South Dakota § 54-4-44 Engaging in business after procurement of license--Maximum finance charge--Violation as misdemeanor--Loan void.

South Dakota Statutes

§ 54-4-44 — Engaging in business after procurement of license--Maximum finance charge--Violation as misdemeanor--Loan void.

South Dakota·Title 54 DEBTOR AND CREDITOR·Ch. 54-3A MONEY LENDING LICENSES

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.

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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.

South Dakota § 54-4-44 (Engaging in business after procurement of license--Maximum finance charge--Violation as misdemeanor--Loan void.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.