reglab/housing_qa huggingface dataset:
SD Codified L § 54-4-42 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-42 - Bond to be filed with application.

54-4-42. Bond to be filed with application.The applicant shall submit with the application for a license a bond in an amount not to exceed the total of ten thousand dollars for the first license and two thousand five hundred dollars for each additional license. The bond shall be satisfactory to the director and issued by a surety company qualified to do business as a surety in this state. The bond shall be in favor of this state for the use of this state and any person who has a cause of action under this chapter against the licensee. The bond shall be conditioned on:(1)The licensee's faithful performance under this chapter and any rules adopted pursuant to this chapter; and(2)The payment of any amounts that are due to the state or another person during the calendar year for which the bond is given.The aggregate liability of a surety to all persons damaged by a licensee's violation of this chapter may not exceed the amount of the bond. Source: SL 1998, ch 280, §7; SL 2005, ch 258, §2; SL 2006, ch 245, §5.
SD Codified L § 54-4-43 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-43 - Investigation of facts concerning license application--Requirements for grant of license.

54-4-43. Investigation of facts concerning license application--Requirements for grant of license.The director shall investigate the facts concerning the application. The director may review and consider the relevant business records of the applicant and the competence, experience, integrity, and financial ability of any person who is a member, partner, director, officer, or twenty-five percent or more shareholder of the business. If the director finds that the financial responsibility, financial condition, business experience, character, and general fitness of the applicant reasonably warrant the belief that the business will be conducted lawfully and fairly, the director may grant a license based on the findings. Source: SL 1998, ch 280, §8; SL 2005, ch 258, §3.
SD Codified L § 54-4-44 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-44 - Engaging in business after procurement of license--Maximum finance charge--Violation as misdemeanor--Loan void.

54-4-44. Engaging in business after procurement of license--Maximum finance charge--Violation as misdemeanor--Loan void.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.
SD Codified L § 54-4-44.1 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-44.1 - Device, subterfuge, or pretense to evade maximum finance charge prohibited--Penalties.

54-4-44.1. Device, subterfuge, or pretense to evade maximum finance charge prohibited--Penalties.No person may engage in any device, subterfuge, or pretense to evade the requirements of §54-4-44, including, but not limited to, making loans disguised as a personal property sale and leaseback transaction; disguising loan proceeds as a cash rebate for the pretextual installment sale of goods or services; or making, offering, assisting, or arranging a debtor to obtain a loan with a greater rate of interest, consideration, or charge than is permitted by this chapter through any method including mail, telephone, internet, or any electronic means regardless of whether the person has a physical location in the state. Notwithstanding any other provision of this chapter, a violation of this section is subject to the penalties in §54-4-44. Source: SL 2017, ch 221 (Initiated Measure 21), §3, eff. Nov. 16, 2016.
SD Codified L § 54-4-44.2 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-44.2 - Motor vehicle purchase loan--Fees incident to extension of credit.

54-4-44.2. Motor vehicle purchase loan--Fees incident to extension of credit.For purposes of §54-4-44, fees contracted for or received that are "incident to the extension of credit" in connection with a loan for the purchase of a motor vehicle do not include fees for optional maintenance agreements and extended service contracts, official fees and taxes, sales tax, title fees, lien registration fees, and dealer documentary fees. Source: SL 2017, ch 205, §3.
SD Codified L § 54-4-44.3 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-44.3 - Consumer default--Fees incident to extension of credit.

54-4-44.3. Consumer default--Fees incident to extension of credit.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.
SD Codified L § 54-4-44.4 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-44.4 - Business-to-business lending exempt.

54-4-44.4. Business-to-business lending exempt.The provisions of §54-4-44 that place limitations on licensees that are engaged in the business of making loans do not apply to a licensee engaged in business-to-business lending. For purposes of this section, the term, business-to-business lending, means any lending to or in furtherance of a business, commercial, or agricultural venture that is not for personal, family, or household use and is not secured by a nonpurchase money security interest in a motor vehicle. Any business-to-business lending subject to the provisions of this section shall be in an amount not less than five thousand dollars and only to a borrower with a federal employer identification number. Source: SL 2017, ch 206, §1; SL 2018, ch 272, §1.
SD Codified L § 54-4-45 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-45 - Duration of license--Renewal.

54-4-45. Duration of license--Renewal.A license expires on December thirty-first. To renew a license, the licensee shall file for renewal by December first. The renewal application shall include a renewal fee not to exceed one thousand dollars, as set by rules of the commission promulgated pursuant to chapter 1-26, proof of surety bond, and any other information as required by the director, by rule or order. Any licensee that files for renewal after December first and before January first of the next calendar year shall pay a late fee in addition to the renewal fee. The late fee shall equal twenty-five percent of the renewal fee. After December thirty-first, no license may be issued unless an application is filed pursuant to §54-4-40.Any money lending license issued pursuant to chapter 54-4 that is set to expire on July 1, 2015, is extended until December 31, 2015. Source: SL 1998, ch 280, §10; SL 2004, ch 293, §2, eff. Feb. 25, 2004; SL 2005, ch 258, §4; SL 2015, ch 242, §3.
SD Codified L § 54-4-46 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-46 - Transfer of license--Approval required for name change.

54-4-46. Transfer of license--Approval required for name change.The licensee may not transfer or assign the license. The licensee may only transact business under a name shown on the license. Any name change is subject to prior approval by the director. Source: SL 1998, ch 280, §11.
SD Codified L § 54-4-47 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-47 - Location to be licensed--Change of location.

54-4-47. Location to be licensed--Change of location.Each licensee's business location shall be licensed. The director shall approve or deny any change of location. The director shall amend the license to show the new location upon granting approval. Source: SL 1998, ch 280, §12.
SD Codified L § 54-4-48 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-48 - Cease and desist order for practice not in conformity to requirements--Appeal.

54-4-48. Cease and desist order for practice not in conformity to requirements--Appeal.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.
SD Codified L § 54-4-49 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-49 - Conditions, denial, nonrenewal, suspension, or revocation of license.

54-4-49. Conditions, denial, nonrenewal, suspension, or revocation of license.The director may condition, deny, decline to renew, suspend for a period not to exceed six months, or revoke a license for good cause pursuant to chapters 1-26 and 1-26D. If the licensee is the holder of more than one license, the director may condition, deny, decline to renew, suspend for a period not to exceed six months, or revoke any or all of the licenses. For purposes of this section, good cause includes any of the following:(1)Violation of any statute, rule, order, or written condition of the commission or any federal statute, rule, or regulation pertaining to consumer credit;(2)Engaging in harassment or abuse, the making of false or misleading representations, or engaging in unfair practices involving lending activity; (3)Performing an act of commission or omission or practice that is a breach of trust or a breach of fiduciary duty;(4)Refusing to permit the director to make any examination authorized by this chapter or rule promulgated pursuant to this chapter, or any federal statute, rule, or regulation pertaining to money lending;(5)The licensee or any partner, officer, director, manager, or employee of the licensee has been convicted of a felony or a misdemeanor involving fraud, dishonesty, or breach of trust;(6)The licensee or any partner, officer, director, manager, or employee of the licensee has had a license substantially equivalent to a license under this chapter, and issued by another state or jurisdiction, denied, revoked, or suspended under the laws of that state or jurisdiction; or(7)The licensee has filed an application for a license which, as of the date the license was issued, or as of the date of an order denying, suspending, or revoking a license, was incomplete in any material respect or contained any statement that was, in light of the circumstances under which it was made, false or misleading with respect to any material fact. Source: SL 1998, ch 280, §14; SL 2005, ch 258, §6; SL 2015, ch 242, §4.
SD Codified L § 54-4-50 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-50 - Injunction against licensee for violation.

54-4-50. Injunction against licensee for violation.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.
SD Codified L § 54-4-51 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-51 - Court-appointed receivership.

54-4-51. Court-appointed receivership.In addition to any other means provided by law for the enforcement of a restraining order or injunction, the court, in which the action is brought, may impound, and appoint a receiver for, the property and business of the defendant, including books, papers, documents, and records, as the court may deem reasonably necessary to prevent violations of this chapter. The receiver, when so appointed and qualified, shall control the custody, collection, administration, and liquidation of the property and business. Source: SL 1998, ch 280, §16; SL 2006, ch 245, §7.
SD Codified L § 54-4-52 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-52 - License required.

54-4-52. License required.No person may engage in the business of lending money without a license. A violation of this section is a Class 1 misdemeanor. Source: SL 1998, ch 280, §17.
SD Codified L § 54-4-53 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-53 - Deposit of funds.

54-4-53. Deposit of funds.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.
SD Codified L § 54-4-54 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-54 - Payment of annual tax--Exemption.

54-4-54. Payment of annual tax--Exemption.Each licensee, whether a corporation or otherwise, shall pay the annual tax provided in chapter 10-43, upon the net income of the licensee, and measured by the net income assignable to such business in South Dakota. The annual tax provided by this section may not be less than twenty-four dollars. The State of South Dakota, any political subdivision of the state, and any quasi-governmental organization created by an executive order of the State of South Dakota and any subsidiary of such organization; 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 §9-12-11 or 9-27-37 is exempt from the payment of this tax. Source: SL 1998, ch 280, §19; SL 2005, ch 257, §3.
SD Codified L § 54-4-55 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-55 - Exemption from other taxes.

54-4-55. Exemption from other taxes.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.
SD Codified L § 54-4-56 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-56 - Renewal of application--Tax information--Forms.

54-4-56. Renewal of application--Tax information--Forms.Each licensee shall annually file with its renewal application a report of income and financial condition for the preceding license year or any other relevant information requested in writing by the director. These reports shall be under oath and on forms prescribed by the division by rule or order. Source: SL 1998, ch 280, §21.
SD Codified L § 54-4-57 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-57 - Examination of records--Costs--Information--Forms--Application of other provisions.

54-4-57. Examination of records--Costs--Information--Forms--Application of other provisions.The division may annually, or as often as the director considers necessary, conduct an examination of business records and accounts of any licensee licensed under this chapter. The director may charge back to the licensee any cost associated with an on-site examination. The director may waive an on-site examination and only require an annual self-examination. If a licensee conducts a self-examination, the licensee shall provide any information requested under oath and on forms provided by the division by order or rule. The provisions of §51A-2-35 apply to records and examination reports required under this chapter. Source: SL 1998, ch 280, §22; SL 2005, ch 258, §8; SL 2006, ch 245, §10.
SD Codified L § 54-4-58 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-58 - Information required in contract.

54-4-58. Information required in contract.The licensee shall disclose in any loan contract the following:(1)The amount and date of the loan;(2)The amount of the down payment, if any;(3)The dates any payments are due and the amount of payments;(4)A list of any property used to secure the loan;(5)Any liens or title filings required;(6)The method used to compute the charges;(7)An explanation of any fee or charge, including the cost of the loan as an annual percentage rate (APR);(8)Any fee or charge that may be applied for delinquency;(9)The conditions for an extension of payment or maturity of the loan;(10)Refinancing requirements, including any fee or charge; and(11)The address and telephone number of the Division of Banking and that any improprieties in making the loan or in loan practices may be referred to the division.The licensee shall provide a copy of the loan contract to the debtor. A violation of this section is a Class 2 misdemeanor. Source: SL 1998, ch 280, §23; SL 2006, ch 245, §2.
SD Codified L § 54-4-59 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-59 - Property insurance required.

54-4-59. Property insurance required.A creditor may require property insurance on any loan secured by tangible property. The amount of insurance required shall be reasonable and appropriate considering the nature of the property, the amount of the loan, the maturity of the loan, and any other circumstances. The insurance policy shall show the creditor as the loss payee, unless waived by the creditor. Source: SL 1998, ch 280, §24.
SD Codified L § 54-4-60 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-60 - Purchase of insurance not condition to receive loan.

54-4-60. Purchase of insurance not condition to receive loan.A licensee may sell insurance to anyone with whom the licensee has a lending relationship. However, the licensee may not require the debtor to purchase the insurance from the licensee or any affiliate as a condition of the loan. The licensee may not require a borrower to purchase credit life insurance or any other life or health insurance as a condition of receiving the loan or as additional security. Source: SL 1998, ch 280, §25.
SD Codified L § 54-4-61 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-61 - Copy provided to debtor.

54-4-61. Copy provided to debtor.The debtor may request a copy of any transaction pertaining to the debtor's installment loan contract. The licensee shall provide such copies upon request. Source: SL 1998, ch 280, §26.
SD Codified L § 54-4-62 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-62 - Satisfaction of loan--Release of assignments.

54-4-62. Satisfaction of loan--Release of assignments.When the payment of a loan is satisfied, the licensee shall release any liens against any property used as security, cancel any note, and release all assignments associated with the contract. The licensee shall send the note stamped paid in full and release any liens or assignments to the debtor within sixty days of receiving payment in full. Source: SL 1998, ch 280, §27.
SD Codified L § 54-4-63 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-63 - Advertising.

54-4-63. Advertising.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.
SD Codified L § 54-4-64 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-64 - Application of chapter.

54-4-64. Application of chapter.The provisions of this chapter do not apply to any person selling goods or services and providing financing for such goods or services. Source: SL 1998, ch 280, §35; SL 2006, ch 245, §11.
SD Codified L § 54-4-65 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-65 - Limitation on renewal, rollover, or flip of short-term consumer loan--Fee.

54-4-65. Limitation on renewal, rollover, or flip of short-term consumer loan--Fee.No licensee may renew, rollover, or flip a short- term consumer loan more than four times. No renewal, rollover, or flip is valid unless, at the time of the renewal, rollover, or flip, the debtor pays the outstanding fee and reduces the principal amount of the loan as provided in this section. Upon the first renewal, rollover, or flip and each subsequent renewal, rollover, or flip, the debtor shall reduce the principal amount of the loan by not less than ten percent of the original amount of the loan. Source: SL 2002, ch 223, §1; SL 2004, ch 291, §2; SL 2006, ch 245, §3.
SD Codified L § 54-4-66 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-66 - Maximum amount of payday loan--Violation as misdemeanor.

54-4-66. Maximum amount of payday loan--Violation as misdemeanor.The maximum principal amount of any payday loan, or the total outstanding principal balances of all payday loans made by a licensee to a single borrower, may not exceed five hundred dollars at any time. A violation of this section is a Class 1 misdemeanor. Source: SL 2002, ch 223, §2; SL 2004, ch 291, §3; SL 2007, ch 278, §1.
SD Codified L § 54-4-67 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-67 - Production of records located outside state--Alternate procedures--Designated record inspectors.

54-4-67. Production of records located outside state--Alternate procedures--Designated record inspectors.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.