CHAPTER 255

(HB 1118)

Interest rate on a bill, statement, or invoice regulated.

         ENTITLED, An Act to  revise certain provisions regarding the interest rate on past due moneys.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:

     Section  1.  That § 54-3-5 be amended to read as follows:

     54-3-5.   Unless there is an express contract in writing fixing a different rate or the interest rate clearly appears on the bill, statement, or invoice , interest is payable on all moneys at the Category F rate of interest as established in § 54-3-16 after they become due on any instrument of writing, and on moneys lent, or due on any settlement of accounts, from the day on which the balance is ascertained, and on moneys received to the use of another and detained from that other. Any interest rate appearing on a bill, statement, or invoice may not exceed eighteen percent.

     Signed March 3, 2005

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