South Dakota Statutes
§ 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.
Free access — add to your briefcase to read the full text and ask questions with AI
South Dakota § 54-4-60 (Purchase of insurance not condition to receive loan.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1998, ch 280, § 25.
Nearby Sections
15
§ 54-1-2
Loan of money defined.§ 54-1-6
"Open account" defined.§ 54-1-7
Open account--Interest rates.§ 54-1-9
"Securitization" defined.§ 54-10-1
Definition of terms.§ 54-10-10
Value of security, determination by liquidator's sale of assets--Order of sale, requirements.§ 54-10-13
Uniformity of interpretation of chapter.