reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings › Section 54-10-3 - Failure of secured creditor to disclose existence of security--Effect of concealment.

54-10-3. Failure of secured creditor to disclose existence of security--Effect of concealment.
Any secured creditor who with intent to evade the provisions of this chapter fails to disclose the existence of the security shall not be entitled to receive or retain dividends out of the general assets, unless he thereafter releases or surrenders to the liquidator the security which he has failed to disclose, or unless he procures such release or surrender if the security is in the possession of an endorser, surety, or other person secondarily liable for the insolvent debtor.
Source:
SL 1941, ch 162, §3; SDC Supp 1960, §37.26A03.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings › Section 54-10-4 - Dividends to secured creditors--Computation.

54-10-4. Dividends to secured creditors--Computation.
Dividends paid to secured creditors shall be computed only upon the balance due after the value of all security not exempt from the claims of unsecured creditors and not released or surrendered to the liquidator, is determined and credited upon the claim secured by it.
Source:
SL 1941, ch 162, §4; SDC Supp 1960, §37.26A04.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings › Section 54-10-5 - Obligation for payment of money as security--Determination of value.

54-10-5. Obligation for payment of money as security--Determination of value.
When the asset constituting the security is an obligation for the payment of money, the secured creditor may determine its value by collection or by exhausting his remedies thereon and then surrendering the obligation to the liquidator.
Source:
SL 1941, ch 162, §5; SDC Supp 1960, §37.26A05 (1).
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings › Section 54-10-6 - Security other than obligation for the payment of money--Determination of value.

54-10-6. Security other than obligation for the payment of money--Determination of value.
When the asset constituting the security is something other than an obligation for the payment of money, the secured creditor may determine its value by creditor's sale.
Source:
SL 1941, ch 162, §5; SDC Supp 1960, §37.26A05 (2).
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings › Section 54-10-7 - Statutory provisions for determination of value of obligations impracticable or resulting in undue delay--Alternative method for determination of value.

54-10-7. Statutory provisions for determination of value of obligations impracticable or resulting in undue delay--Alternative method for determination of value.
Where valuation under the provisions of §§54-10-5 and 54-10-6 is impracticable or would cause undue delay, the court, upon petition by either the secured creditor or the liquidator, may order the value of the security determined by any of the methods provided by §§54-10-8 to 54-10-10, inclusive.
Source:
SL 1941, ch 162, §6; SDC Supp 1960, §37.26A06.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings › Section 54-10-8 - Value of security, determination by compromise--Redemption of assets by liquidator.

54-10-8. Value of security, determination by compromise--Redemption of assets by liquidator.
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).
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings › Section 54-10-9 - Value of security, determination by litigation--Redemption of assets by liquidator.

54-10-9. Value of security, determination by litigation--Redemption of assets by liquidator.
Under the circumstances described by §54-10-7, the court may order the value of the security determined by litigation, through proceedings in the liquidation proceeding. The liquidator may redeem such assets by paying the value so determined, if authorized by the court.
Source:
SL 1941, ch 162, §6; SDC Supp 1960, §37.26A06 (2).
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings › Section 54-10-10 - Value of security, determination by liquidator's sale of assets--Order of sale, requirements.

54-10-10. Value of security, determination by liquidator's sale of assets--Order of sale, requirements.
Under the circumstances described by §54-10-7, the court may order the value of the security determined by liquidator's sale of the assets which, when completed and approved by the court, shall pass to the purchaser good title, free and clear of all liens of the secured creditor, such liens to be transferred to the proceeds of the sale. The order of sale may be either
(1)Conditional, requiring the sale to be made by the liquidator only if the secured creditor does not complete a determination by collection or creditor's sale as set forth in §§54-10-5 and 54-10-6 within a time fixed by the court; or
(2)Absolute, requiring the sale to be made by the liquidator within a time fixed by the court.
Source:
SL 1941, ch 162, §6; SDC Supp 1960, §37.26A06 (3).
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings › Section 54-10-11 - Value of exempt security not credited upon claim.

54-10-11. Value of exempt security not credited upon claim.
When any creditor has legal or equitable security upon assets which are exempt from process for the satisfaction of unsecured debts and are duly claimed as exempt by the insolvent debtor, the value of such security shall not be credited upon the claim. Amounts realized by the creditor from such security after liquidation proceedings are begun shall be disregarded in computing dividends, unless the dividend so computed exceeds the sum actually owing upon the claim, in which event only the amount owing shall be paid.
Source:
SL 1941, ch 162, §7; SDC Supp 1960, §37.26A07.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings › Section 54-10-12 - Application of chapter to existing transactions.

54-10-12. Application of chapter to existing transactions.
This chapter shall not apply to contracts and transactions already existing on July 1, 1941.
Source:
SL 1941, ch 162, §12; SDC Supp 1960, §37.26A10.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings › Section 54-10-13 - Uniformity of interpretation of chapter.

54-10-13. Uniformity of interpretation of chapter.
This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.
Source:
SL 1941, ch 162, §9; SDC Supp 1960, §37.26A08.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 10 - Secured Creditors' Claims In Liquidation Proceedings › Section 54-10-14 - Citation of chapter.

54-10-14. Citation of chapter.
This chapter may be cited as the Uniform Act Governing Secured Creditors' Dividends in Liquidation Proceedings.
Source:
SL 1941, ch 162, §10; SDC Supp 1960, §37.26A09.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 11 - Credit Cards And Revolving Charge Accounts › Section 54-11-1 - Credit card and accepted credit card defined.

54-11-1. Credit card and accepted credit card defined.
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.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 11 - Credit Cards And Revolving Charge Accounts › Section 54-11-4 - Unsolicited issuance of credit card prohibited--No liability for misuse by others.

54-11-4. Unsolicited issuance of credit card prohibited--No liability for misuse by others.
No credit card shall be issued unless its issuance was requested nor shall any person who has not so solicited or has not accepted or utilized an unsolicited credit card be liable to the person who issued it or honored it for its misuse by others.
Source:
SL 1968, ch 199, §4.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 11 - Credit Cards And Revolving Charge Accounts › Section 54-11-5 - "Revolving charge account" and "consumer goods and services" defined.

54-11-5."Revolving charge account" and "consumer goods and services" defined.
For the purpose of this chapter, "revolving charge account" shall mean an arrangement prescribing terms of transactions which may be made thereunder from time to time pursuant to which a retail seller or person who offers and provides any services gives to a purchaser or user of services the privilege of using a credit card or other means of credit confirmation or identification primarily for the purpose of purchasing consumer goods or services, as that term is hereafter defined, from any person, which may include the retail seller or provider of services, and under which an interest charge may be periodically imposed.
For the purpose of §§54-11-5 to 54-11-8, inclusive, "consumer goods and services" mean all goods and services provided to the public by sellers or providers of personal services.
Source:
SL 1974, ch 306, §1; SL 1975, ch 301.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 11 - Credit Cards And Revolving Charge Accounts › Section 54-11-6.1 - Credit service charge permitted on revolving charge account.

54-11-6.1. Credit service charge permitted on revolving charge account.
A person may collect a credit service charge on any revolving charge account made pursuant to §54-11-5, subject to §§54-11-6.2 to 54-11-6.4, inclusive.
Source:
SL 1979, ch 335, §3.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 11 - Credit Cards And Revolving Charge Accounts › Section 54-11-6.2 - Amount of service charge--Requirements--Compounding charge.

54-11-6.2. Amount of service charge--Requirements--Compounding charge.
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.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 11 - Credit Cards And Revolving Charge Accounts › Section 54-11-6.3 - Maximum service charge.

54-11-6.3. Maximum service charge.
The charge shall be at a rate or amount agreed upon by the parties involved. If the billing cycle is not monthly, the maximum charge is that percentage which bears the same relation to the agreed upon rate as the number of days in the billing cycle bears to thirty. For the purposes of this section, a variation of not more than four days from month to month is approximately the same day of the billing cycle.
Source:
SL 1979, ch 335, §5; SL 1980, ch 337, §1A; SL 1982, ch 346, §1; SL 1987, ch 360, §5.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 11 - Credit Cards And Revolving Charge Accounts › Section 54-11-6.4 - Minimum charge on monthly bills when service charge less than minimum charge.

54-11-6.4. Minimum charge on monthly bills when service charge less than minimum charge.
If there is an unpaid balance on the date of which the credit service charge is applied and the credit service charge pursuant to this section is less than the minimum charge, a minimum charge not exceeding fifty cents may be made if the billing cycle is monthly. If the billing cycle is not monthly, a minimum charge may be made which bears the same relation to fifty cents as the number of days in the billing cycle bears to thirty.
Source:
SL 1979, ch 335, §6.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 11 - Credit Cards And Revolving Charge Accounts › Section 54-11-8 - Bank loan accounts unaffected.

54-11-8. Bank loan accounts unaffected.
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.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 11 - Credit Cards And Revolving Charge Accounts › Section 54-11-9 - Creation of contract between card holder and issuer.

54-11-9. Creation of contract between card holder and issuer.
The use of an accepted credit card or the issuance of a credit card agreement and the expiration of thirty days from the date of issuance without written notice from a card holder to cancel the account creates a binding contract between the card holder and the card issuer with reference to any accepted credit card, and any charges made with the authorization of the primary card holder.
Source:
SL 1983, ch 365, §2.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 11 - Credit Cards And Revolving Charge Accounts › Section 54-11-12 - Change in terms of credit card agreement.

54-11-12.Change in terms of credit card agreement.
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.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 12 - Reverse Mortgage Loans › Section 54-12-20 - Reverse mortgage defined.

54-12-20. Reverse mortgage defined.
For the purposes of this chapter, a reverse mortgage is any nonrecourse loan secured by real property that:
(1)Provides cash advances to a borrower based on the equity in a borrower's owner occupied principal residence;
(2)Requires no payment of principal or interest until the entire loan becomes due and payable; and
(3)Is made by any lender authorized to engage in business as a bank savings institution, mortgage company, or credit union under the laws of the United States or of South Dakota, or another lender authorized to make reverse mortgage loans by the Division of Banking.
Source:
SL 1997, ch 276, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 12 - Reverse Mortgage Loans › Section 54-12-22 - Reverse mortgage loan payment--Undisbursed reverse mortgage funds.

54-12-22. Reverse mortgage loan payment--Undisbursed reverse mortgage funds.
A reverse mortgage loan payment made to a borrower is treated as proceeds from a loan and not as income for the purpose of determining eligibility and benefits under means-tested programs of aid to individuals. Undisbursed reverse mortgage funds shall be treated as equity in a borrower's home and not as proceeds from a loan, resources, or assets for the purpose of determining eligibility and benefits under means-tested programs of aid to individuals. This section applies to any law or program relating to payments, allowances, benefits, or services provided on a means-tested basis by this state, including supplemental security income, low-income energy assistance, property tax relief, medical assistance, and general assistance.
Source:
SL 1997, ch 276, §3.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-1 - Definition of terms.

54-13-1. Definition of terms.
Terms used in this chapter mean:
(1)"Agricultural land," a parcel of land larger than forty acres not located in any municipality and used in farming or ranching operations carried on by the owner or operator within the preceding three- year period for the production of farm products as defined in subdivision 57A-9-102(a)(34) and includes wasteland lying within or contiguous to and in common ownership with land used in farming or ranching operations for the production of farming or ranching products;
(2)"Ag finance counselor," a person who is trained to assist in agricultural credit matters;
(3)"Agricultural property," agricultural land or personal property or a combination thereof used in the pursuit of, or arising out of, or related to, the occupation of farming or ranching;
(4)"Borrower," an individual, corporation, trust, cooperative, joint venture, or any other entity entitled to contract who is engaged in farming or ranching and who derives more than sixty percent of total gross income from farming or ranching and who has been extended agricultural credit;
(5)"Creditor," any individual, organization, cooperative, partnership, trust, or state or federally chartered corporation to whom is owed agricultural debt by a borrower;
(6)"Federal land mediation," a process by which individuals or organizations seek to resolve disputes with federal land management agencies;
(7)"Agricultural credit mediation," a process by which creditors and borrowers present, discuss, and explore practical and realistic alternatives to the resolution of a borrower's debts;
(8)"Mediator," anyone responsible for and engaged in the performance of mediation pursuant to this chapter, who is trained and certified by the Department of Agriculture and Natural Resources;
(9)"Oil and gas mediation," a process by which individuals or organizations seek to resolve disputes with oil and gas developers related to surface damages.
Source: SL 1988, ch 384, §1; SL 2001, ch 259; §1; SL 2013, ch 241, §1; SL 2015, ch 203, §26; SL 2021, ch 1 (Ex. Ord.
21-3
), § 51, eff. Apr. 19, 2021.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-2 - Agriculture mediation program--Purposes--Administration.

54-13-2. Agricultural mediation program--Purposes--Administration.
The Department of Agriculture and Natural Resources shall administer an agricultural mediation program to:
(1)Provide mediation to borrowers and creditors seeking to resolve credit disputes;
(2)Provide federal land mediation to individuals or organizations seeking to mediate disputes with federal land management agencies concerning decisions made by those federal agencies; and
(3)Provide oil and gas mediation to individuals or organizations seeking to mediate disputes over surface damages related to oil or gas development.
The secretary of the Department of Agriculture and Natural Resources shall promulgate rules, pursuant to chapter 1-26, necessary for mediation, federal land mediation, and oil and gas mediation including the establishment of fees, training requirements for mediators and ag finance counselors and their certification, mediation request forms, and any other mediation procedures as may be necessary for the prompt and expeditious mediation of agriculture related disputes, including the receipt of funds pursuant to the Agricultural Credit Act of 1987, as of January 1, 2015.
The agricultural mediation program may not, as a condition to mediation, require that any party waive any respective legal or equitable remedies or rights.
Source: SL 1988, ch 384, §2; SL 1991, ch 394, §3; SL 2001, ch 259, §2; SL 2012, ch 236, §1; SL 2013, ch 241, §2; SL 2015, ch 203, §27; SL 2021, ch 1 (Ex. Ord.
21-3
), § 51, eff. Apr. 19, 2021.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-4 - Staff services--Employment of director and other employees--Payment of expenses.

54-13-4. Staff services--Employment of director and other employees--Payment of expenses.
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.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-5 - Responsibility for fees--Agricultural mediation operating fund created--Appropriation--Annual review--Disbursements.

54-13-5. Responsibility for fees--Agricultural mediation operating fund created--Appropriation--Annual review--Disbursements.
Any fees provided under this chapter and by rule shall be borne equally between the parties. The fees and any funds received pursuant to the Agricultural Credit Act of 1987, as of January 1, 2015, shall be deposited in the agricultural mediation operating fund which is hereby created. All money in the agricultural mediation operating fund created by this section is continuously appropriated for the purposes of administering the agricultural mediation program. All funds received by the agricultural mediation program shall be set forth in an informational budget as described in §4-7-7.2 and be annually reviewed by the Legislature. Any disbursements from the agricultural mediation operating fund shall be by authorization of the secretary of agriculture and natural resources.
Source: SL 1988, ch 384, §5; SL 2001, ch 259, §5; SL 2015, ch 203, §29; SL 2021, ch 1 (Ex. Ord.
21-3
), § 51, eff. Apr. 19, 2021.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-6 - Contracts with state agencies, nonprofit corporations, or individuals.

54-13-6. Contracts with state agencies, nonprofit corporations, or individuals.
The Department of Agriculture and Natural Resources, in the administration of this chapter, may contract with one or more established agencies of state government, nonprofit corporations, or individuals to provide mediation services for borrowers and creditors and to provide financial preparation assistance for borrowers involved in mediation. Any contract executed under this section is exempt from chapters 5-18A and 5-18D. The contract may include terms and conditions as the Department of Agriculture and Natural Resources deems appropriate.
Source: SL 1988, ch 384, §6; SL 1991, ch 394, §4; SL 2001, ch 259, §6; SL 2011, ch 2, §152; SL 2017, ch 181, §7; SL 2021, ch 1 (Ex. Ord.
21-3
), § 51, eff. Apr. 19, 2021.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-7 - Assistance to borrower or creditor.

54-13-7. Assistance to borrower or creditor.
Any borrower or creditor involved in mediation may be provided resources to assist in the analysis of the borrower's business and personal financial situation, which analysis shall be conducted in a manner that assists the borrower, the borrower's family, and the creditor to prepare for mediation.
Source:
SL 1988, ch 384, §7; SL 1991, ch 394, §5; SL 2015, ch 203, §30.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-9 - Notice to borrower and creditor of availability of financial preparation assistance.

54-13-9. Notice to borrower and creditor of availability of financial preparation assistance.
Upon receipt of a mediation request, the director of the agricultural mediation program shall notify the borrower and creditor as to whether financial preparation assistance resources are available and shall provide any other information available regarding assistance programs to borrowers.
Source:
SL 1988, ch 384, §9; SL 1991, ch 394, §7; SL 2001, ch 259, §7; SL 2015, ch 203, §31.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-10 - Mandatory mediation--Requirements--Voluntary mediation.

54-13-10. Mandatory mediation--Requirements--Voluntary mediation.
A creditor desiring to commence an action or a proceeding in this state to enforce a debt totaling fifty thousand dollars or greater against agricultural land or agricultural property of the borrower or to foreclose a contract to sell agricultural land or agricultural property or to enforce a secured interest in agricultural land or agricultural property or pursue any other action, proceeding or remedy relating to agricultural land or agricultural property of the borrower shall file a request for mandatory mediation with the director of the agricultural mediation program. No creditor may commence any such action or proceeding until the creditor receives a mediation release as described in this chapter, or the debtor waives mediation or until a court determines after notice and hearing, that the time delay required for mediation would cause the creditor to suffer irreparable harm because there are reasonable grounds to believe that the borrower may waste, dissipate, or divert agricultural property or that the agricultural property is in imminent danger of deterioration. Dismissal of a bankruptcy proceeding, abandonment by a bankruptcy trustee, release or relief from a bankruptcy stay, or release or termination of a receivership proceeding shall have the effect of a mediation release. Any debt that is less than fifty thousand dollars may be mediated through a voluntary mediation if a request is made and accepted by both borrower and creditor.
Source:
SL 1988, ch 384, §10; SL 1991, ch 394, §8; SL 2001, ch 259, §8; SL 2015, ch 203, §32.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-11 - Notice of initial mediation meeting--Exempt creditors--Waiver of right to mediate--Debt collection limitations.

54-13-11. Notice of initial mediation meeting--Exempt creditors--Waiver of right to mediate--Debt collection limitations.
Unless the borrower waives mediation, the director of the agricultural mediation program shall promptly send a mediation meeting notice to the borrower and to all creditors as defined in subdivision 54-13-1(5), setting a time and place for an initial mediation meeting between the borrower, the creditor or creditors, and a mediator. An initial mediation meeting shall be held within twenty-one days of the issuance of the mediation meeting notice. Any creditors of the borrower who are not included in the definition of creditor under subdivision 54-13-1(5) are exempt from the requirements of this section. Any borrower's failure to furnish timely information requested by the director of the agricultural mediation program constitutes a waiver of the right to mediate under this chapter. Also, the failure of the borrower and the borrower's spouse, unless excused by the initiating creditor, to attend all mediation meetings constitutes a waiver of the right to mediate under this chapter.
Any creditor subject to mandatory mediation under this chapter who receives notice pursuant to this section and who participates in all mediation sessions shall be treated as an initiating creditor and be subject to the same debt collection limitations as provided in §54-13-10.
Source:
SL 1988, ch 384, §11; SL 1991, ch 394, §9; SL 2001, ch 259, §9; SL 2015, ch 203, §33.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-12 - Length of mediation period--Notice to borrower--Additional meetings.

54-13-12. Length of mediation period--Notice to borrower--Additional meetings.
The total mediation period for borrower and creditor mediations shall be for a term of forty-two days after the date the director of the agricultural mediation program issues the notice to the borrower. The director of the agricultural mediation program must issue a notice to the borrower within three business days following receipt of the request for mediation from the creditor. The mediator may, after the initial meeting, schedule additional mediation meetings during the mediation period.
Source:
SL 1988, ch 384, §12; SL 2001, ch 259, §10; SL 2015, ch 203, §34.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-13 - Mediation of indebtedness requested by borrower--Procedure--Attendance at meetings not required.

54-13-13. Mediation of indebtedness requested by borrower--Procedure--Attendance at meetings not required.
A borrower may request mediation of any type or amount of indebtedness by applying to the director of the agricultural mediation program. The director of the agricultural mediation program may make the appropriate mediation request forms available for such purpose. The director of the agricultural mediation program may follow the same procedure as for mandatory mediation. Neither the borrower nor the creditor may be required to attend any mediation meetings under this section. Failure to attend mediation meetings or to participate in mediation under this section does not affect the rights of a borrower or a creditor in any manner. Participation in mediation under this section is not a prerequisite to or a bar to the commencement of an action of legal proceedings by the borrower or the creditor. No mediation release may be issued unless the borrower and creditor agree in writing.
Source:
SL 1988, ch 384, §13; SL 1991, ch 394, §10; SL 2001, ch 259, §11; SL 2015, ch 203, §35.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-14 - State or federal time periods deemed to run concurrently.

54-13-14. State or federal time periods deemed to run concurrently.
The time period provided in any state or federal statutes, rules, or regulations are not to be affected by this chapter but shall be deemed to have run concurrently with the time period for mediation.
Source:
SL 1988, ch 384, §14.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-15 - Continuation of mediation--Expiration of mediation period--Agreement between borrower and creditors.

54-13-15. Continuation of mediation--Expiration of mediation period--Agreement between borrower and creditors.
If the borrower and the initiating creditor consent, mediation may continue beyond the forty-two day mediation period with the same force and effect as though held within the forty-two day period. If no meeting is held within the forty-two day mediation period, absent a waiver thereof, extension, or further agreement between borrower and creditor, the expiration of the mediation period shall conclusively constitute a mediation release. The director of the agriculture mediation program shall so inform the borrower and creditors and certify accordingly.
Any agreement reached between borrower and creditors as a result of mediation shall be drafted into a written agreement. If signed by borrower and creditors, the agreement shall constitute a mediation release, and the mediator shall so certify on the agreement.
Source:
SL 1988, ch 384, §15; SL 1991, ch 394, §11; SL 2001, ch 259, §12.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-16 - Statement of waiver or failure to reach agreement deemed release.

54-13-16. Statement of waiver or failure to reach agreement deemed release.
If the borrower waives mediation or if a mediation agreement is not reached, a statement to that effect shall be prepared by the mediator and such statement shall constitute a mediation release. Unless the borrower waives mediation, a creditor may not receive a mediation release pursuant to §54-13-10 until that creditor has attended at least one scheduled mediation meeting.
Source:
SL 1988, ch 384, §16.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-17 - Time limitation on waiver by borrower.

54-13-17. Time limitation on waiver by borrower.
Any waiver by the borrower pursuant to this chapter may not be made more than sixty days prior to the commencement of any action or proceeding as described in §54-13-10.
Source:
SL 1988, ch 384, §16A.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-18 - Information regarding finances of borrowers and creditors not public records--Mediation meetings not open.

54-13-18. Information regarding finances of borrowers and creditors not public records--Mediation meetings not open.
All data and information regarding the finances of borrowers and creditors which is created, collected, or maintained by the director of the agriculture mediation program pursuant to the terms of this chapter or disclosed to the mediator are not public records and are confidential and discussions with the mediators are privileged communications.
All mediation meetings, and all mediation activities provided by this chapter are exempt from the provisions of chapter 1-27.
Source:
SL 1988, ch 384, §17; SL 1991, ch 394, §12; SL 2001, ch 259, §13.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-19 - Other rights and duties, penalties, and actions not affected.

54-13-19. Other rights and duties, penalties, and actions not affected.
This chapter does not affect rights and duties that matured, penalties that were incurred, and actions or proceedings that were begun before the effective date of this chapter, and any actions or proceedings which have been filed shall be exempt from any requirements of this chapter.
Source:
SL 1988, ch 384, §18.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 13 - State Farm Mediation Board › Section 54-13-20 - Mediator or ag finance counselor immunity from civil liability--Qualifications.

54-13-20. Mediator or ag finance counselor immunity from civil liability--Qualifications.
Any person serving as a mediator or ag finance counselor pursuant to this chapter is immune from civil liability in any action brought in any court in this state on the basis of any act or omission resulting in damage or injury if the individual was acting in good faith, in a reasonable and prudent manner, and within the scope of such individual's official functions and duties as a mediator or ag finance counselor pursuant to this chapter.
Source:
SL 1989, ch 418, §1; SL 2001, ch 259, §14.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 14 - Mortgage Lender Business › Section 54-14-12 - Definitions.

54-14-12.Definitions.
Terms used in this chapter mean:
(1)"Depository institution," the same meaning as provided in 12 U.S. C. §1813(c) as of January 1, 2009, and includes any credit union;
(2)"Director," the director of the Division of Banking of the Department of Labor and Regulation;
(3)"Division," the Division of Banking of the Department of Labor and Regulation;
(4)"Federal banking agencies," the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation;
(5)"Immediate family member," a spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchildren, stepsibling, and adoptive relationship;
(6)"Individual," a natural person;
(7)"Licensee," the person holding a license provided by this chapter;
(8)"Mortgage lender," any person who, for valuable consideration, originates, sells, or services mortgages, or holds himself, herself, or itself out as a person who, for valuable consideration, originates, sells, or services mortgages, other than those exempt pursuant to §54-14-21;
(9)"Mortgage broker," any person who acts as a mortgage loan originator and has not less than a ten percent interest in a mortgage brokerage;
(10)"Mortgage brokerage," any person engaged in placing mortgage loans with investors for a fee, but does not service such loans;
(11)"Mortgage lending activities," for compensation, either directly or indirectly, accepting or offering to accept applications for making mortgage loans;
(12)"Nationwide mortgage licensing system and registry," a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators;
(13)"Regional revolving loan fund," any regional revolving loan fund with a service area of at least five South Dakota counties, a designated staff for loan processing and servicing, a loan portfolio of at least one million dollars, and which is governed by a board of directors that meets at least quarterly;
(14)"Residential mortgage loan," any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling, as defined in 12 C.F.R. §226.2(19), or residential real estate upon which is constructed or intended to be constructed a dwelling;
(15)"Unique identifier," a number or other identifier assigned by protocols established by the nationwide mortgage licensing system and registry.
Source:
SL 2007, ch 279, §1; SL 2008, ch 255, §1; SL 2009, ch 251, §1; SL 2011, ch 1 (Ex. Ord. 11-1), §36, eff. Apr. 12, 2011.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 14 - Mortgage Lender Business › Section 54-14-12.1 - Loan processor or underwriter defined.

54-14-12.1. Loan processor or underwriter defined.
For the purposes of this chapter, the term, loan processor or underwriter, means any individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed according to this chapter, or a person exempt according to this chapter. Clerical or support duties subsequent to the receipt of an application include the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a mortgage loan; and communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that the communication does not include offering or negotiating loan rates or terms, or counseling consumers about mortgage loan rates or terms.
No individual engaging solely in loan processor or underwriter activities may represent to the public, through advertising or other means of communicating or providing information including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator.
Source:
SL 2009, ch 251, §2.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 14 - Mortgage Lender Business › Section 54-14-12.2 - Mortgage loan originator defined.

54-14-12.2. Mortgage loan originator defined.
For the purposes of this chapter, the term, mortgage loan originator, means an individual who for compensation or gain or in the expectation of compensation or gain takes a mortgage loan application or offers or negotiates terms of a mortgage loan.
A mortgage loan originator does not include:
(1)An individual engaged solely as a loan processor or underwriter except as otherwise provided in §54-14-12.1
(2)An individual or entity that performs only real estate brokerage activities and is licensed or registered in accordance with applicable South Dakota law, unless the individual or entity is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator; or
(3)Any individual or entity solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C. §101(53D) as of January 1, 2009.
Source:
SL 2009, ch 251, §3.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 14 - Mortgage Lender Business › Section 54-14-12.3 - Real estate brokerage activity defined.

54-14-12.3. Real estate brokerage activity defined.
For the purposes of this chapter, the term, real estate brokerage activity, means any activity that involves offering or providing real estate brokerage services to the public, including:
(1)Acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property;
(2)Bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property;
(3)Negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property (other than in connection with providing financing with respect to any such transaction);
(4)Engaging in any activity for which a person engaged in the activity is required to be registered or licensed as a real estate agent or real estate broker under any applicable law;
(5)Offering to engage in any activity, or act in any capacity, described in this section.
Source:
SL 2009, ch 251, §4.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 14 - Mortgage Lender Business › Section 54-14-12.4 - Registered mortgage loan originator defined.

54-14-12.4. Registered mortgage loan originator defined.
For the purposes of this chapter, the term, registered mortgage loan originator, means any individual who:
(1)Meets the definition of mortgage loan originator and is an employee of:
(a)A depository institution;
(b)A subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency; or
(c)An institution regulated by the Farm Credit Administration; and
(2)Is registered with, and maintains a unique identifier through, the nationwide mortgage licensing system and registry.
Source:
SL 2009, ch 251, §5.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 14 - Mortgage Lender Business › Section 54-14-13 - License required for mortgage lenders, brokerage, brokers, and loan originators--Identification through nationwide mortgage licensing system and registry--Exemption.

54-14-13. License required for mortgage lenders, brokerage, brokers, and loan originators--Identification through nationwide mortgage licensing system and registry--Exemption.
No person may act as a mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator in this state or use the title, mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator with respect to any property located in South Dakota without first obtaining and maintaining a license according to the requirements of this chapter. Each person shall be licensed or registered, and maintain a unique identifier through the nationwide mortgage licensing system and registry.
The requirements of this chapter, except for the provisions of chapter 10-43 as referenced in §54-14-30, do not apply to any person who, on, before, or after July 1, 2017, originates, sells, or services five or fewer nonresidential mortgage loans in a twelve-month period 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 nonresidential mortgage loans are originated, sold, or serviced. The annual report shall contain the name and address of the person who originated, sold, or serviced nonresidential mortgage loans, the number of nonresidential mortgage loans originated, sold, or serviced in the preceding calendar year, and the total balance of all nonresidential mortgage loans originated, sold, or serviced.
Source:
SL 2007, ch 279, §2; SL 2009, ch 251, §6; SL 2017, ch 207, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 14 - Mortgage Lender Business › Section 54-14-13.1 - (See §54-14-13.3 for effective dates) Mortgage loan originator license--Required findings.

54-14-13.1.(See §54-14-13.3 for effective dates) Mortgage loan originator license--Required findings.
The director may not issue a mortgage loan originator license unless the director makes the following findings:
(1)The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction. No revocation for which there has been a subsequent formal vacation of the revocation may be considered by the director;
(2)The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:
(a)During the seven year period preceding the date of the application for licensing and registration; or
(b)At any time preceding the date of application, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering.
No pardon of a conviction may be considered a conviction for purposes of this subdivision;
(3)The applicant has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this chapter. For purposes of this subdivision, an applicant shows a lack of financial responsibility if the applicant has shown a disregard in the management of his or her own financial affairs. Factors to be considered may include current outstanding judgments, except judgments solely as a result of medical expenses; current outstanding tax liens or other governmental liens and filings; foreclosures within the past three years; or a pattern of seriously delinquent accounts within the past three years;
(4)The applicant has completed the pre-licensing education requirement provided for by rule pursuant to §54-14-31;
(5)The applicant has passed a written test that meets the test requirement provided for by rule pursuant to §54-14-31; and
(6)The applicant has met the surety bond requirement as required by §54-14-24 and provided for by rule pursuant to §54-14-24.
Source:
SL 2009, ch 251, §7.