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SB 173 provide a maximum finance charge for payday loans and title loans.
State of South Dakota
Introduced by: Senators Jerstad, Fryslie, Merchant, and Schmidt and Representatives Hunhoff (Bernie), Blake, Burg, Kirkeby, Solberg, and Thompson
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
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Insertions into existing statutes are indicated by
Deletions from existing statutes are indicated by
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