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2019 South Dakota Codified Laws
Title 58 - Insurance
Chapter 30 - Insurance Producers
§ 58-30-140 Agents not to obtain loans from clients--Exceptions.
Universal Citation: SD Codified L § 58-30-140 (2019)
58-30-140. Agents not to obtain loans from clients--Exceptions. No insurance producer may obtain a loan from an existing or former client, other than a lending institution authorized by state or federal law, unless there is a written contract establishing the terms for repayment of the loan and the contract is filed with the division within thirty days of its effective date. This section does not apply to any loans transacted between an insurance producer and that insurance producer's spouse, parents, children, aunts, uncles, or grandparents.
Source: SL 1999, ch 257, § 1; SL 2001, ch 286, § 192.
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