2013 South Dakota Codified Laws
Title 58 - INSURANCE
Chapter 15 - Life Insurance And Annuities
§ 58-15-15.8 Insurance policy loan--Determination of interest under adjustablemaximum interest rate.
58-15-15.8. Insurance policy loan--Determination of interest under adjustable maximum interest rate. The maximum rate of interest for each policy shall be determined at regular intervals at least once every twelve months, but not more frequently than once in any three-month period. At the intervals specified in the policy, the rate being charged may be increased whenever such increase as determined under an adjustable maximum interest rate would increase that rate by one-half percent or more per year. The rate being charged must be reduced whenever such reduction as determined under § 58-15-15.7 would decrease that rate by one-half percent or more per year.
Source: SL 1982, ch 358, § 5.
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