South Dakota has very few regulations overseeing the payday loan industry in the state. Residents are able to borrow up to $500 without state restrictions on interest rates and fees. Borrowers should consult the terms and conditions of their loan for specifics regarding interest rates and fees.
Here are some specific South Dakota regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
- Maximum Finance Charges and Fees
- Maximum Loan Amount
- Number of Rollovers
- Outstanding Loans Allowed at Once
- Cool-Off Period
- Payment Plan
- Collection Fees
- Presentment Limit
- Private Right of Action
- Military Protection
Arbitration, attorney fees, and all loan costs including late fees
As of January 2013, no further legislative mandates governing the cash advance industry in South Dakota have been passed.
South Dakota Statute 54-4-36 et seq.
South Dakota Division of Banking
217 1/2 West Missouri Avenue
Pierre, SD 57501
Phone: (605) 773-3421
Fax : (605) 773-5367