There is a newer version of the South Dakota Codified Laws
2012 South Dakota Codified Laws
Title 54 DEBTOR AND CREDITOR
Chapter 03A. Consumer Installment Sales Contracts
§54-3A-8 Rule for computing refund of charges on prepayment.
SD Codified L § 54-3A-8 (through 2012) What's This?
54-3A-8. Rule for computing refund of charges on prepayment. As used in this chapter, unless the context otherwise requires, "Rule of 78" means a refund of charges which shall be at least as great a proportion of the total charges, as the sum of the remaining monthly balances of principal and interest combined scheduled to follow the date of prepayment bears to the sum of all the monthly balances of principal and interest combined originally scheduled by the loan agreement.
Source: SL 1974, ch 305, § 1 (9).
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