reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-47.1 - Remote work--Requirements.

54-4-47.1. Remote work--Requirements.
An employee of a licensee may work in a remote location other than the business location identified pursuant to §54-4-40 or 54-4-47, if the licensee:
(1)Ensures in-person interactions with consumers are not conducted at the remote location and the remote location is not represented to consumers as a business location;
(2)Maintains secure virtual private networks and other appropriate safeguards for licensee and consumer data, information, and records;
(3)Employs appropriate risk-based monitoring and oversight processes of work performed from a remote location and maintains records of the processes;
(4)Ensures consumer information and records are not maintained at the remote location;
(5)Ensures consumer and licensee information and records remain accessible and available for regulatory oversight and examination; and
(6)Provides appropriate employee training to keep all conversations about and with consumers conducted from the remote location confidential, as if conducted from the business location, and to ensure remote employees work in an environment that maintains confidentiality.
Source: SL 2022, ch 179, §1.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-68 - Appointment of resident agent for service of process--Notice.

54-4-68. Appointment of resident agent for service of process--Notice.
A person licensed pursuant to chapter 54-4 shall appoint a resident agent for service of process and provide notice of such appointment to the director.
Source:
SL 2005, ch 258, §10.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-69 - Consent to be sued--Form.

54-4-69. Consent to be sued--Form.
A person licensed pursuant to chapter 54-4 shall consent to be sued in the circuit courts of the state for purposes of the director enforcing any provision of chapter 54-4 and any rules promulgated pursuant to chapter 54-4. The consent to suit shall be demonstrated by the execution and submission of a consent to suit form prepared by the director, with proof of authority to consent and execute the form.
Source:
SL 2005, ch 258, §11.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-70 - Title loans to be evidenced by written agreement--Possession of certification of title--Application of statutes on secured transactions.

54-4-70. Title loans to be evidenced by written agreement--Possession of certification of title--Application of statutes on secured transactions.
A title loan shall be evidenced by a written agreement in which a title lender agrees to make a title loan to a debtor and the debtor agrees to give the title lender a security interest in a motor vehicle owned by the debtor. The debtor shall give the title lender possession of the certificate of title to such motor vehicle. Except as otherwise provided in this chapter, the provisions of chapter 57A-9 apply to title loans and to persons engaged in the business of making title loans.
Source:
SL 2006, ch 245, §12.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-71 - Term of title loan--Renewal--Payment amounts--Deferred principal amount.

54-4-71. Term of title loan--Renewal--Payment amounts--Deferred principal amount.
Any title loan shall be for an initial term of no more than one month but may be renewed for additional one-month periods. No title loan may be renewed more than four times except as provided in this section. Upon the fifth renewal of a title loan, and through the eighth renewal, the debtor shall make payment of at least ten percent of the original principal amount of the title loan, in addition to any finance charges that are due. If at any renewal requiring a principal reduction, the debtor has not made previous principal reductions adequate to satisfy the current required principal reduction, and the debtor does not pay at least ten percent of the original loan amount, the title lender may either declare the debtor in default or renew the title loan and defer the required principal payment for an additional period. However, no further finance charges may accrue or be earned against the principal amount so deferred. For purposes of this section, a renewal is any extension or continuation of a title loan for an additional period without any change to the title loan or its terms other than a reduction in principal. After the eighth renewal the title loan is due in full and no further finance charges or fees may accrue or be earned.
Source:
SL 2006, ch 245, §13.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-72 - Default in repayment of title loan--Remedy--Exception--Sale of reposed vehicle--Refund of surplus less expenses.

54-4-72. Default in repayment of title loan--Remedy--Exception--Sale of reposed vehicle--Refund of surplus less expenses.
If a debtor defaults in the repayment of a title loan, the title lender's sole remedy is to seek possession and sale of the motor vehicle securing the loan, and the title lender may not pursue the debtor personally in any action or proceeding for repayment of the loan or for any deficiency after the sale. The title lender shall return to the debtor any surplus obtained after the sale that is in excess of the amount owed on the loan after any reasonable expenses of repossession, storage, and sale, including court costs and attorney's fees have been deducted. The remedy limitation provided in this section does not apply in the following circumstances:
(1)If a debtor obtains a title loan from a title lender under false pretenses by not disclosing the existence of a valid prior lien or security interest affecting the motor vehicle; or
(2)If the debtor intentionally conceals, impairs, or destroys the collateral.
Source:
SL 2006, ch 245, §14.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-73 - Debt cancellation contract defined.

54-4-73. Debt cancellation contract defined.
For the purposes of this chapter, the term, debt cancellation contract, means a term of an extension of credit or contractual arrangement modifying terms of an extension of credit under which a licensee agrees to cancel all or part of a customer's obligation to repay an extension of credit from the licensee upon the occurrence of a specified event. The contract may be separate from or a part of other extension of credit documents. The term does not include installment payment deferral arrangements in which the triggering event is the customer's unilateral election to defer repayment, or the licensee's unilateral decision to allow a deferral of repayment.
Source:
SL 2012, ch 235, §2.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-74 - Debt suspension contract defined.

54-4-74. Debt suspension contract defined.
For the purposes of this chapter, the term, debt suspension contract, means a term of an extension of credit or contractual arrangement modifying terms of an extension of credit under which a licensee agrees to suspend all or part of a customer's obligation to repay an extension of credit from the licensee upon the occurrence of a specified event. The contract may be separate from or a part of other extension of credit documents. The term does not include installment payment deferral arrangements in which the triggering event is the customer's unilateral election to defer repayment, or the licensee's unilateral decision to allow a deferral of repayment.
Source:
SL 2012, ch 235, §3.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-75 - Debt cancellation contracts and debt suspension contracts permitted.

54-4-75. Debt cancellation contracts and debt suspension contracts permitted.
A licensee pursuant to this chapter may enter into debt cancellation contracts and debt suspension contracts and charge a fee for those contracts in connection with any extension of credit that it makes, purchases, or of which it accepts assignment.
Source:
SL 2012, ch 235, §4.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-76 - Loans by unlicensed lenders uncollectible except for principal.

54-4-76. Loans by unlicensed lenders uncollectible except for principal.
Any loan made in South Dakota after June 30, 2015, to a resident of South Dakota, by an entity organized to engage in the business of lending money not licensed or exempt from licensure pursuant to this chapter is unenforceable and uncollectible except as to any principal extended by the entity to the borrower.
Source:
SL 2015, ch 242, §5.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-77 - Debt collection--Prohibitions.

54-4-77. Debt collection--Prohibitions.
No person employed by a licensee to collect or attempt to collect any debt owed or due or asserted to be owed or due may:
(1)Harass, oppress, or abuse a borrower by:
(a)Using any threat of violence or harm;
(b)Publishing a list of names of borrowers who refuse to pay their debts absent providing such information to credit reporting companies;
(c)Using obscene or profane language; or
(d)Repeatedly using the phone with the intent to annoy borrowers;
(2)Use any false statement when attempting to collect a debt by falsely:
(a)Claiming to be an attorney or government representative;
(b)Claiming that the borrower has committed a crime;
(c)Representing that the licensee operates or any person employed by the licensee works for a credit reporting company;
(d)Representing the amount the borrower owes;
(e)Representing the nature and character of any forms sent to the borrower in order to collect a debt;
(f)Indicating that the borrower will be arrested if the debt isn't paid;
(g)Using a company name;
(h)Indicating that the licensee will seize, garnish, attach, or sell a borrower's property or wages unless the licensee is permitted by law to take the action and the licensee intends to do so;
(i)Indicating that legal action will be taken against the borrower, if doing so would be illegal or if the licensee does not intend to take the action;
(3)Give false credit information about the borrower to anyone, including a credit reporting company;
(4)Attempt to collect any interest, fee, or other charge on top of the amount a borrower owes unless the contract that created the debt or state law allows the charge;
(5)Deposit a post-dated check early;
(6)Take or threaten to take the borrower's property unless it can be done legally; or
(7)Cause misleading information to be transmitted to users of caller identification technologies or otherwise block or misrepresent the identity of the caller or entity as described in subdivision 37-24-6 (16).
Source:
SL 2015, ch 242, §6; SL 2020, ch 171, § 5.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-77.1 - Exemptions not applicable to prohibited debt-collection tactics.

54-4-77.1. Exemptions not applicable to prohibited debt-collection tactics.
The exemptions under this chapter do not apply to any debt-collection tactic prohibited in §54-4-77.
Source:
SL 2017, ch 207, §4.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-78 - Use of nationwide mortgage licensing system and registry for requesting and distributing information.

54-4-78. Use of nationwide mortgage licensing system and registry for requesting and distributing information.
The director may use the nationwide mortgage licensing system and registry as a channeling agent for requesting and distributing information to and from other state and federal regulatory officials or agencies with money lending industry oversight authority, as deemed necessary by the director to carry out the responsibilities of this chapter.
Source:
SL 2015, ch 242, §7.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-79 - Contracts for collection and maintenance of records and processing of fees.

54-4-79. Contracts for collection and maintenance of records and processing of fees.
The director may establish relationships or contracts with the nationwide mortgage licensing system and registry or other entity designated by the nationwide mortgage licensing system and registry to collect and maintain records and process a transaction fee or other fee related to any licensee or other person subject to the provisions of this chapter.
Source:
SL 2015, ch 242, §8.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-80 - Sharing of information collected by director.

54-4-80. Sharing of information collected by director.
The following provisions apply to the sharing of information collected and retained by the director during the administration of this chapter:
(1)The provisions of §51A-2-35 regarding privacy or confidentiality apply to any information or material provided to the nationwide mortgage licensing system and registry, and any privilege arising under federal or state law, including a rule of any federal or state court, with respect to the information or material, continue to apply to the information or material after the information or material has been disclosed to the nationwide mortgage licensing system and registry. The information and material may be shared with all state and federal regulatory officials with money lending industry oversight authority without the loss of privilege or the loss of confidentiality protections pursuant to the provisions of federal law or §51A-2-35;
(2)No information or material that is subject to a privilege or confidentiality pursuant to this section is subject to:
(a)Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or
(b)Subpoena or discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to any privilege held by the nationwide mortgage licensing system and registry regarding the information or material is waived, in whole or in part, by the person to whom the information or material pertains.
This section does not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, any licensee that is included in the nationwide mortgage licensing system and registry for access by the public.
Source:
SL 2015, ch 242, §9.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-81 - Attorney's fees recoverable if provided for in evidence of debt.

54-4-81. Attorney's fees recoverable if provided for in evidence of debt.
Notwithstanding §15-17-39, any person licensed pursuant to this chapter may recover reasonable attorney's fees in the case of default of payment if provided for in a note, bond, or other evidence of debt.
Source:
SL 2018, ch 272, §2.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 06A - Lease-Purchase Agreements For Personal Property › Section 54-6A-1 - Definitions.

54-6A-1. Definitions.
Terms used in this chapter mean:
(1)"Advertisement," a commercial message in any medium that aids, promotes, or assists, directly or indirectly, a lease-purchase agreement;
(2)"Cash price," the price at which the lessor would have sold the property to the consumer for cash on the date of the lease-purchase agreement;
(3)"Consumer," a natural person who rents personal property under a lease-purchase agreement to be used primarily for personal, family or household purposes;
(4)"Consummation," the time a consumer becomes contractually obligated on a lease-purchase agreement;
(5)"Lessor," a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement.
Source:
SL 1991, ch 393, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 06A - Lease-Purchase Agreements For Personal Property › Section 54-6A-2 - Lease-purchase agreement defined.

54-6A-2. Lease-purchase agreement defined.
A lease-purchase agreement is an agreement for the use of personal property by a natural person primarily for personal, family or household purposes, for an initial period of four months or less that is automatically renewable with each payment after the initial period, but does not obligate or require the consumer to continue leasing or using the property beyond the initial period, and that permits the consumer to become the owner of the property.
Source:
SL 1991, ch 393, §2.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 06A - Lease-Purchase Agreements For Personal Property › Section 54-6A-3 - Agreements exempt from other laws.

54-6A-3. Agreements exempt from other laws.
Lease-purchase agreements which comply with this chapter are not subject to the laws relating to:
(1)A consumer transaction in chapter 54-3A;
(2)A security interest defined in §57A-1-201; or
(3)A lease in chapter 57A-2A.
This chapter does not apply to the following:
(1)Lease-purchase agreements primarily for business, commercial, or agricultural purposes, or those made with governmental agencies or instrumentalities or with organizations;
(2)A lease of a safe deposit box;
(3)A lease or bailment of personal property which is incidental to the lease of real property, and which provides that the consumer has no option to purchase the leased property; or
(4)A lease of a motor vehicle.
Source:
SL 1991, ch 393, §3.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 06A - Lease-Purchase Agreements For Personal Property › Section 54-6A-4 - Disclosure of information.

54-6A-4. Disclosure of information.
The lessor shall disclose to the consumer the information required by this chapter. In a transaction involving more than one lessor, only one lessor need make the disclosures, but all lessors shall be bound by such disclosures. The disclosures shall be made at or before consummation of the lease-purchase agreement. The disclosures shall be made clearly and conspicuously in writing and a copy of the lease-purchase agreement provided to the consumer. The disclosures required under §54-6A-5 shall be made on the face of the contract above the line for the consumer's signature.
If a disclosure becomes inaccurate as the result of any act, occurrence, or agreement by the consumer after delivery of the required disclosures, the resulting inaccuracy is not a violation of this chapter.
Source:
SL 1991, ch 393, §4.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 06A - Lease-Purchase Agreements For Personal Property › Section 54-6A-5 - Information required in disclosure.

54-6A-5. Information required in disclosure.
For each lease-purchase agreement, the lessor shall disclose in the agreement the following items, as applicable:
(1)The total number, total amount, and timing of all payments necessary to acquire ownership of the property;
(2)A statement that the consumer will not own the property until the consumer has made the total payment necessary to acquire ownership;
(3)A statement that the consumer is responsible for the fair market value of the property if, and as of the time, it is lost, stolen, damaged, or destroyed;
(4)A brief description of the leased property, sufficient to identify the property to the consumer and the lessor, including an identification number, if applicable, and a statement indicating whether the property is new or used, but a statement that indicates new property is used is not a violation of this chapter;
(5)A brief description of any damages to the leased property;
(6)A statement of the cash price of the property. If the agreement involves a lease of five or more items as a set, in one agreement, a statement of the aggregate cash price of all items is sufficient;
(7)The total of initial payments paid or required at or before consummation of the agreement or delivery of the property, whichever is later;
(8)A statement that the total of payments does not include other charges, such as late payment, default, pickup, and reinstatement fees, which fees shall be separately disclosed in the contract;
(9)A statement clearly summarizing the terms of the consumer's option to purchase, including a statement that the consumer has the right to exercise an early purchase option and the price, formula, or method for determining the price at which the property may be so purchased;
(10)A statement identifying the party responsible for maintaining or servicing the property while it is being leased, together with a description of that responsibility, and a statement that if any part of a manufacturer's express warranty covers the leased property at the time the consumer acquires ownership of the property, the warranty shall be transferred to the consumer, if allowed by the terms of the warranty;
(11)The date of the transaction and the identities of the lessor and consumer;
(12)A statement that the consumer may terminate the agreement without penalty by voluntarily surrendering or returning the property in good repair, ordinary wear and tear excepted, upon expiration of any lease term along with any past due rental payments; and
(13)Notice of the right to reinstate an agreement as provided in this chapter.
With respect to matters specifically governed by the Federal Consumer Credit Protection Act, compliance with such act satisfies the requirements of this section.
Source:
SL 1991, ch 393, §5.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 06A - Lease-Purchase Agreements For Personal Property › Section 54-6A-6 - Provisions prohibited in agreements.

54-6A-6. Provisions prohibited in agreements.
A lease-purchase agreement may not contain:
(1)A confession of judgment;
(2)A negotiable instrument;
(3)A security interest or any other claim of a property interest in any goods except those goods delivered by the lessor pursuant to the lease-purchase agreement;
(4)A wage assignment;
(5)A waiver by the consumer of claims or defenses; or
(6)A provision authorizing the lessor or a person acting on the lessor's behalf to enter upon the consumer's premises or to commit any breach of the peace in the repossession of goods.
Source:
SL 1991, ch 393, §6.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 06A - Lease-Purchase Agreements For Personal Property › Section 54-6A-7 - Reinstatement of agreement--Repossession.

54-6A-7. Reinstatement of agreement--Repossession.
A consumer who fails to make a timely rental payment may reinstate the agreement, without losing any rights or options which exist under the agreement, by the payment of:
(1)All past due rental charges;
(2)If the property has been picked up, the reasonable costs of pickup and redelivery; and
(3)Any applicable late fee, within five days of the renewal date if the consumer pays monthly, or within two days of the renewal date if the consumer pays more frequently than monthly.
In the case of a consumer who has paid less than two-thirds of the total of payments necessary to acquire ownership and if the consumer has returned or voluntarily surrendered the property, other than through judicial process, during the applicable reinstatement period set forth in this section, the consumer may reinstate the agreement during a period of not less than twenty-one days after the date of the return of the property.
In the case of a consumer who has paid two-thirds or more of the total of payments necessary to acquire ownership, and if the consumer has returned or voluntarily surrendered the property, other than through judicial process, during the applicable period set forth in this section, the consumer may reinstate the agreement during a period of not less than forty-five days after the date of the return of the property.
Nothing in this section prevents a lessor from attempting to repossess property during the reinstatement period, but such a repossession does not affect the consumer's right to reinstate. Upon reinstatement, the lessor shall provide the consumer with the same property or substitute property of comparable quality and condition.
Source:
SL 1991, ch 393, §7.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 06A - Lease-Purchase Agreements For Personal Property › Section 54-6A-8 - Written receipts for cash or money order.

54-6A-8. Written receipts for cash or money order.
A lessor shall provide the consumer a written receipt for each payment made by cash or money order.
Source:
SL 1991, ch 393, §8.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 06A - Lease-Purchase Agreements For Personal Property › Section 54-6A-9 - Renegotiation for new agreement--Extensions.

54-6A-9. Renegotiation for new agreement--Extensions.
A renegotiation shall occur when an existing lease-purchase agreement is satisfied and replaced by a new agreement undertaken by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, the following events may not be treated as renegotiations:
(1)The addition or return of property in a multiple-item agreement or in the substitution of the lease property, if in either case the average payment allocable to a payment period is not changed by more than twenty-five percent;
(2)A deferral or extension of one or more periodic payments, or portions of a periodic payment;
(3)A reduction in charges in the lease or agreement; and
(4)A lease or agreement involved in a court proceeding.
No disclosures are required for any extension of a lease-purchase agreement.
Source:
SL 1991, ch 393, §9.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 06A - Lease-Purchase Agreements For Personal Property › Section 54-6A-10 - Advertisement of lease-purchase agreement.

54-6A-10. Advertisement of lease-purchase agreement.
If an advertisement for a lease-purchase agreement refers to or states the dollar amount of any payment and the right to acquire ownership of any one specific item, the advertisement shall also clearly and conspicuously state the following items, as applicable:
(1)That the transaction advertised is a lease-purchase agreement;
(2)The total of payments necessary to acquire ownership; and
(3)That the consumer acquires no ownership rights if the total amount necessary to acquire ownership is not paid.
Any owner or personnel of any medium in which an advertisement appears or through which it is disseminated is not liable under this section.
The provisions of this section do not apply to an advertisement which does not refer to or state the amount of any payment, or which is published in the yellow pages of a telephone directory or in any similar directory of business.
Source:
SL 1991, ch 393, §10.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08 - Acts In Fraud Of Creditors › Section 54-8-1 - Transfer with intent to delay or defraud creditors void.

54-8-1. Transfer with intent to delay or defraud creditors void.
Every transfer of property or charge made thereon, every obligation incurred, and every judicial proceeding taken, with intent to delay or defraud any creditor or other person of his demands is void against all creditors of the debtor and their successors in interest and against any persons upon whom the estate of the debtor devolves in trust for the benefit of others than the debtor.
Source:
CivC 1877, §2023; CL 1887, §4656; RCivC 1903, §2368; RC 1919, §2041; SDC 1939, §23.0105.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08 - Acts In Fraud Of Creditors › Section 54-8-2 - Transfer of personal property--Constructive notice or actual delivery of possession--Rights of creditors.

54-8-2. Transfer of personal property--Constructive notice or actual delivery of possession--Rights of creditors.
Every transfer of personal property other than a thing in action, which is not evidenced by a bill of sale filed in the office of the register of deeds of the county wherein such property is situated or of the county to which such county is attached for judicial purposes, and every lien thereon, other than a mortgage, when allowed by law is conclusively presumed, if made by a person having at the time the possession or control of the property and not accompanied by an immediate delivery and followed by an actual and continued change of possession of the thing transferred, to be fraudulent and therefore void against those who are his creditors while he remains in possession, and the successors in interest of such creditors, and against any person on whom his estate devolves in trust for the benefit of others than himself and against purchasers and encumbrancers in good faith subsequent to the transfer.
Source:
CivC 1877, §2024; CL 1887, §4657; RCivC 1903, §2369; RC 1919, §2042; SDC 1939, §23.0106.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08 - Acts In Fraud Of Creditors › Section 54-8-3 - Avoidance of act or obligation of debtor for fraud--Obstruction of legal process.

54-8-3. Avoidance of act or obligation of debtor for fraud--Obstruction of legal process.
A creditor can avoid the act or obligation of his debtor for fraud, only where the fraud obstructs the enforcement, by legal process, of his right to take the property affected by the transfer or obligation.
Source:
CivC 1877, §2025; CL 1887, §4658; RCivC 1903, §2370; RC 1919, §2043; SDC 1939, §23.0107.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08 - Acts In Fraud Of Creditors › Section 54-8-4 - Fraudulent intent--Question of fact--Inadequacy of consideration.

54-8-4. Fraudulent intent--Question of fact--Inadequacy of consideration.
In all cases under the provisions of this chapter, except as otherwise provided in §54-8-2, and except as provided in §§43-25-32 to 43-25-36, inclusive, the question of fraudulent intent is one of fact and not of law; nor can any transfer or charge be adjudged fraudulent solely on the ground that it was not made for a valuable consideration.
Source:
CivC 1877, §2026; CL 1887, §4659; RCivC 1903, §2371; RC 1919, §2044; SDC 1939, §23.0108.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08 - Acts In Fraud Of Creditors › Section 54-8-20 - Removal, secretion, encumbrancing or disposition of property to defraud creditors--Misdemeanor.

54-8-20. Removal, secretion, encumbrancing or disposition of property to defraud creditors--Misdemeanor.
Every person who removes any of his property out of any county, with intent to prevent the same from being levied upon by any execution or attachment, or who secretes, encumbers, transfers, or otherwise disposes of any of his property, with intent to delay or defraud any creditor, and every person who receives any such property with such intent, is guilty of a Class 1 misdemeanor.
Source:
PenC 1877, §636; CL 1887, §6838; RPenC 1903, §667; RC 1919, §4278; SDC 1939, §13.4302; SL 1980, ch 24, §105.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 08 - Acts In Fraud Of Creditors › Section 54-8-21 - Assignment or transfer of property to preferred creditors as felony--Exception.

54-8-21. Assignment or transfer of property to preferred creditors as felony--Exception.
Every person who, knowing that his property is insufficient for the payment of all his lawful debts, assigns, transfers, or delivers any property for the benefit of any creditor, or creditors, upon any trust or condition that any creditor shall receive a preference or priority over any other, except in the cases in which such preference is expressly allowed to be given by law, or with intent to create such preference or priority, is guilty of a Class 6 felony.
Source:
PenC 1877, §637; CL 1887, §6839; RPenC 1903, §668; RC 1919, §4279; SDC 1939, §13.4303; SL 1980, ch 24, §106; SL 1986, ch 406.