reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 01 - Definitions And General Provisions › Section 54-1-3 - Debtor's contract valid in the absence of fraud.

54-1-3. Debtor's contract valid in the absence of fraud.
In the absence of fraud every contract of a debtor is valid against all his creditors, existing or subsequent, who have not acquired a lien on the property affected by such contract.
Source:
CivC 1877, §2020; CL 1887, §4653; RCivC 1903, §2365; RC 1919, §2038; SDC 1939, §23.0102.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 01 - Definitions And General Provisions › Section 54-1-4 - Preference of creditors by debtor.

54-1-4. Preference of creditors by debtor.
A debtor may pay one creditor in preference to another, or may give to one creditor security for the payment of his demand in preference to another.
Source:
CivC 1877, §2021; CL 1887, §4654; RCivC 1903, §2366; RC 1919, §2039; SDC 1939, §23.0103.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 01 - Definitions And General Provisions › Section 54-1-5 - Marshaling of funds--Rights of creditor.

54-1-5. Marshaling of funds--Rights of creditor.
Where a creditor is entitled to resort to each of several funds for the satisfaction of his claim, and another person has an interest in or is entitled as a creditor to resort to some but not all of them, the latter may require the former to seek satisfaction from those funds to which the latter has no such claim so far as it can be done without impairing the right of the former to complete satisfaction, and without doing injustice to third persons.
Source:
CivC 1877, §2022; CL 1887, §4655; RCivC 1903, §2367; RC 1919, §2040; SDC 1939, §23.0104.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 01 - Definitions And General Provisions › Section 54-1-6 - "Open account" defined.

54-1-6."Open account" defined.
The term "open account," as used in this title, means an account, usually retail in nature, under which the creditor permits the customer to make purchases or obtain loans, from time to time, directly from the creditor or indirectly by use of a check or other device as the conditions of the account may provide. The customer has the privilege of paying the balance in full or in installments and an interest charge may be computed by the creditor from time to time on the outstanding unpaid balance and added to that balance. "Open account" does not include those accounts covered in chapter 54-11, or revolving loan accounts authorized by §51A-12-12.
Source:
SL 1982, ch 340, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 01 - Definitions And General Provisions › Section 54-1-7 - Open account--Interest rates.

54-1-7. Open account--Interest rates.
Interest rates on open accounts, as defined in §54-1-6, are subject to the provisions regarding interest rates in chapter 54-3.
Source:
SL 1982, ch 340, §2.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 01 - Definitions And General Provisions › Section 54-1-8 - Open account--Notice of interest rate increase.

54-1-8. Open account--Notice of interest rate increase.
Prior to increasing interest rates on open accounts, a creditor shall notify all customers having open accounts thirty days in advance of the increase. The notification shall clearly state the new interest rate, the effective date of the new interest rate and that the customer either may continue to pay the account in installments at the existing rate without further use of the account after the effective date of the new rate, or the customer may continue to use the account after the effective date of the rate increase with the unpaid outstanding balance on that date and all subsequent purchases or use of the account subject to the increased rate. Use of the account after the effective date of the interest rate increase is deemed to be an acceptance of the increased rate by the customer.
Source:
SL 1982, ch 340, §3.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 01 - Definitions And General Provisions › Section 54-1-9 - "Securitization" defined.

54-1-9."Securitization" defined.
For purposes of §§54-1-9 and 54-1-10, a securitization is the pooling and repackaging by a special purpose entity of assets or other credit exposures that can be sold to investors. Securitization includes transactions that create stratified credit risk positions whose performance is dependent upon an underlying pool of credit exposures, including loans and commitments.
Source:
SL 2003, ch 241, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 02 - Payment Of Debts › Section 54-2-1 - Payment defined.

54-2-1. Payment defined.
Performance of an obligation for the delivery of money only, is called payment.
Source:
CivC 1877, §832; CL 1887, §3456; RCivC 1903, §1149; RC 1919, §756; SDC 1939, §47.0206.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 02 - Payment Of Debts › Section 54-2-2 - Repayment of loan in current funds.

54-2-2. Repayment of loan in current funds.
A borrower of money must pay the amount due in such money as is current at the time when the loan becomes due, whether such money is worth more or less than the actual money lent.
Source:
CivC 1877, §1093; CL 1887, §3716; RCivC 1903, §1412; RC 1919, §1035; SDC 1939, §38.0102.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 02 - Payment Of Debts › Section 54-2-4 - Obligation for payment extinguished by tender and deposit in state bank.

54-2-4. Obligation for payment extinguished by tender and deposit in state bank.
An obligation for the payment of money is extinguished by a due offer of payment, if the amount is immediately deposited in the name of the creditor with some bank of deposit within this state, of good repute, and notice thereof is given to the creditor.
Source:
CivC 1877, §849; CL 1887, §3473; RCivC 1903, §1166; RC 1919, §773; SDC 1939, §47.0209.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03 - Interest And Usury › Section 54-3-1 - Interest defined.

54-3-1. Interest defined.
Interest is the compensation allowed by law for the use, or forbearance, or detention of money or its equivalent, including without limitation, points, loan origination fees, credit service or carrying charges, charges for unanticipated late payments, and any other charges, direct or indirect, as an incident to or as a condition of the extension of credit. These charges do not include charges made by a third party.
Source:
CivC 1877, §1095; CL 1887, §3718; RCivC 1903, §1414; RC 1919, §1037; SDC 1939, §38.0103; SL 1987, ch 360, §3.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03 - Interest And Usury › Section 54-3-1.1 - Rate of interest set by written agreement--No maximum or usury restriction.

54-3-1.1. Rate of interest set by written agreement--No maximum or usury restriction.
Unless a maximum interest rate or charge is specifically established elsewhere in the code, there is no maximum interest rate or charge, or usury rate restriction between or among persons, corporations, limited liability companies, estates, fiduciaries, associations, or any other entities if they establish the interest rate or charge by written agreement. A written agreement is a document in writing, whether in physical or electronic form, in which the parties have demonstrated their agreement to the terms and conditions of an extension of credit, including the rate of interest. A written agreement includes the contract created by §54-11-9.
Source:
SL 1982, ch 341, §1; SL 1987, ch 360, §4; SL 1994, ch 351, §147; SL 2016, ch 229, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03 - Interest And Usury › Section 54-3-2 - Loan of money--Presumption as to interest.

54-3-2. Loan of money--Presumption as to interest.
Whenever a loan of money is made it is presumed to be made upon interest, unless it is otherwise expressly stipulated at the time in writing.
Source:
CivC 1877, §1094; CL 1887, §3717; RCivC 1903, §1413; RC 1919, §1036; SDC 1939, §38.0104.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03 - Interest And Usury › Section 54-3-3 - Annual rate of interest where not specified.

54-3-3. Annual rate of interest where not specified.
When a rate of interest is prescribed by a law or contract, without specifying the period of time by which such rate is to be calculated, it is to be deemed an annual rate.
Source:
CivC 1877, §1096; CL 1887, §3719; RCivC 1903, §1415; RC 1919, §1038; SDC 1939, §38.0107.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03 - Interest And Usury › Section 54-3-4 - Maximum rate of interest where no rate specified--Commencement where date not specified.

54-3-4. Maximum rate of interest where no rate specified--Commencement where date not specified.
Under an obligation to pay interest, no rate being specified, interest is payable from date of incurrence of debt, unless the parties have otherwise agreed, at a maximum rate of the Category C rate of interest as established in §54-3-16, and in the like proportion for a longer or shorter term. In the computation of interest for less than a year, three hundred sixty days are deemed to constitute a year.
Source:
CivC 1877, §1097; CL 1887, §3720; RCivC 1903, §1416; RC 1919, §1039; SL 1933, ch 123, §1; SDC 1939, §38.0108; SL 1980, ch 336, §1; SL 1982, ch 341, §2; SL 1984, ch 319, §34.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03 - Interest And Usury › Section 54-3-5 - Interest on moneys after they become due--Exception for express contracts or interest rate on bill, statement, or invoice--Limitation on interest rate.

54-3-5. Interest on moneys after they become due--Exception for express contracts or interest rate on bill, statement, or invoice--Limitation on interest rate.
Unless there is an express contract in writing fixing a different rate or the interest rate clearly appears on the bill, statement, or invoice, interest is payable on all moneys at the Category F rate of interest as established in §54-3-16 after they become due on any instrument of writing, and on moneys lent, or due on any settlement of accounts, from the day on which the balance is ascertained, and on moneys received to the use of another and detained from that other. Any interest rate appearing on a bill, statement, or invoice may not exceed eighteen percent.
Source:
SDC 1939, §38.0109; SL 1972, ch 257; SL 1975, ch 297; SL 1980, ch 336, §2; SL 1981, ch 348; SL 1984, ch 319, §35; SL 1994, ch 366, §2; SL 2005, ch 255, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03 - Interest And Usury › Section 54-3-5.1 - Interest on judgments, statutory liens and inverse condemnations.

54-3-5.1. Interest on judgments, statutory liens and inverse condemnations.
Interest is payable on all judgments and statutory liens, exclusive of real estate mortgages and security agreements under Title 57A, and exclusive of support debts or judgments under §25-7A-14, at the Category B rate of interest as established in §54-3-16 from and after the date of judgment and date of filing statutory lien. On all judgments arising from inverse condemnation actions, interest is payable at the Category A rate of interest as established by §54-3-16.
Source:
SL 1981, ch 349, §§1, 3; SL 1982, ch 341, §3; SL 1983, ch 361; SL 1984, ch 319, §31; SL 1986, ch 218, §69; SL 2003, ch 242, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03 - Interest And Usury › Section 54-3-6 - Legal rate of interest stipulated by contract after breach.

54-3-6. Legal rate of interest stipulated by contract after breach.
Any legal rate of interest, stipulated by a contract, remains chargeable after a breach thereof, as before, until the contract is superseded by a verdict or other new obligation.
Source:
CivC 1877, §1102; CL 1887, §3725; RCivC 1903, §1421; RC 1919, §1045; SDC 1939, §38.0106.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03 - Interest And Usury › Section 54-3-8 - Interest on loan--Advance deduction.

54-3-8. Interest on loan--Advance deduction.
The interest which would become due at the end of the term for which a loan is made, not exceeding one year's interest in all, may be deducted from the loan in advance if the parties thus agree.
Source:
CivC 1877, §1099; CL 1887, §3722; RCivC 1903, §1418; RC 1919, §1043; SDC 1939, §38.0105.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03 - Interest And Usury › Section 54-3-13 - Regulated lenders exempt from interest rate limitations and usury statutes.

54-3-13. Regulated lenders exempt from interest rate limitations and usury statutes.
Regulated lenders are exempt from all limitations on the rate of interest which they may charge and are further exempt from the operation and effect of all usury statutes, except as is otherwise provided in §54-3-14. Regulated lenders and their assignees are further exempt from the prohibition, operation, and effect of §15-17-39, and regulated lenders and their assignees may recover reasonable attorney's fees in the case of default of payment if provided for in the note, bond, mortgage, or other evidence of debt.
Source:
SL 1980, ch 335, §2; SL 1996, ch 283.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03 - Interest And Usury › Section 54-3-14 - Regulated lenders defined.

54-3-14. Regulated lenders defined.
The term, regulated lenders, as used in §54-3-13 means:
(1)A bank organized pursuant to chapter 51A-1, et seq.;
(2)A bank organized pursuant to 12 U.S.C. §21;
(3)A trust company organized pursuant to chapter 51A-6A;
(4)A savings and loan association organized pursuant to chapter 52-1, et seq.;
(5)A savings and loan association organized pursuant to 12 U.S.C. §1464;
(6)Any wholly owned subsidiary of a state or federal bank or savings and loan association which subsidiary is subject to examination by the comptroller of the currency, or the federal reserve system, or the South Dakota Division of Banking, or the federal home loan bank board and which subsidiary has been approved by the United States secretary of housing and urban development for participation in any mortgage insurance program under the National Housing Act;
(7)A federal land bank organized pursuant to 12 U.S.C. §2011;
(8)A federal land bank association organized pursuant to 12 U.S.C. §2031;
(9)A production credit association organized pursuant to 12 U.S.C. §2091;
(10)A federal intermediate credit bank organized pursuant to 12 U.S.C. §2071;
(11)An agricultural credit corporation or livestock loan company or its affiliate, the principal business of which corporation is the extension of short and intermediate term credit to farmers and ranchers;
(12)A federal credit union organized pursuant to 12 U.S.C. §1753;
(13)A federal financing bank organized pursuant to 12 U.S.C. §2283;
(14)A federal home loan bank organized pursuant to 12 U.S.C. §1423, et seq.;
(15)A national consumer cooperative bank organized pursuant to 12 U.S.C. §3011;
(16)A bank for cooperatives organized pursuant to 12 U.S.C. §2121;
(17)Bank holding companies organized pursuant to 12 U.S.C. §1841, et seq.;
(18)National Homeownership Foundation organized pursuant to 12 U.S.C. §1701y;
(19)Farmers Home Administration as provided by 7 U.S.C. §1981;
(20)Small Business Administration as provided by 15 U.S.C. §633;
(21)Government National Mortgage Association and Federal National Mortgage Association as provided by 12 U.S.C. §1717;
(22)South Dakota Housing Development Authority as provided by chapter 11-11;
(23)Insurance companies, whether domestic or foreign, authorized to do business in this state, and which as a part of their business engage in mortgage lending in this state. However, §54-3-13 does not exempt insurance companies from the provisions of §58-15-15.8; or
(24)Any wholly owned service corporation subsidiary of a domestic or foreign insurance company, authorized to do business in this state, and which subsidiary is subject to examination by the same insurance examiners as the parent company.
Source:
SL 1980, ch 335, §1; SL 1982, ch 342; SL 2017, ch 221 (Initiated Measure 21), §1, eff. Nov. 16, 2016; SL 2021, ch 203, § 28.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03 - Interest And Usury › Section 54-3-15 - Exemption from federal preemption of state usury laws.

54-3-15.Exemption from federal preemption of state usury laws.
The provisions of 12 U.S. C. 1735f-7, 12 U.S.C. 86a and 15 U.S.C. 687 in effect on December 31, 1980, which preempt state usury laws, do not apply to loans made in the state of South Dakota.
Source:
SL 1981, ch 351.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03 - Interest And Usury › Section 54-3-16 - Official state interest rates.

54-3-16. Official state interest rates.
The official state interest rates, as referenced throughout the South Dakota Codified Laws, are as follows:
(1)Category A rate of interest is four and one-half percent per year;
(2)Category B rate of interest is ten percent per year;
(3)Category C rate of interest is twelve percent per year;
(4)Category D rate of interest is one percent per month or fraction thereof;
(5)Category E rate of interest is four percent per year;
(6)Category F rate of interest is fifteen percent per year; and
(7)Category G rate of interest is five-sixth percent per month or fraction thereof.
Source:
SL 1984, ch 319, §1; SL 1987, ch 362; SL 1994, ch 366, §1; SL 2000, ch 226, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03 - Interest And Usury › Section 54-3-17 - Recommendations for amendment of official rates.

54-3-17. Recommendations for amendment of official rates.
The Division of Banking shall annually review current interest rates, which review shall take into account the national rate of inflation and the prime lending rate as well as other indices division personnel deem proper, and, if necessary, shall recommend amendments to §54-3-16 to the Legislature during regular session.
Source:
SL 1984, ch 319, §2.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-2 - Items included in amount financed.

54-3A-2. Items included in amount financed.
As used in this chapter, unless the context otherwise requires, "amount financed" means the total of the following items from which any prepaid finance charge or required deposit has been excluded:
(1)The cash price of the goods or services less the total amount of any down payment whether made in cash or in property traded in;
(2)The amount actually paid or to be paid by the creditor pursuant to an agreement to discharge a security interest in, a lien on, or an unpaid obligation with respect to any property traded in; and
(3)Amounts actually paid or to be paid by the creditor which are for additional charges authorized by §54-3A-5 and are agreed to by the consumer.
Source:
SL 1974, ch 305, §1 (1).
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-3 - Finance charges on installment sales contract.

54-3A-3. Finance charges on installment sales contract.
Notwithstanding the provisions of any other law, a creditor may contract for and receive, pursuant to an installment sales contract, a finance charge at a rate as agreed upon by the creditor and the consumer by written agreement. The finance charge is expressed and compounded in the same manner as an interest rate.
Source:
SL 1974, ch 305, §2; SL 1979, ch 331; SL 1980, ch 337, §2A; SL 1982, ch 343, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-5 - Additional charges allowed--Disclosure and explanation to consumer--Separate agreement.

54-3A-5. Additional charges allowed--Disclosure and explanation to consumer--Separate agreement.
In addition to the finance charge, a creditor may contract for, and receive the following additional charges in connection with an installment sales contract if such charges are itemized and disclosed to the buyer:
(1)Official fees and taxes;
(2)Charges for guaranteed asset protection waivers, or credit life, accident, health, loss of income, property, or liability insurance. However any insurance is optional, and the consumer shall be informed, in writing, that any insurance is optional; and
(3)Charges for debt cancellation contracts and debt suspension contracts, as defined in §§51A-1-2, 54-4-73, and 54-4-74, if the debt cancellation contract or debt suspension contract is a contract of a depository institution or a licensee pursuant to chapter 54-4 authorized to provide such coverage, and the contract is sold directly by the authorized depository institution or licensee pursuant to chapter 54-4, or by a retailer acting as an agent for the authorized depository institution or licensee pursuant to chapter 54-4. However, any debt cancellation contract or debt suspension contract is optional, and the consumer shall be informed, in writing, that any such contract is optional.
Any such charges shall be disclosed and explained to the consumer prior to signing any agreement to repay a consumer credit obligation. Any such charges shall be separately agreed to in writing and separately signed by the consumer.
Source:
SL 1974, ch 305, §5; SL 2005, ch 256, §1; SL 2006, ch 244, §1; SL 2012, ch 235, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-6 - Commencement of term of obligation--Down payments.

54-3A-6. Commencement of term of obligation--Down payments.
The term of a consumer obligation under this chapter, commences with the date the credit is granted unless goods are delivered or services are performed ten days or more after the date credit is granted, in which case the term commences with the date of delivery or performance. Nothing in this section shall prohibit a down payment.
Source:
SL 1974, ch 305, §7.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-7 - Modification of agreement to increase outstanding obligation prohibited--Exception.

54-3A-7. Modification of agreement to increase outstanding obligation prohibited--Exception.
Except as provided in this section, no creditor shall modify the terms of any agreement with a consumer with respect to any outstanding obligation of the consumer, which results in an increase of the rate of the finance or other charges or an increase in the amount of an installment or periodic payment due, or which otherwise adversely affects the interest of the consumer. A modification agreed to by the parties which applies to obligations incurred by the consumer after the agreement for modification is permissible.
Source:
SL 1974, ch 305, §6.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-8 - Rule for computing refund of charges on prepayment.

54-3A-8. Rule for computing refund of charges on prepayment.
As used in this chapter, unless the context otherwise requires, "Rule of 78" means a refund of charges which shall be at least as great a proportion of the total charges, as the sum of the remaining monthly balances of principal and interest combined scheduled to follow the date of prepayment bears to the sum of all the monthly balances of principal and interest combined originally scheduled by the loan agreement.
Source:
SL 1974, ch 305, §1 (9).
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-8.1 - Restriction on use of rule.

54-3A-8.1. Restriction on use of rule.
The Rule of 78 as defined in §54-3A-8 may not be used in any consumer installment sales contract. The Rule of 78 may, however, be used to compute the unearned premium on insurance.
Source:
SL 1984, ch 320, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-9 - Rebate of portion of finance charge on prepayment or refinancing--Exceptions.

54-3A-9. Rebate of portion of finance charge on prepayment or refinancing--Exceptions.
Upon prepayment in full of the unpaid balance of an installment sales contract, or upon a refinancing or a consolidation thereof, an amount equal to the total finance charge contracted for, less the finance charge earned, shall be rebated to the buyer. If the total of all rebates, refunds and credits to be paid to the buyer under this chapter is less than one dollar, no rebate need be made.
Source:
SL 1974, ch 305, §3; SL 1984, ch 320, §2.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-10 - Rebate on acceleration of maturity.

54-3A-10. Rebate on acceleration of maturity.
If the maturity of an obligation under an installment sales contract is accelerated for any reason and judgment is obtained, the consumer is entitled to a rebate computed as if payment in full had been made on the date that the action was brought.
Source:
SL 1974, ch 305, §4.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-11 - Delinquent installments--Notice of penalty to consumer.

54-3A-11. Delinquent installments--Notice of penalty to consumer.
If the buyer has not paid an installment on an installment sales contract on or before the tenth day after its due date, as originally scheduled or as deferred, the creditor, if he chooses to impose a penalty for the delinquency, shall before the due date of the next scheduled installment, mail or deliver to the buyer at his last known address a written notice informing the buyer:
(1)That the installment is delinquent;
(2)That a penalty has been or will be imposed pursuant to §54-3A-12, if that is the case, and the amount of such penalty;
(3)If the creditor agrees, that, in lieu of paying a delinquency penalty, the buyer may defer the delinquent installment or refinance the unpaid balance; and
(4)That, if the installment remains delinquent without being deferred or without a refinancing, the creditor may after thirty days, pursue his remedies pursuant to §54-3A-19.
Source:
SL 1974, ch 305, §8; SL 1975, ch 299, §3; SL 1990, ch 30, §13.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-12 - Imposition and collection of delinquency charge.

54-3A-12. Imposition and collection of delinquency charge.
The holder of a contract authorized by this chapter may, if the contract so provides, collect a delinquency and collection charge on each installment in arrears for a period of not less than ten days in an amount not in excess of five percent of each installment or five dollars, whichever is greater.
Any delinquency or collection charge may be collected only once on any one installment however long the installment remains delinquent.
Source:
SL 1974, ch 305, §9; SL 1975, ch 299, §4; SL 1986, ch 405, §6; SL 1990, ch 384, §1; SL 1999, ch 238, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-12.1 - Imposition and collection of returned check charge--Maximum.

54-3A-12.1. Imposition and collection of returned check charge--Maximum.
The holder of a contract authorized by this chapter may, if the contract so provides, collect a charge not to exceed thirty dollars for each check, draft, order of withdrawal, or similar payment device that is received by the holder in connection with the contract and that is returned for nonpayment for any reason.
Source:
SL 2000, ch 228, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-14 - Unilateral deferral by creditor prohibited.

54-3A-14. Unilateral deferral by creditor prohibited.
No term of a writing executed by the buyer prior to agreement to a deferral constitutes authority for a creditor unilaterally to grant a deferral and make charges therefor.
Source:
SL 1974, ch 305, §12; SL 1990, ch 30, §14.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-15 - Deferral agreement requirements.

54-3A-15. Deferral agreement requirements.
A deferral agreement shall:
(1)Be in writing and be signed by the parties;
(2)Incorporate by reference the transaction to which the deferral agreement applies;
(3)State the number of installments or partial installments to be deferred, the amounts thereof, the date or dates originally payable and the date or dates to which payment is being deferred; and
(4)If there is a deferral charge, state the amount to be paid by the buyer for the privilege of deferring the installment or installments.
Source:
SL 1974, ch 305, §11.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-16 - Deferral charge not collected on refinancing.

54-3A-16. Deferral charge not collected on refinancing.
A charge may not be collected for the deferral of an installment payment or any part thereof if the unpaid balance is refinanced.
Source:
SL 1974, ch 305, §12.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-17 - Refinancing agreement--Rebate excluded.

54-3A-17. Refinancing agreement--Rebate excluded.
A creditor may, by written agreement with the buyer, refinance the unpaid balance and may contract for and receive a finance charge based on the amount refinanced. Any rebate due to the buyer pursuant to the provisions of §54-3A-9 if the buyer was prepaying in full on the date of the refinancing is excluded from the amount to be refinanced. No minimum finance charge, for the purpose of computing this rebate, is allowed to the creditor.
Source:
SL 1974, ch 305, §13; SL 1975, ch 299, §5; SL 1982, ch 343, §4; SL 2015, ch 260, §6.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-18 - Refinancing agreement requirements.

54-3A-18. Refinancing agreement requirements.
A refinancing agreement shall:
(1)Be in writing and be signed by the parties;
(2)Incorporate by reference the transaction to which the refinancing agreement applies;
(3)State the amount that is to be refinanced, the date or dates on which the installments were originally payable and the date or dates on which they will become payable; and
(4)State the amount of the charge to be paid by the buyer for the privilege of refinancing, which shall be the difference between the total amount of the finance charge that was to have been paid under the terms of the original contract computed on the assumption that all scheduled installments would have been paid when due and the total finance charge that is to be paid pursuant to the refinancing computed on the assumption that all scheduled installments will be paid when due.
Source:
SL 1974, ch 305, §14.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-19 - Creditor's remedies on delinquency.

54-3A-19. Creditor's remedies on delinquency.
If a delinquent installment is not deferred or the unpaid balance is not refinanced under the provisions of this chapter within thirty days after the due date of the delinquent installment, then the creditor may pursue any remedies available to him.
Source:
SL 1974, ch 305, §15; SL 1975, ch 299, §6.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-20 - Debt forfeited for excessive charges--Costs and attorney fees.

54-3A-20. Debt forfeited for excessive charges--Costs and attorney fees.
If any amount in excess of the charges permitted by this chapter is contracted for or received, or if any other provision of this chapter is violated, other than as a result of an unintentional or bona fide error of computation, the consumer shall not be liable for any part of the principal, interest or any other charges whatsoever, and shall be allowed to recover costs and reasonable attorney's fees.
Source:
SL 1974, ch 305, §16.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-21 - Limitation on action for excessive charges.

54-3A-21. Limitation on action for excessive charges.
With respect to excess charges arising from an installment sales contract, no action pursuant to §54-3A-20 may be brought more than three years after the due date of the last scheduled payment of the contract on which the charge was made.
Source:
SL 1974, ch 305, §17.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-22 - Demand required before action for excessive charges.

54-3A-22. Demand required before action for excessive charges.
No action shall be commenced to recover any amount under §54-3A-20 unless and until written demand therefor has been made, signed by the buyer, and the creditor has failed to refund or credit such amount to the buyer within sixty days after receipt of the demand.
Source:
SL 1974, ch 305, §17.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-23 - Proof of unintentional error.

54-3A-23. Proof of unintentional error.
The creditor shall have the burden of establishing by a preponderance of the evidence that the excess amount or other violation occurred as a result of an unintentional or bona fide error of computation.
Source:
SL 1974, ch 305, §16.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-24 - Promulgation of rules.

54-3A-24. Promulgation of rules.
The Department of Labor and Regulation may promulgate rules and regulations to carry out the provisions of this chapter. Such rules and regulations shall be promulgated in accordance with chapter 1-26.
Source:
SL 1974, ch 305, §18; SL 2004, ch 17, §304; SL 2011, ch 1 (Ex. Ord. 11-1), §162, eff. Apr. 12, 2011.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 03A - Consumer Installment Sales Contracts › Section 54-3A-25 - Severability of provisions.

54-3A-25. Severability of provisions.
If any part of this chapter is invalid, all valid parts that are severable from the invalid part shall remain in effect. If any part of this chapter is invalid in one or more of its applications, the parts that are severable from the invalid applications shall remain in effect in all valid applications.
Source:
SL 1974, ch 305, §19.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-37 - Entities exempt from chapter provisions.

54-4-37. Entities exempt from chapter provisions.
The following entities are exempt from the provisions of this chapter:
(1)Any state bank and its subsidiary;
(2)Any national bank and its subsidiary;
(3)Any bank holding company and its subsidiary;
(4)Any other federally insured financial institution, its holding company and subsidiary; and
(5)Any South Dakota chartered trust company.
Source:
SL 1998, ch 280, §2; SL 1999, ch 239, §1; SL 2004, ch 292, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-37.1 - Exemption for originating, selling, servicing, or acquiring five or fewer loans in twelve-month period where total of outstanding loans under certain amount--Annual report.

54-4-37.1. Exemption for originating, selling, servicing, or acquiring five or fewer loans in twelve-month period where total of outstanding loans under certain amount--Annual report.
Any person who, on, before, or after July 1, 2017, originates, sells, services, or acquires five or fewer loans in a twelve-month period is exempt from this chapter, except for the provisions of chapter 10-43 as referenced in §54-4-54, as long as the total amount of the loans outstanding does not exceed four million dollars. The exemption under this section applies jointly to every entity in which a person has an equity interest, whether the loan or loans are made by that person or through an entity in which the person holds an equity interest.
Any person exempted by the provisions of this section shall report to the division annually, no later than December thirty-first of 2017, and every subsequent year for any year in which loans are originated, sold, serviced, or acquired. The annual report shall contain the name and address of the person who originated, sold, serviced, or acquired loans, the number of loans originated, sold, serviced, or acquired in the preceding calendar year, and the total balance of all loans originated, sold, serviced, or acquired.
Source:
SL 2017, ch 207, §3.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-38 - Promulgation of rules.

54-4-38. Promulgation of rules.
The commission may promulgate rules pursuant to chapter 1-26 to provide for:
(1)Rules of practice;
(2)Internal management of finance companies;
(3)Retention of records;
(4)Additional examination fees; and
(5)Remote electronic lending.
Source:
SL 1998, ch 280, §3.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-40 - Application for license--Licensure through nationwide mortgage licensing system--Public records--Exemptions.

54-4-40. Application for license--Licensure through nationwide mortgage licensing system--Public records--Exemptions .
Any person who engages in the business of lending money shall apply for a license as prescribed by this chapter. The applicant shall apply for a license under oath on forms supplied by the division. The application shall contain the name of the applicant's business, proof of surety bond, address of the business, the names and addresses of the partners, members, officers, directors, or trustees, and other information the director may consider necessary. The applicant shall pay an original license fee, as set by rules of the commission promulgated pursuant to chapter 1-26, not to exceed one thousand dollars. If the application of an existing licensee is for an additional location, the application need only include the location and identity of the location manager, plus any changes from the existing license, or such other information the director may consider necessary. Any person may be licensed and maintain a unique identifier through the nationwide mortgage licensing system and registry.
The proof of surety bond and the names and addresses of the business, members, officers, and trustees as contained in the application under this section are public records for purposes of chapter 1-27.
The state, any political subdivision of the state, and any quasi-governmental organization created by state law or an executive order of the state and any subsidiary of that organization is exempt from the requirements of this chapter. Any nonprofit corporation formed pursuant to the provisions of chapter 47-22; any nonprofit United States Treasury Community Development Financial Institution, Small Business Administration Certified Development Company, or Regional Revolving Loan Fund; or any commercial club, chamber of commerce, or industrial development corporation formed pursuant to the provisions of §9-12-11 or 9-27-37 is subject to this chapter but exempt from initial license fees, renewal fees, and surety bond requirements pursuant to the provisions of this chapter.
Source:
SL 1998, ch 280, §5; SL 2004, ch 293, §1, eff. Feb. 25, 2004; SL 2005, ch 257, §1; SL 2005, ch 258, §1; SL 2006, ch 245, §4; SL 2015, ch 242, §2; SL 2019, ch 208, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-41 - Rejection or acceptance of application by director.

54-4-41. Rejection or acceptance of application by director.
The director shall approve or deny an application for a license within thirty days of receipt of any application.
Source:
SL 1998, ch 280, §6.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-42 - Bond to be filed with application.

54-4-42. Bond to be filed with application.
The applicant shall submit with the application for a license a bond in an amount not to exceed the total of ten thousand dollars for the first license and two thousand five hundred dollars for each additional license. The bond shall be satisfactory to the director and issued by a surety company qualified to do business as a surety in this state. The bond shall be in favor of this state for the use of this state and any person who has a cause of action under this chapter against the licensee. The bond shall be conditioned on:
(1)The licensee's faithful performance under this chapter and any rules adopted pursuant to this chapter; and
(2)The payment of any amounts that are due to the state or another person during the calendar year for which the bond is given.
The aggregate liability of a surety to all persons damaged by a licensee's violation of this chapter may not exceed the amount of the bond.
Source:
SL 1998, ch 280, §7; SL 2005, ch 258, §2; SL 2006, ch 245, §5.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-43 - Investigation of facts concerning license application--Requirements for grant of license.

54-4-43. Investigation of facts concerning license application--Requirements for grant of license.
The director shall investigate the facts concerning the application. The director may review and consider the relevant business records of the applicant and the competence, experience, integrity, and financial ability of any person who is a member, partner, director, officer, or twenty-five percent or more shareholder of the business. If the director finds that the financial responsibility, financial condition, business experience, character, and general fitness of the applicant reasonably warrant the belief that the business will be conducted lawfully and fairly, the director may grant a license based on the findings.
Source:
SL 1998, ch 280, §8; SL 2005, ch 258, §3.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-44 - Engaging in business after procurement of license--Maximum finance charge--Violation as misdemeanor--Loan void.

54-4-44. Engaging in business after procurement of license--Maximum finance charge--Violation as misdemeanor--Loan void.
After procuring such license from the Division of Banking, the licensee may engage in the business of making loans and may contract for and receive interest charges and other fees at rates, amounts, and terms as agreed to by the parties which may be included in the principal balance of the loan and specified in the contract. However, no licensee may contract for or receive finance charges pursuant to a loan in excess of an annual rate of thirty-six percent, including all charges for any ancillary product or service and any other charge or fee incident to the extension of credit. A violation of this section is a Class 1 misdemeanor. Any loan made in violation of this section is void and uncollectible as to any principal, fee, interest, or charge.
Source:
SL 1998, ch 280, §9; SL 2017, ch 221 (Initiated Measure 21), §2, eff. Nov. 16, 2016; SL 2017, ch 205, §2.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-44.1 - Device, subterfuge, or pretense to evade maximum finance charge prohibited--Penalties.

54-4-44.1. Device, subterfuge, or pretense to evade maximum finance charge prohibited--Penalties.
No person may engage in any device, subterfuge, or pretense to evade the requirements of §54-4-44, including, but not limited to, making loans disguised as a personal property sale and leaseback transaction; disguising loan proceeds as a cash rebate for the pretextual installment sale of goods or services; or making, offering, assisting, or arranging a debtor to obtain a loan with a greater rate of interest, consideration, or charge than is permitted by this chapter through any method including mail, telephone, internet, or any electronic means regardless of whether the person has a physical location in the state. Notwithstanding any other provision of this chapter, a violation of this section is subject to the penalties in §54-4-44.
Source:
SL 2017, ch 221 (Initiated Measure 21), §3, eff. Nov. 16, 2016.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-44.2 - Motor vehicle purchase loan--Fees incident to extension of credit.

54-4-44.2. Motor vehicle purchase loan--Fees incident to extension of credit.
For purposes of §54-4-44, fees contracted for or received that are "incident to the extension of credit" in connection with a loan for the purchase of a motor vehicle do not include fees for optional maintenance agreements and extended service contracts, official fees and taxes, sales tax, title fees, lien registration fees, and dealer documentary fees.
Source:
SL 2017, ch 205, §3.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-44.3 - Consumer default--Fees incident to extension of credit.

54-4-44.3. Consumer default--Fees incident to extension of credit.
For the purposes of §54-4-44 for all loans, late fees, return check fees, and attorney's fees incurred upon consumer default are not fees "incident to the extension of credit."
Source:
SL 2017, ch 205, §4.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-44.4 - Business-to-business lending exempt.

54-4-44.4. Business-to-business lending exempt.
The provisions of §54-4-44 that place limitations on licensees that are engaged in the business of making loans do not apply to a licensee engaged in business-to-business lending. For purposes of this section, the term, business-to-business lending, means any lending to or in furtherance of a business, commercial, or agricultural venture that is not for personal, family, or household use and is not secured by a nonpurchase money security interest in a motor vehicle. Any business-to-business lending subject to the provisions of this section shall be in an amount not less than five thousand dollars and only to a borrower with a federal employer identification number.
Source:
SL 2017, ch 206, §1; SL 2018, ch 272, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 04 - Money Lending Licenses › Section 54-4-45 - Duration of license--Renewal.

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