Division of Banking - Money Lenders - South Dakota
Nov 14, 2016 · The following forms are available in Adobe PDF format unless otherwise indicated. Exempt Lender Annual Reporting Form. Non-Profit Money Lender Registration Application Form. Non-Profit Money Lender Renewal Registration Application (Renewal period …
A payday loan is a type of short-term borrowing where an individual borrows a small amount at a very high rate of interest. The borrower typically writes a post-dated personal check in the amount they wish to borrow plus a fee in exchange for cash.
For more than a decade, payday loans, car-title loans, and high-cost installment loans in South Dakota have carried charges exceeding 300% annual percentage rate (APR). In 2016, South Dakotans approved lowering the cost of payday loans, car-title loans, and installment loans to an annual interest rate cap of 36%, inclusive of all fees and charges.
Oct 13, 2022 · Payday and title lenders are also licensed as Money Lenders under SDCL 54-4. This license authorizes the following activities... Each money lender location must be separately licensed.
Borrowers in states with no rate caps—Idaho, South Dakota, Texas, and Wisconsin—pay the highest prices in the country, more than double those paid by residents of several states with interest rate limits, such as Colorado,
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Bad Check Laws In South Dakota
Below are the civil and criminal penalties for writing a bad check in South Dakota as under Codes § 21-57-1, to § 57A-3-421. If the dishonored check writer does not make good on the check within thirty days after mailing of a notice of dishonor, the defendant may face the following civil and criminal actions and penalties: