South Dakota § 54-3A-7 Modification of agreement to increase outstanding obligation prohibited--Exception.

South Dakota Statutes

§ 54-3A-7 — Modification of agreement to increase outstanding obligation prohibited--Exception.

South Dakota § 54-3A-7

Title 54DEBTOR AND CREDITOR

Ch. 54-3ACONSUMER INSTALLMENT SALES CONTRACTS

This text of South Dakota § 54-3A-7 (Modification of agreement to increase outstanding obligation prohibited--Exception.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 54-3A-7 (2026).

Text

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.

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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.