There is a newer version
of
this Section
2021 South Dakota Codified Laws
Title 54 - Debtor and Creditor
Chapter 03A - Consumer Installment Sales Contracts
Section 54-3A-7 - Modification of agreement to increase outstanding obligation prohibited--Exception.
Universal Citation: SD Codified L § 54-3A-7 (2021)
54-3A-7. Modification of agreement to increase outstanding obligation prohibited--Exception.
Except as provided in this section, no creditor shall modify the terms of any agreement with a consumer with respect to any outstanding obligation of the consumer, which results in an increase of the rate of the finance or other charges or an increase in the amount of an installment or periodic payment due, or which otherwise adversely affects the interest of the consumer. A modification agreed to by the parties which applies to obligations incurred by the consumer after the agreement for modification is permissible.
Source: SL 1974, ch 305, ยง6.
Disclaimer: These codes may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
