South Dakota Statutes
§ 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.
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South Dakota § 54-4-65 (Limitation on renewal, rollover, or flip of short-term consumer loan--Fee.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 2002, ch 223, § 1; SL 2004, ch 291, § 2; SL 2006, ch 245, § 3.
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.