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
  • File complaint: http://www.state.sd.us/
    eforms/secure/eforms/E1949v6-ConsumerComplaint.pdf

Updated on:

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