FOR AN ACT ENTITLED, An Act to provide a maximum finance charge for payday loans and
title loans.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 54-4-44 be amended to read as follows:
54-4-44. 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 payday lender or title
lender may contract for or receive a finance charge at a rate, when expressed as an annual
percentage rate, that exceeds seventy-two percent.
180 copies of this document were printed by the South Dakota
Legislative Research Council at a cost of $.052 per page.
|
.
|
Insertions into existing statutes are indicated by underscores.
Deletions from existing statutes are indicated by overstrikes.
|