Payday loan laws in South Dakota
Status: Legal (S.D. Codified Laws 54-4-36 et seq.)
For Lenders
Lending specifications:
- Maximum loan amount: $500
- Loan tenure: Not specified
- Fees and finance charges: Not specified
- Finance charge on a 14-day $100 loan: No Limit
- APR on 14-day $100 loan: No Limit
Collection restrictions:
- Collection fees: Not specified
- Criminal procedures: Not specified
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: Not Specified
- Rollovers allowed: Four
Complaint cell:
- Regulator: South Dakota Division of Banking
- Address: Division of Banking, 1601 N. Harrison Avenue, Suite 1, Pierre, SD 57501
- Phone: 605-773-3421
- Fax: 866-326-7504
- Regulatory contact: Jim Copeland, Assistant Commissioner of Consumer Finance
- Website: http://dlr.sd.gov/banking/default.aspx
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File complaint: http://www.state.sd.us/
eforms/secure/eforms/E1949v6-ConsumerComplaint.pdf
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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