CHAPTER 278

(HB 1172)

Payday loan limit imposed.

         ENTITLED, An Act to  clarify certain limits placed on persons lending money.

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

     Section  1.  That § 54-4-66 be amended to read as follows:

     54-4-66.   No payday loan disbursed by a licensee The maximum principal amount of any payday loan, or the total outstanding principal balances of all payday loans made by a licensee to a single borrower, may not exceed five hundred dollars at any time . A violation of this section is a Class 1 misdemeanor.

     Signed February 28, 2007

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