1-55-4. Cost recovery fees.
For any bad debt referred to the center for collection after July 1, 2015, the center shall collect a cost recovery fee in addition to the debt referred to the center for collection. The cost recovery fee is calculated by multiplying the principal amount of the debt referred to the center by twenty percent. All debt collection methods available to collect any bad debt referred to the center may be used by the center to collect the cost recovery fee. The cost recovery fee shall be deposited into a fund within the Bureau of Administration and the operations of the center shall be subject to the annual budgeting process specified in chapter 4-7.
Source: SL 2015, ch 14, §4; SL 2021, ch 14, § 1.
Structure South Dakota Codified Laws
Title 1 - State Affairs and Government
Chapter 55 - Obligation Recovery Center
Section 1-55-2 - Obligation recovery center created.
Section 1-55-3 - Collection of bad debts.
Section 1-55-4 - Cost recovery fees.
Section 1-55-6 - Use during account receivable cycle.
Section 1-55-7 - Final notification to debtor by referring entity.
Section 1-55-8 - Confidentiality of records--Exceptions.
Section 1-55-9 - Collection and use of data.
Section 1-55-10 - Centralized electronic debt management system.
Section 1-55-13 - Payments due debtor subject to offset against debt referred to center.
Section 1-55-14 - Referral of debt to debt collection agency.
Section 1-55-15 - Promulgation of rules.
Section 1-55-16 - Annual report to Government Operations and Audit Committee.