reglab/housing_qa huggingface dataset:
SD Codified L § 54-3A-2 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-2 - Items included in amount financed.

54-3A-2. Items included in amount financed.As used in this chapter, unless the context otherwise requires, "amount financed" means the total of the following items from which any prepaid finance charge or required deposit has been excluded:(1)The cash price of the goods or services less the total amount of any down payment whether made in cash or in property traded in;(2)The amount actually paid or to be paid by the creditor pursuant to an agreement to discharge a security interest in, a lien on, or an unpaid obligation with respect to any property traded in; and(3)Amounts actually paid or to be paid by the creditor which are for additional charges authorized by §54-3A-5 and are agreed to by the consumer. Source: SL 1974, ch 305, §1 (1).
SD Codified L § 54-3A-3 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-3 - Finance charges on installment sales contract.

54-3A-3. Finance charges on installment sales contract.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.
SD Codified L § 54-3A-5 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-5 - Additional charges allowed--Disclosure and explanation to consumer--Separate agreement.

54-3A-5. Additional charges allowed--Disclosure and explanation to consumer--Separate agreement.In addition to the finance charge, a creditor may contract for, and receive the following additional charges in connection with an installment sales contract if such charges are itemized and disclosed to the buyer:(1)Official fees and taxes;(2)Charges for guaranteed asset protection waivers, or credit life, accident, health, loss of income, property, or liability insurance. However any insurance is optional, and the consumer shall be informed, in writing, that any insurance is optional; and(3)Charges for debt cancellation contracts and debt suspension contracts, as defined in §§51A-1-2, 54-4-73, and 54-4-74, if the debt cancellation contract or debt suspension contract is a contract of a depository institution or a licensee pursuant to chapter 54-4 authorized to provide such coverage, and the contract is sold directly by the authorized depository institution or licensee pursuant to chapter 54-4, or by a retailer acting as an agent for the authorized depository institution or licensee pursuant to chapter 54-4. However, any debt cancellation contract or debt suspension contract is optional, and the consumer shall be informed, in writing, that any such contract is optional.Any such charges shall be disclosed and explained to the consumer prior to signing any agreement to repay a consumer credit obligation. Any such charges shall be separately agreed to in writing and separately signed by the consumer. Source: SL 1974, ch 305, §5; SL 2005, ch 256, §1; SL 2006, ch 244, §1; SL 2012, ch 235, §1.
SD Codified L § 54-3A-6 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-6 - Commencement of term of obligation--Down payments.

54-3A-6. Commencement of term of obligation--Down payments.The term of a consumer obligation under this chapter, commences with the date the credit is granted unless goods are delivered or services are performed ten days or more after the date credit is granted, in which case the term commences with the date of delivery or performance. Nothing in this section shall prohibit a down payment. Source: SL 1974, ch 305, §7.
SD Codified L § 54-3A-7 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-7 - Modification of agreement to increase outstanding obligation prohibited--Exception.

54-3A-7. Modification of agreement to increase outstanding obligation prohibited--Exception.Except as provided in this section, no creditor shall modify the terms of any agreement with a consumer with respect to any outstanding obligation of the consumer, which results in an increase of the rate of the finance or other charges or an increase in the amount of an installment or periodic payment due, or which otherwise adversely affects the interest of the consumer. A modification agreed to by the parties which applies to obligations incurred by the consumer after the agreement for modification is permissible. Source: SL 1974, ch 305, §6.
SD Codified L § 54-3A-8 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-8 - Rule for computing refund of charges on prepayment.

54-3A-8. Rule for computing refund of charges on prepayment.As used in this chapter, unless the context otherwise requires, "Rule of 78" means a refund of charges which shall be at least as great a proportion of the total charges, as the sum of the remaining monthly balances of principal and interest combined scheduled to follow the date of prepayment bears to the sum of all the monthly balances of principal and interest combined originally scheduled by the loan agreement. Source: SL 1974, ch 305, §1 (9).
SD Codified L § 54-3A-8.1 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-8.1 - Restriction on use of rule.

54-3A-8.1. Restriction on use of rule.The Rule of 78 as defined in §54-3A-8 may not be used in any consumer installment sales contract. The Rule of 78 may, however, be used to compute the unearned premium on insurance. Source: SL 1984, ch 320, §1.
SD Codified L § 54-3A-9 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-9 - Rebate of portion of finance charge on prepayment or refinancing--Exceptions.

54-3A-9. Rebate of portion of finance charge on prepayment or refinancing--Exceptions.Upon prepayment in full of the unpaid balance of an installment sales contract, or upon a refinancing or a consolidation thereof, an amount equal to the total finance charge contracted for, less the finance charge earned, shall be rebated to the buyer. If the total of all rebates, refunds and credits to be paid to the buyer under this chapter is less than one dollar, no rebate need be made. Source: SL 1974, ch 305, §3; SL 1984, ch 320, §2.
SD Codified L § 54-3A-10 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-10 - Rebate on acceleration of maturity.

54-3A-10. Rebate on acceleration of maturity.If the maturity of an obligation under an installment sales contract is accelerated for any reason and judgment is obtained, the consumer is entitled to a rebate computed as if payment in full had been made on the date that the action was brought. Source: SL 1974, ch 305, §4.
SD Codified L § 54-3A-11 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-11 - Delinquent installments--Notice of penalty to consumer.

54-3A-11. Delinquent installments--Notice of penalty to consumer.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.
SD Codified L § 54-3A-12 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-12 - Imposition and collection of delinquency charge.

54-3A-12. Imposition and collection of delinquency charge.The holder of a contract authorized by this chapter may, if the contract so provides, collect a delinquency and collection charge on each installment in arrears for a period of not less than ten days in an amount not in excess of five percent of each installment or five dollars, whichever is greater.Any delinquency or collection charge may be collected only once on any one installment however long the installment remains delinquent. Source: SL 1974, ch 305, §9; SL 1975, ch 299, §4; SL 1986, ch 405, §6; SL 1990, ch 384, §1; SL 1999, ch 238, §1.
SD Codified L § 54-3A-12.1 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-12.1 - Imposition and collection of returned check charge--Maximum.

54-3A-12.1. Imposition and collection of returned check charge--Maximum.The holder of a contract authorized by this chapter may, if the contract so provides, collect a charge not to exceed thirty dollars for each check, draft, order of withdrawal, or similar payment device that is received by the holder in connection with the contract and that is returned for nonpayment for any reason. Source: SL 2000, ch 228, §1.
SD Codified L § 54-3A-14 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-14 - Unilateral deferral by creditor prohibited.

54-3A-14. Unilateral deferral by creditor prohibited.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.
SD Codified L § 54-3A-15 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-15 - Deferral agreement requirements.

54-3A-15. Deferral agreement requirements.A deferral agreement shall:(1)Be in writing and be signed by the parties;(2)Incorporate by reference the transaction to which the deferral agreement applies;(3)State the number of installments or partial installments to be deferred, the amounts thereof, the date or dates originally payable and the date or dates to which payment is being deferred; and(4)If there is a deferral charge, state the amount to be paid by the buyer for the privilege of deferring the installment or installments. Source: SL 1974, ch 305, §11.
SD Codified L § 54-3A-16 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-16 - Deferral charge not collected on refinancing.

54-3A-16. Deferral charge not collected on refinancing.A charge may not be collected for the deferral of an installment payment or any part thereof if the unpaid balance is refinanced. Source: SL 1974, ch 305, §12.
SD Codified L § 54-3A-17 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-17 - Refinancing agreement--Rebate excluded.

54-3A-17. Refinancing agreement--Rebate excluded.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.
SD Codified L § 54-3A-18 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-18 - Refinancing agreement requirements.

54-3A-18. Refinancing agreement requirements.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.
SD Codified L § 54-3A-19 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-19 - Creditor's remedies on delinquency.

54-3A-19. Creditor's remedies on delinquency.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.
SD Codified L § 54-3A-20 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-20 - Debt forfeited for excessive charges--Costs and attorney fees.

54-3A-20. Debt forfeited for excessive charges--Costs and attorney fees.If any amount in excess of the charges permitted by this chapter is contracted for or received, or if any other provision of this chapter is violated, other than as a result of an unintentional or bona fide error of computation, the consumer shall not be liable for any part of the principal, interest or any other charges whatsoever, and shall be allowed to recover costs and reasonable attorney's fees. Source: SL 1974, ch 305, §16.
SD Codified L § 54-3A-21 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-21 - Limitation on action for excessive charges.

54-3A-21. Limitation on action for excessive charges.With respect to excess charges arising from an installment sales contract, no action pursuant to §54-3A-20 may be brought more than three years after the due date of the last scheduled payment of the contract on which the charge was made. Source: SL 1974, ch 305, §17.
SD Codified L § 54-3A-22 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-22 - Demand required before action for excessive charges.

54-3A-22. Demand required before action for excessive charges.No action shall be commenced to recover any amount under §54-3A-20 unless and until written demand therefor has been made, signed by the buyer, and the creditor has failed to refund or credit such amount to the buyer within sixty days after receipt of the demand. Source: SL 1974, ch 305, §17.
SD Codified L § 54-3A-23 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-23 - Proof of unintentional error.

54-3A-23. Proof of unintentional error.The creditor shall have the burden of establishing by a preponderance of the evidence that the excess amount or other violation occurred as a result of an unintentional or bona fide error of computation. Source: SL 1974, ch 305, §16.
SD Codified L § 54-3A-24 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-24 - Promulgation of rules.

54-3A-24. Promulgation of rules.The Department of Labor and Regulation may promulgate rules and regulations to carry out the provisions of this chapter. Such rules and regulations shall be promulgated in accordance with chapter 1-26. Source: SL 1974, ch 305, §18; SL 2004, ch 17, §304; SL 2011, ch 1 (Ex. Ord. 11-1), §162, eff. Apr. 12, 2011.
SD Codified L § 54-3A-25 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 03A - Consumer Installment Sales Contracts|Section 54-3A-25 - Severability of provisions.

54-3A-25. Severability of provisions.If any part of this chapter is invalid, all valid parts that are severable from the invalid part shall remain in effect. If any part of this chapter is invalid in one or more of its applications, the parts that are severable from the invalid applications shall remain in effect in all valid applications. Source: SL 1974, ch 305, §19.
SD Codified L § 54-4-37 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-37 - Entities exempt from chapter provisions.

54-4-37. Entities exempt from chapter provisions.The following entities are exempt from the provisions of this chapter:(1)Any state bank and its subsidiary;(2)Any national bank and its subsidiary;(3)Any bank holding company and its subsidiary;(4)Any other federally insured financial institution, its holding company and subsidiary; and(5)Any South Dakota chartered trust company. Source: SL 1998, ch 280, §2; SL 1999, ch 239, §1; SL 2004, ch 292, §1.
SD Codified L § 54-4-37.1 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-37.1 - Exemption for originating, selling, servicing, or acquiring five or fewer loans in twelve-month period where total of outstanding loans under certain amount--Annual report.

54-4-37.1. Exemption for originating, selling, servicing, or acquiring five or fewer loans in twelve-month period where total of outstanding loans under certain amount--Annual report.Any person who, on, before, or after July 1, 2017, originates, sells, services, or acquires five or fewer loans in a twelve-month period is exempt from this chapter, except for the provisions of chapter 10-43 as referenced in §54-4-54, as long as the total amount of the loans outstanding does not exceed four million dollars. The exemption under this section applies jointly to every entity in which a person has an equity interest, whether the loan or loans are made by that person or through an entity in which the person holds an equity interest.Any person exempted by the provisions of this section shall report to the division annually, no later than December thirty-first of 2017, and every subsequent year for any year in which loans are originated, sold, serviced, or acquired. The annual report shall contain the name and address of the person who originated, sold, serviced, or acquired loans, the number of loans originated, sold, serviced, or acquired in the preceding calendar year, and the total balance of all loans originated, sold, serviced, or acquired. Source: SL 2017, ch 207, §3.
SD Codified L § 54-4-38 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-38 - Promulgation of rules.

54-4-38. Promulgation of rules.The commission may promulgate rules pursuant to chapter 1-26 to provide for:(1)Rules of practice;(2)Internal management of finance companies;(3)Retention of records;(4)Additional examination fees; and(5)Remote electronic lending. Source: SL 1998, ch 280, §3.
SD Codified L § 54-4-39 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-39 - Compliance with Title 53.

54-4-39. Compliance with Title 53.An installment loan contract shall comply with all provisions of Title 53. Source: SL 1998, ch 280, §4.
SD Codified L § 54-4-40 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-40 - Application for license--Licensure through nationwide mortgage licensing system--Public records--Exemptions .

54-4-40. Application for license--Licensure through nationwide mortgage licensing system--Public records--Exemptions .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.
SD Codified L § 54-4-41 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 04 - Money Lending Licenses|Section 54-4-41 - Rejection or acceptance of application by director.

54-4-41. Rejection or acceptance of application by director.The director shall approve or deny an application for a license within thirty days of receipt of any application. Source: SL 1998, ch 280, §6.