 1990, ch 30, § 13.
S.D. Codified Laws § 54-3-4 — SD Code / Title 54 / Chapter 3 / Section 54-3-4
Maximum rate of interest where no rate specified--Commencement where date not specified
Status: in_force

Under an obligation to pay interest, no rate being specified, interest is payable from date of incurrence of debt, unless the parties have otherwise agreed, at a maximum rate of the Category C rate of interest as established in § 54-3-16 , and in the like proportion for a longer or shorter term. In the computation of interest for less than a year, three hundred sixty days are deemed to constitute a year.

Source: CivC 1877, § 1097; CL 1887, § 3720; RCivC 1903, § 1416; RC 1919, § 1039; SL 1933, ch 123, § 1; SDC 1939, § 38.0108; SL 1980, ch 336, § 1; SL 1982, ch 341, § 2; SL 1984, ch 319, § 34.
S.D. Codified Laws § 54-4-47.1 — SD Code / Title 54 / Chapter 4 / Section 54-4-47.1
Remote work--Requirements
Status: in_force

An employee of a licensee may work in a remote location other than the business location identified pursuant to § 54-4-40 or 54-4-47 , if the licensee:

(1) Ensures in-person interactions with consumers are not conducted at the remote location and the remote location is not represented to consumers as a business location;

(2) Maintains secure virtual private networks and other appropriate safeguards for licensee and consumer data, information, and records;

(3) Employs appropriate risk-based monitoring and oversight processes of work performed from a remote location and maintains records of the processes;

(4) Ensures consumer information and records are not maintained at the remote location;

(5) Ensures consumer and licensee information and records remain accessible and available for regulatory oversight and examination; and

(6) Provides appropriate employee training to keep all conversations about and with consumers conducted from the remote location confidential, as if conducted from the business location, and to ensure remote employees work in an environment that maintains confidentiality.

Source: SL 2022, ch 179, § 1.
S.D. Codified Laws § 54-4-63 — SD Code / Title 54 / Chapter 4 / Section 54-4-63
Advertising
Status: in_force

Any licensee may advertise in any medium. No licensee may advertise any statement or representation, including rates, terms, or conditions for making or negotiating loans that is false, misleading, or deceptive, or that refers to the supervision of business by the state.

Source: SL 1998, ch 280, § 28.
S.D. Codified Laws § 54-9-17 — SD Code / Title 54 / Chapter 9 / Section 54-9-17
Removal of assignee by circuit court--Appointment and delivery of property to successor
Status: in_force

The judge of the circuit court may, in his discretion, for cause shown, remove any assignee or assignees and appoint another or others instead, who shall give such bonds as the judge, in view of the conditions and value of the estate, may direct; and such order of removal and appointment shall in terms transfer to such new assignee or assignees all the trust estate, real, personal, and mixed, and may be recorded in the deed records in the office of register of deeds of any county wherein any real estate affected by the assignment may be situated. Such judge may by order, which may be enforced as upon proceedings for contempt, compel the assignee or assignees so removed to deliver all property, money, choses in action, book accounts, and vouchers, to the assignee or assignees so appointed, and to make, execute, and deliver to such new assignee or assignees such deeds, assignments, and transfers as such judge may deem proper, and to render a full account and report of all matters connected with such trust estate.

Source: SL 1887, ch 8, § 1; SL 1887, ch 9, § 1; CL 1887, § 4675; RCivC 1903, § 2387; RC 1919, § 2060; SDC 1939 & Supp 1960, § 37.5110.
S.D. Codified Laws § 54-9-16.1 — SD Code / Title 54 / Chapter 9 / Section 54-9-16.1
Deposit of funds in court for distribution subsequent to discharge of assignee
Status: in_force

If, in his final accounting, the assignee shall set forth that for any cause distribution cannot be made to any creditor or creditors, the court may order the funds due them deposited with the clerk of the court for future distribution upon further order of the court subsequent to the discharge of the assignee.

Source: SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, § 7.
S.D. Codified Laws § 54-3A-18 — SD Code / Title 54 / Chapter 3A / Section 54-3A-18
Refinancing agreement requirements
Status: in_force

A refinancing agreement shall:

(1) Be in writing and be signed by the parties;

(2) Incorporate by reference the transaction to which the refinancing agreement applies;

(3) State the amount that is to be refinanced, the date or dates on which the installments were originally payable and the date or dates on which they will become payable; and

(4) State the amount of the charge to be paid by the buyer for the privilege of refinancing, which shall be the difference between the total amount of the finance charge that was to have been paid under the terms of the original contract computed on the assumption that all scheduled installments would have been paid when due and the total finance charge that is to be paid pursuant to the refinancing computed on the assumption that all scheduled installments will be paid when due.

Source: SL 1974, ch 305, § 14.
S.D. Codified Laws § 54-4-39 — SD Code / Title 54 / Chapter 4 / Section 54-4-39
Compliance with Title 53
Status: in_force

An installment loan contract shall comply with all provisions of Title 53.

Source: SL 1998, ch 280, § 4.
S.D. Codified Laws § 54-4-44.3 — SD Code / Title 54 / Chapter 4 / Section 54-4-44.3
Consumer default--Fees incident to extension of credit
Status: in_force

For the purposes of § 54-4-44 for all loans, late fees, return check fees, and attorney's fees incurred upon consumer default are not fees "incident to the extension of credit."

Source: SL 2017, ch 205, § 4.
S.D. Codified Laws § 54-12-21 — SD Code / Title 54 / Chapter 12 / Section 54-12-21
Rules for reverse mortgage loans
Status: in_force

A reverse mortgage loan is governed by the following rules, without regard to the requirements set out elsewhere for other types of mortgage transactions:

(1) Prepayment in whole or in part, is permitted without penalty at any time during the period of the loan;

(2) All advances made under a reverse mortgage and all interest on the advances have priority over any lien filed after the closing of a reverse mortgage;

(3) A reverse mortgage may provide for an interest rate which is fixed or adjustable and may also provide for interest that is contingent on the value of the property at closing or at maturity, or on changes in value between closing and maturity;

(4) A reverse mortgage may include costs that are charged at closing, on a periodic basis, or upon maturity;

(5) If a reverse mortgage provides for periodic advances to a borrower, the advances may not be reduced in amount or number based on any adjustment in the interest rate;

(6) Lenders, failing to make loan advances as required in the loan documents and failing to cure the default after notice as required in the loan documents, forfeit any right to collect interest. Lenders are also subject to administrative penalty as determined by the Division of Banking;

(7) Any recordation tax on reverse mortgages shall be based on the net present value of credit available to the borrower at closing, which:

(a) May not include any financed or anticipated costs or interest;

(b) Shall include the dollar amount of any lump sum advance or available credit line at closing; and

(c) Shall include the present value equivalent of any anticipated monthly loan advances as specified by the lender;

(8) The mortgage may become due and payable only upon the occurrence of one of the following events:

(a) The home securing the loan is sold or title to the home is otherwise transferred;

(b) All borrowers cease occupying the home as a principal residence;

(c) Any fixed maturity date agreed to by the lender and the borrower occurs; or

(d) An event occurs which is specified in the loan documents and which jeopardizes the lender's security;

(9) Repayment is subject to the following additional conditions:

(a) Temporary absences from the home not exceeding sixty consecutive days may not cause the mortgage to become due and payable;

(b) Temporary absences from the home exceeding sixty consecutive days but less than one year do not cause the mortgage to become due and payable so long as the borrower has taken prior action which secures the home in a manner satisfactory to the lender;

(c) The lender's right to collect reverse mortgage proceeds is subject to the applicable statute of limitations for loan contracts. The statute of limitations commences on the date that the mortgage becomes due and payable. The lender shall prominently disclose in the loan agreement any interest or other fees to be charged during the period that commences on the date that the mortgage becomes due and payable, and that ends when repayment in full is made.

Source: SL 1997, ch 276, § 2.
S.D. Codified Laws § 54-4-48 — SD Code / Title 54 / Chapter 4 / Section 54-4-48
Cease and desist order for practice not in conformity to requirements--Appeal
Status: in_force

The director may issue a cease and desist order from any practice that does not conform to the requirements set forth in this chapter or any commission rule, order, or condition imposed in writing, or any federal statute, rule, or regulation pertaining to consumer credit. A cease and desist order may be issued to any licensee or to any person engaging in the business of lending money without a license. A licensee aggrieved by such order may appeal pursuant to chapters 1-26 and 1-26D .

Source: SL 1998, ch 280, § 13; SL 2005, ch 258, § 5; SL 2006, ch 245, § 6.
S.D. Codified Laws § 54-15-12 — SD Code / Title 54 / Chapter 15 / Section 54-15-12
Use of credit report by certain persons and entities not subject to chapter
Status: in_force

This chapter does not apply to the use of a consumer credit report by any of the following:

(1) A person, or a subsidiary, affiliate, or agent of that person, or an assignee of a financial obligation owed by the consumer to that person or entity, or a prospective assignee of a financial obligation owed by the consumer to that person in conjunction with the proposed purchase of the financial obligation, with which the consumer has or had prior to assignment an account or contract, including a demand deposit account, or to whom the consumer issued a negotiable instrument for the purposes of reviewing the account or collecting the financial obligation owed for the account, contract, or negotiable instrument. The term, reviewing the account, includes activities related to account maintenance, monitoring, credit line increases, and account upgrades and enhancements;

(2) A subsidiary, affiliate, agent, assignee, or prospective assignee of a person to whom access has been granted under § 54-15-6 for purposes of facilitating the extension of credit or other permissible use;

(3) Any federal, state, or local entity, including a law enforcement agency or court;

(4) A private collection agency acting under a court order, warrant, or subpoena;

(5) A child support agency acting under Title IV-D of the Social Security Act (42 U.S.C. et seq.);

(6) The Department of Social Services acting to fulfill any of its statutory responsibilities;

(7) The Internal Revenue Service acting to investigate or collect delinquent taxes or unpaid court orders or to fulfill any of its other statutory responsibilities;

(8) The use of credit information for the purposes of prescreening as provided for by the federal Fair Credit Reporting Act;

(9) Any person or entity administering a credit file monitoring subscription service to which the consumer has subscribed;

(10) Any person or entity for the purpose of providing a consumer with a copy of the consumer's credit report upon the consumer's request; and

(11) Any person or entity for use in setting or adjusting a rate, adjusting a claim, or underwriting for insurance purposes.

Source: SL 2006, ch 246, § 12.
S.D. Codified Laws § 54-11-6.2 — SD Code / Title 54 / Chapter 11 / Section 54-11-6.2
Amount of service charge--Requirements--Compounding charge
Status: in_force

A charge may be made in each billing cycle which is a percentage of an amount no greater than the average daily balance of the account, the unpaid balance of the account on approximately the same day of the billing cycle or the median amount within a specified range within which the average daily balance or the unpaid balance of the account, on approximately the same day of the billing cycle, is included. A charge may be made pursuant to this section only if the same charge is applied to all balances within the specified range and if the percentage when applied to the median amount within the range does not produce a charge exceeding the charge resulting from applying that percentage to the lowest amount within the range by more than eight percent of the charge on the median amount. This charge may be compounded.

Source: SL 1979, ch 335, § 4.
S.D. Codified Laws § 54-8-20 — SD Code / Title 54 / Chapter 8 / Section 54-8-20
Removal, secretion, encumbrancing or disposition of property to defraud creditors--Misdemeanor
Status: in_force

Every person who removes any of his property out of any county, with intent to prevent the same from being levied upon by any execution or attachment, or who secretes, encumbers, transfers, or otherwise disposes of any of his property, with intent to delay or defraud any creditor, and every person who receives any such property with such intent, is guilty of a Class 1 misdemeanor.

Source: PenC 1877, § 636; CL 1887, § 6838; RPenC 1903, § 667; RC 1919, § 4278; SDC 1939, § 13.4302; SL 1980, ch 24, § 105.
S.D. Codified Laws § 54-4-44 — SD Code / Title 54 / Chapter 4 / Section 54-4-44
Engaging in business after procurement of license--Maximum finance charge--Violation as misdemeanor--Loan void
Status: in_force

After procuring such license from the Division of Banking, the licensee may engage in the business of making loans and may contract for and receive interest charges and other fees at rates, amounts, and terms as agreed to by the parties which may be included in the principal balance of the loan and specified in the contract. However, no licensee may contract for or receive finance charges pursuant to a loan in excess of an annual rate of thirty-six percent, including all charges for any ancillary product or service and any other charge or fee incident to the extension of credit. A violation of this section is a Class 1 misdemeanor. Any loan made in violation of this section is void and uncollectible as to any principal, fee, interest, or charge.

Source: SL 1998, ch 280, § 9; SL 2017, ch 221 (Initiated Measure 21), § 2, eff. Nov. 16, 2016; SL 2017, ch 205, § 2.
S.D. Codified Laws § 54-8-21 — SD Code / Title 54 / Chapter 8 / Section 54-8-21
Assignment or transfer of property to preferred creditors as felony--Exception
Status: in_force

Every person who, knowing that his property is insufficient for the payment of all his lawful debts, assigns, transfers, or delivers any property for the benefit of any creditor, or creditors, upon any trust or condition that any creditor shall receive a preference or priority over any other, except in the cases in which such preference is expressly allowed to be given by law, or with intent to create such preference or priority, is guilty of a Class 6 felony.

Source: PenC 1877, § 637; CL 1887, § 6839; RPenC 1903, § 668; RC 1919, § 4279; SDC 1939, § 13.4303; SL 1980, ch 24, § 106; SL 1986, ch 406.
S.D. Codified Laws § 54-10-8 — SD Code / Title 54 / Chapter 10 / Section 54-10-8
Value of security, determination by compromise--Redemption of assets by liquidator
Status: in_force

Under the circumstances described by § 54-10-7 , the court may order the value of the security determined by compromise, if the secured creditor and the liquidator agree upon a value. The liquidator may redeem such assets by payment of the agreed value, if authorized by the court.

Source: SL 1941, ch 162, § 6; SDC Supp 1960, § 37.26A06 (1).
S.D. Codified Laws § 54-14-13.5 — SD Code / Title 54 / Chapter 14 / Section 54-14-13.5
License required for company originating, selling, or servicing nonresidential mortgage loans
Status: in_force

Any company who, for valuable consideration, originates, sells, or services nonresidential mortgage loans, shall apply for, on forms prescribed by the director, and maintain, a mortgage lending license and is subject to the tax as provided in § 54-14-30 . The tax required in § 54-14-30 shall be imposed only on those loans funded after December 31, 2009. The requirement of a surety bond as provided in § 54-14-24 does not apply to a company licensed under this section.

Any individual solely employed by or solely acting as an intermediary on behalf of a company licensed pursuant to this section is not required to hold an individual license under this chapter. Any individual acting as an intermediary, on behalf of a company licensed as provided in this section, shall be disclosed to the director during the application process and annually thereafter.

The requirements of registration with the nationwide mortgage licensing system and registry do not apply to any company or its employees or intermediaries licensed pursuant to this section.

Source: SL 2009, ch 251, § 27; SL 2012, ch 252, § 28.
S.D. Codified Laws § 54-15-4 — SD Code / Title 54 / Chapter 15 / Section 54-15-4
Time for placing security freeze
Status: in_force

A consumer reporting agency shall place a security freeze on a consumer's credit report no later than five business days after receiving a written request from the consumer.

Source: SL 2006, ch 246, § 4.
S.D. Codified Laws § 54-14-16 — SD Code / Title 54 / Chapter 14 / Section 54-14-16
Fees
Status: in_force

The applicant for an initial license shall submit a fee in the amount of not more than two hundred fifty dollars for a mortgage loan originator, not more than five hundred dollars for a mortgage broker or mortgage brokerage license, and not more than one thousand dollars for a mortgage lender license. The director shall establish the fees by rules promulgated pursuant to chapter 1-26 .

Source: SL 2007, ch 279, § 5; SL 2009, ch 251, § 10.
S.D. Codified Laws § 54-9-6 — SD Code / Title 54 / Chapter 9 / Section 54-9-6
Property exempt from execution--Life insurance--Effect of assignment
Status: in_force

Property exempt from execution, and insurance upon the life of the assignor, to the extent of five thousand dollars, do not pass to the assignee by a general assignment for the benefit of creditors, unless the instrument specially mentions them, and declares an intention that they should pass thereby.

Source: CivC 1877, § 2043; CL 1887, § 4677; RCivC 1903, § 2389; RC 1919, § 2062; SDC 1939 & Supp 1960, § 37.5111.
S.D. Codified Laws § 54-11-12 — SD Code / Title 54 / Chapter 11 / Section 54-11-12
Change in terms of credit card agreement
Status: in_force

A credit card issuer may change the terms of any credit card agreement if such right of amendment has been reserved. A credit card issuer shall provide notice of such change, and the right to reject such change, in accordance with, and solely to the extent required by 12 C.F.R. 1026, in effect on January 1, 2015. No credit card issuer may make a change that is specifically prohibited by 12 C.F.R. 1026.

Source: SL 2015, ch 243, § 3.
S.D. Codified Laws § 54-3A-17 — SD Code / Title 54 / Chapter 3A / Section 54-3A-17
Refinancing agreement--Rebate excluded
Status: in_force

A creditor may, by written agreement with the buyer, refinance the unpaid balance and may contract for and receive a finance charge based on the amount refinanced. Any rebate due to the buyer pursuant to the provisions of § 54-3A-9 if the buyer was prepaying in full on the date of the refinancing is excluded from the amount to be refinanced. No minimum finance charge, for the purpose of computing this rebate, is allowed to the creditor.

Source: SL 1974, ch 305, § 13; SL 1975, ch 299, § 5; SL 1982, ch 343, § 4; SL 2015, ch 260, § 6.
S.D. Codified Laws § 54-3A-1 — SD Code / Title 54 / Chapter 3A / Section 54-3A-1
Definition of terms
Status: in_force

Terms used in this chapter mean:

(1) "Cash sale price," the price for which the person making a sale pursuant to an installment sales contract would have sold the goods or services if the sale had been for cash. The cash sale price may include any taxes or license, title, and registration fees actually paid and the cash price of any accessories or services related to the sale, such as charges for delivery, installation, alterations, modifications, improvements, and any other similar charges agreed upon between the parties. The cash price of a motor vehicle may also include a documentary fee or document administration fee for services actually rendered to, for, or on behalf of, the retail buyer, in preparing, handling, and processing documents relating to the motor vehicle and the closing of the retail sale;

(2) "Consumer," a natural person who seeks or acquires, or is offered property, services, or credit for personal, family, or household purposes;

(3) "Consumer transaction," a transaction involving the purchase or sale of goods or services for personal, family, or household use from one, who in the ordinary course of business sells goods or services. The parties to a transaction, which involves the purchase or sale of goods or services but which is not a consumer transaction, may agree to be governed by all of the provisions of this chapter with respect to the transaction, and in such event the transaction is deemed to be a consumer transaction for all purposes of this chapter;

(4) "Finance charge," however denominated, the amount which is paid or payable for the privilege of paying for goods or services in one or more installments. It does not include a delinquency charge as permitted in §§ 54-3A-11 and 54-3A-12 , additional charges as permitted in § 54-3A-5 , or any charge imposed by a creditor upon another person for purchasing or accepting an obligation of a consumer unless the consumer is required to pay any part of that charge in cash, as an addition to the obligation, or as a deduction from the proceeds of the obligation;

(5) "Goods," tangible personal chattels, whether or not in existence at the time the transaction is entered into, and including things which, at the time of sale or subsequently, are to be so affixed to real property as to become a part thereof, whether or not severable therefrom, but excluding money, chattel paper, documents of title, and other instruments;

(6) "Installment sales contract," an arrangement other than a revolving charge account, entered into in this state evidencing any consumer transaction in which a consumer purchases goods or services from a creditor, under which arrangement a finance charge may be imposed and the consumer agrees to pay for the goods or services in one or more installments;

(7) "Official fees," the fees prescribed by law for filing, recording, or otherwise perfecting a security interest or the premium payable for any insurance in lieu of perfecting any security interest if the premium does not exceed the fees otherwise prescribed by law;

(8) "Services" includes:

(a) Work, labor, and other personal services;

(b) Privileges and contract rights with respect to accommodations or facilities, including hotels and restaurants, transportation, education, entertainment, recreation, physical culture, hospital accommodations, funerals, and cemetery associations;

(c) Diagnostic work, maintenance, repair, or improvement, other than as part of the manufacture or original construction, of properties; and

(d) Insurance;

(9) "Transaction," all of the agreements made between two or more persons to carry out an exchange of value, including the entire process of soliciting, negotiating, making, performing, and enforcing such agreements, whether or not any agreement is enforceable by action.

Source: SL 1974, ch 305, § 1; SL 1975, ch 299, §§ 1, 2; SL 1999, ch 237, § 1; SL 2000, ch 227, § 1; SL 2003, ch 243, §§ 1, 2.
S.D. Codified Laws § 54-6A-8 — SD Code / Title 54 / Chapter 6A / Section 54-6A-8
Written receipts for cash or money order
Status: in_force

A lessor shall provide the consumer a written receipt for each payment made by cash or money order.

Source: SL 1991, ch 393, § 8.
S.D. Codified Laws § 54-8-22 — SD Code / Title 54 / Chapter 8 / Section 54-8-22
Party to transfer or assignment of property to defraud creditors guilty of felony
Status: in_force

Every person who, being a party to any conveyance or assignment of any property, or of any interest therein, made or created with intent to defraud prior or subsequent purchasers, or to delay or defraud creditors or other persons, and every person being privy to or knowing of such conveyance, assignment, or charge, who intentionally puts the same in use as having been made in good faith, is guilty of a Class 6 felony.

Source: PenC 1877, § 635; CL 1887, § 6837; RPenC 1903, § 666; RC 1919, § 4277; SDC 1939, § 13.4301; SL 1980, ch 24, § 107; SL 1986, ch 407.
S.D. Codified Laws § 54-8A-12 — SD Code / Title 54 / Chapter 8A / Section 54-8A-12
Short title
Status: in_force

This chapter may be cited as the Uniform Fraudulent Transfer Act.

Source: SL 1987, ch 365, § 12.
S.D. Codified Laws § 54-14-13.2 — SD Code / Title 54 / Chapter 14 / Section 54-14-13.2
(See §54-14-13.3for effective dates) Mortgage loan originator license--Renewal standards
Status: in_force

The minimum standards for license renewal for mortgage loan originators shall include the following:

(1) The mortgage loan originator continues to meet the minimum standards for license issuance under subdivisions 54-14-13.1 (1) to (5), inclusive; and

(2) The mortgage loan originator has satisfied the annual continuing education requirements provided by rule pursuant to § 54-14-31 .

Source: SL 2009, ch 251, § 9.
S.D. Codified Laws § 54-4-50 — SD Code / Title 54 / Chapter 4 / Section 54-4-50
Injunction against licensee for violation
Status: in_force

An action may be brought in circuit court by the attorney general or the division, or both, to enjoin a licensee from engaging in or continuing a violation or from doing any act in furtherance thereof.

Source: SL 1998, ch 280, § 15; SL 2005, ch 258, § 7.
S.D. Codified Laws § 54-4-67 — SD Code / Title 54 / Chapter 4 / Section 54-4-67
Production of records located outside state--Alternate procedures--Designated record inspectors
Status: in_force

If the division requires the production of records that are located outside this state, the party shall either make them available to the division at a convenient location within this state or pay the reasonable and necessary expenses for the division to examine them at the place where they are maintained. The director may designate representatives, including officials of the state in which the records are located, to inspect them on the director's behalf.

Source: SL 2005, ch 258, § 9.
S.D. Codified Laws § 54-6A-3 — SD Code / Title 54 / Chapter 6A / Section 54-6A-3
Agreements exempt from other laws
Status: in_force

Lease - purchase agreements which comply with this chapter are not subject to the laws relating to:

(1) A consumer transaction in chapter 54-3A ;

(2) A security interest defined in § 57A-1-201 ; or

(3) A lease in chapter 57A-2A .

This chapter does not apply to the following:

(1) Lease - purchase agreements primarily for business, commercial, or agricultural purposes, or those made with governmental agencies or instrumentalities or with organizations;

(2) A lease of a safe deposit box;

(3) A lease or bailment of personal property which is incidental to the lease of real property, and which provides that the consumer has no option to purchase the leased property; or

(4) A lease of a motor vehicle.

Source: SL 1991, ch 393, § 3.
S.D. Codified Laws § 54-8A-6 — SD Code / Title 54 / Chapter 8A / Section 54-8A-6
When transfer is made or obligation is incurred
Status: in_force

For the purposes of this chapter:

(1) A transfer is made:

(i) With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good - faith purchaser of the asset from the debtor against whom applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee; and

(ii) With respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under this chapter that is superior to the interest of the transferee;

(2) If applicable law permits the transfer to be perfected as provided in paragraph (1) and the transfer is not so perfected before the commencement of an action for relief under this chapter, the transfer is deemed made immediately before the commencement of the action;

(3) If applicable law does not permit the transfer to be perfected as provided in paragraph (1), the transfer is made when it becomes effective between the debtor and the transferee;

(4) A transfer is not made until the debtor has acquired rights in the asset transferred;

(5) An obligation is incurred:

(i) If oral, when it becomes effective between the parties; or

(ii) If evidenced by a writing, when the writing executed by the obligor is delivered to or for the benefit of the obligee.

Source: SL 1987, ch 365, § 6.
S.D. Codified Laws § 54-4-40 — SD Code / Title 54 / Chapter 4 / Section 54-4-40
Application for license--Licensure through nationwide mortgage licensing system--Public records--Exemptions
Status: in_force

Any person who engages in the business of lending money shall apply for a license as prescribed by this chapter. The applicant shall apply for a license under oath on forms supplied by the division. The application shall contain the name of the applicant's business, proof of surety bond, address of the business, the names and addresses of the partners, members, officers, directors, or trustees, and other information the director may consider necessary. The applicant shall pay an original license fee, as set by rules of the commission promulgated pursuant to chapter 1-26 , not to exceed one thousand dollars. If the application of an existing licensee is for an additional location, the application need only include the location and identity of the location manager, plus any changes from the existing license, or such other information the director may consider necessary. Any person may be licensed and maintain a unique identifier through the nationwide mortgage licensing system and registry.

The proof of surety bond and the names and addresses of the business, members, officers, and trustees as contained in the application under this section are public records for purposes of chapter 1-27 .

The state, any political subdivision of the state, and any quasi-governmental organization created by state law or an executive order of the state and any subsidiary of that organization is exempt from the requirements of this chapter. Any nonprofit corporation formed pursuant to the provisions of chapter 47-22 ; any nonprofit United States Treasury Community Development Financial Institution, Small Business Administration Certified Development Company, or Regional Revolving Loan Fund; or any commercial club, chamber of commerce, or industrial development corporation formed pursuant to the provisions of § 9-12-11 or 9-27-37 is subject to this chapter but exempt from initial license fees, renewal fees, and surety bond requirements pursuant to the provisions of this chapter.

Source: SL 1998, ch 280, § 5; SL 2004, ch 293, § 1, eff. Feb. 25, 2004; SL 2005, ch 257, § 1; SL 2005, ch 258, § 1; SL 2006, ch 245, § 4; SL 2015, ch 242, § 2; SL 2019, ch 208, § 1.
S.D. Codified Laws § 54-9-13.4 — SD Code / Title 54 / Chapter 9 / Section 54-9-13.4
Notice to creditors to present verified claims--Publication
Status: in_force

The judge may, upon the petition of the assignee, authorize him to advertise for creditors not named in the inventory to present to him their claims, with the vouchers therefor, duly verified, on or before a day to be specified in such advertisement, not less than four months from the recordation of the assignment, which advertisement or notice shall be published in at least one legal newspaper, to be designated by the judge, as most likely to give notice to the persons to be served, at least once and such additional times as the judge may direct; the last publication shall be at least one week prior to the date specified.

Source: SDC Supp 1960, ch 37.51 as added by SL 1969, ch 162, § 5.
S.D. Codified Laws § 54-1-10 — SD Code / Title 54 / Chapter 1 / Section 54-1-10
Securitization transaction--Transferor to lose interest in transferred property
Status: in_force

Notwithstanding any other provisions of law specifically including § 57A-9-623 , to the extent set forth in the transaction documents relating to a securitization transaction:

(1) Any property, assets, or rights purported to be transferred, in whole or in part, in the securitization transaction shall be deemed to no longer be the property, assets, or rights of the transferor;

(2) A transferor in the securitization transaction, its creditors or, in any insolvency proceeding with respect to the transferor or the transferor's property, a bankruptcy trustee, receiver, debtor, debtor in possession, or similar person, to the extent the issue is governed by South Dakota law, has no rights, legal or equitable, whatsoever to reacquire, reclaim, recover, repudiate, disaffirm, redeem, or recharacterize as property of the transferor, any property, assets, or rights purported to be transferred, in whole or in part, by the transferor; and

(3) In the event of a bankruptcy, receivership, or other insolvency proceeding with respect to the transferor or the transferor's property, to the extent the issue is governed by South Dakota law, such property, assets, and rights may not be deemed to be part of the transferor's property, assets, rights, or estate.

Source: SL 2003, ch 241, § 2.
S.D. Codified Laws § 54-4-55 — SD Code / Title 54 / Chapter 4 / Section 54-4-55
Exemption from other taxes
Status: in_force

Except for taxes on real property and license fees and other fees imposed by this chapter, the tax imposed in § 54-4-54 is in lieu of all other taxes and license fees, state, county, or local, upon the business of the licensee, or upon any money, credits, or other assets of the licensee whether tangible or intangible, and which money, credits, or other assets are used for or in connection with the conduct of business transacted in South Dakota. However, amounts determined to be in excess of business capital requirements are not exempt from other taxes.

Source: SL 1998, ch 280, § 20; SL 2006, ch 245, § 9.
S.D. Codified Laws § 54-11-1 — SD Code / Title 54 / Chapter 11 / Section 54-11-1
Credit card and accepted credit card defined
Status: in_force

The term, credit card, or, accepted credit card, as used in this chapter, means any credit card, identification card, or device which the cardholder has requested and received from any issuer or business, or has signed or has used, or has authorized another to use, for the purpose of obtaining money, property, checks, travelers checks, money orders, labor or services on credit. For purposes of this chapter, a credit card need not be issued to establish a revolving loan account arrangement made by a bank pursuant to § 51A-12-12 .

Source: SL 1968, ch 199, § 1; SL 1980, ch 26, § 28; SL 1983, ch 365, § 1; SL 2014, ch 227, § 2.
S.D. Codified Laws § 54-3-16 — SD Code / Title 54 / Chapter 3 / Section 54-3-16
Official state interest rates
Status: in_force

The official state interest rates, as referenced throughout the South Dakota Codified Laws, are as follows:

(1) Category A rate of interest is four and one - half percent per year;

(2) Category B rate of interest is ten percent per year;

(3) Category C rate of interest is twelve percent per year;

(4) Category D rate of interest is one percent per month or fraction thereof;

(5) Category E rate of interest is four percent per year;

(6) Category F rate of interest is fifteen percent per year; and

(7) Category G rate of interest is five - sixth percent per month or fraction thereof.

Source: SL 1984, ch 319, § 1; SL 1987, ch 362; SL 1994, ch 366, § 1; SL 2000, ch 226, § 1.
S.D. Codified Laws § 54-4-53 — SD Code / Title 54 / Chapter 4 / Section 54-4-53
Deposit of funds
Status: in_force

Any money received by the division pursuant to this chapter shall be deposited in the banking revolving fund.

Source: SL 1998, ch 280, § 18; SL 2006, ch 245, § 8.
S.D. Codified Laws § 54-3A-14 — SD Code / Title 54 / Chapter 3A / Section 54-3A-14
Unilateral deferral by creditor prohibited
Status: in_force

No term of a writing executed by the buyer prior to agreement to a deferral constitutes authority for a creditor unilaterally to grant a deferral and make charges therefor.

Source: SL 1974, ch 305, § 12; SL 1990, ch 30, § 14.
S.D. Codified Laws § 54-8A-4 — SD Code / Title 54 / Chapter 8A / Section 54-8A-4
Transfers fraudulent as to present and future creditors
Status: in_force

(a) Any transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the creditor's claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation:

(1) With actual intent to hinder, delay, or defraud any creditor of the debtor; or

(2) Without receiving a reasonably equivalent value in exchange for the transfer or obligation, and the debtor:

(i) Was engaged or was about to engage in a business or a transaction for which the remaining assets of the debtor were unreasonably small in relation to the business or transaction; or

(ii) Intended to incur, or believed or reasonably should have believed that he would incur, debts beyond his ability to pay as they became due.

(b) In determining actual intent under subsection (a)(1) of this section, consideration may be given, among other factors, to whether:

(1) The transfer or obligation was to an insider;

(2) The debtor retained possession or control of the property transferred after the transfer;

(3) The transfer or obligation was disclosed or concealed;

(4) Before the transfer was made or obligation was incurred, the debtor had been sued or threatened with suit;

(5) The transfer was of substantially all the debtor's assets;

(6) The debtor absconded;

(7) The debtor removed or concealed assets;

(8) The value of the consideration received by the debtor was reasonably equivalent to the value of the asset transferred or the amount of the obligation incurred;

(9) The debtor was insolvent or became insolvent shortly after the transfer was made or the obligation was incurred;

(10) The transfer occurred shortly before or shortly after a substantial debt was incurred; and

(11) The debtor transferred the essential assets of the business to a lienor who transferred the assets to an insider of the debtor.

Source: SL 1987, ch 365, § 4.
S.D. Codified Laws § 54-14-17 — SD Code / Title 54 / Chapter 14 / Section 54-14-17
License and registration not assignable
Status: in_force

No license or registration granted pursuant to this chapter is assignable.

Source: SL 2007, ch 279, § 6.
S.D. Codified Laws § 54-13-4 — SD Code / Title 54 / Chapter 13 / Section 54-13-4
Staff services--Employment of director and other employees--Payment of expenses
Status: in_force

All staff services required by the agricultural mediation program shall be provided by the Department of Agriculture and Natural Resources. The secretary of agriculture and natural resources may employ a director of mediation services and other agents and employees as the secretary deems necessary. The director shall serve at the pleasure of the secretary of agriculture and natural resources. The mediation services shall be administered under the direction and supervision of the Department of Agriculture and Natural Resources. All expenses incurred in carrying on the work of the agricultural mediation program, including the per diem and expenses of the staff, salaries, contract payments, and any other items of expense shall be paid out of funds appropriated or otherwise made available to the agricultural mediation operating fund.

Source: SL 1988, ch 384, § 4; SL 2001, ch 259, § 4; SL 2015, ch 203, § 28; SL 2021, ch 1 (Ex. Ord. 21-3 ), § 51, eff. Apr. 19, 2021.
S.D. Codified Laws § 54-9-11 — SD Code / Title 54 / Chapter 9 / Section 54-9-11
Bond of assignee--Amount--Approval of sureties by circuit court--Terms and conditions
Status: in_force

Within thirty days after the date of an assignment for the benefit of creditors, the assignee must enter into a bond to this state, in double the amount of the value of the property assigned, with sufficient sureties, to be approved by the judge of the circuit court for the county in which the original inventory is filed, and conditioned for the faithful discharge of the trust, and due accounting for all moneys received by the assignee, which bond must be filed in the same office with the original inventory.

Source: CivC 1877, § 2040; CL 1887, § 4673; RCivC 1903, § 2385; RC 1919, § 2058; SDC 1939 & Supp 1960, § 37.5108.
S.D. Codified Laws § 54-3A-19 — SD Code / Title 54 / Chapter 3A / Section 54-3A-19
Creditor's remedies on delinquency
Status: in_force

If a delinquent installment is not deferred or the unpaid balance is not refinanced under the provisions of this chapter within thirty days after the due date of the delinquent installment, then the creditor may pursue any remedies available to him.

Source: SL 1974, ch 305, § 15; SL 1975, ch 299, § 6.