State of South Dakota  
EIGHTY-SEVENTH SESSION
LEGISLATIVE ASSEMBLY, 2012  

690T0598   HOUSE BILL   NO.  1103  

Introduced by:    Representatives Kloucek and Schrempp and Senator Begalka
 

        FOR AN ACT ENTITLED, An Act to provide a maximum rate of interest or finance charge for regulated lenders.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
    Section 1. That § 54-3-13 be amended to read as follows:
    54-3-13. Regulated lenders are exempt from all limitations on the rate of interest which they may charge and are further exempt from the operation and effect of all usury statutes, except as is otherwise provided in § 54-3-14. No regulated lender may charge a rate of interest or contract for or receive a finance charge at a rate, when expressed as an annual percentage rate, that exceeds ten percent. Regulated lenders and their assignees are further exempt from the prohibition, operation, and effect of § 15-17-39, and regulated lenders and their assignees may recover reasonable attorney's fees in the case of default of payment if provided for in the note, bond, mortgage, or other evidence of debt.

180 copies were printed on recycled paper by the South Dakota
Legislative Research Council at a cost of $.063 per page.   		.
   		Insertions into existing statutes are indicated by underscores.
Deletions from existing statutes are indicated by overstrikes.