2013 South Dakota Codified Laws
Title 54 - DEBTOR AND CREDITOR
Chapter 04 - Money Lending Licenses
§ 54-4-36 Definition of terms.

54-4-36. Definition of terms. Terms used in this chapter mean:

(1) "Advertisement," a commercial message in any medium that aids, promotes, or assists, directly or indirectly, the sale of products or services;

(2) "Commission," the State Banking Commission;

(3) "Director," the director of the Division of Banking of the Department of Labor and Regulation;

(4) "Division," the Division of Banking;

(5) "Finance charge," the amount, however denominated, which is the direct or indirect cost payable by a borrower for a loan;

(6) "Financing institutions," any person engaged in the business of creating and holding or purchasing or acquiring retail installment contracts;

(7) "Installment loan," a loan made to be repaid in specified amounts over a certain number of months;

(8) "License," a license provided by this chapter;

(9) "Installment loan contract" or "contract," an agreement evidencing a installment loan transaction;

(10) "Licensee," any person holding a license;

(11) "Loan," any installment loan, single pay loan, or open-end loan which may be unsecured or secured by real or personal property;

(12) "Payday loan," any short-maturity loan on the security of a check, any assignment of an interest in the account of a person at a depository institution, any authorization to debit the person's deposit account, any assignment of salary or wages payable to a person. A short-maturity loan made in anticipation of an income tax refund is not a payday loan for purposes of this chapter;

(13) "Regional revolving loan fund," a regional revolving loan fund with a service area of at least five South Dakota counties, a designated staff for loan processing and servicing, a loan portfolio of at least one million dollars, and which is governed by a board of directors that meets at least quarterly;

(14) "Short-term consumer loan," any loan to any individual borrower with a duration of six months or less, including a payday loan. A title loan is not a short-term consumer loan for purposes of this chapter;

(15) "Title lender," a regulated lender authorized pursuant to this chapter to make title loans; and

(16) "Title loan," a loan for a debtor that is secured by a nonpurchase money security interest in a motor vehicle and that is scheduled to be repaid in a single installment.
Source: SL 1998, ch 280, § 1; SL 2004, ch 17, § 305; SL 2004, ch 291, § 1; SL 2005, ch 257, § 5; SL 2006, ch 245, § 1; SL 2011, ch 1 (Ex. Ord. 11-1), § 162, eff. Apr. 12, 2011.