South Dakota payday loan laws

Legal Status:  Prohibited (Ballot vote on Initiated Measure 21 usury cap, effective Nov. 16, 2016)

Citation:  S.D. Codified Laws 54-4-36 et seq.

Loan Terms:

Maximum Loan Amount:  $500
Loan Term:  Not Specified
Maximum Finance Rate and Fees:  36% APR
Finance Charge for 14-day $100 loan:  $1.39
APR for 14-day $100 loan:  36%

Debt Limits:

Maximum Number of Outstanding Loans at One Time:  Not Specified
Rollovers Permitted:  Four (licensee can renew, rollover or flip loan if debtor pays outstanding fee each time)
Cooling-off Period:
Repayment Plan:

Collection Limits:

Collection Fees:  Not Specified
Criminal Action:  Not Specified

Where to Complain, Get Information:
Regulator: South Dakota Division of Banking
Address: 1601 N. Harrison Ave., Suite 1 Pierre, SD 57501
Phone: (605) 773-3421 
Fax: (866) 326-7504

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