54-1-8. Open account--Notice of interest rate increase.
Prior to increasing interest rates on open accounts, a creditor shall notify all customers having open accounts thirty days in advance of the increase. The notification shall clearly state the new interest rate, the effective date of the new interest rate and that the customer either may continue to pay the account in installments at the existing rate without further use of the account after the effective date of the new rate, or the customer may continue to use the account after the effective date of the rate increase with the unpaid outstanding balance on that date and all subsequent purchases or use of the account subject to the increased rate. Use of the account after the effective date of the interest rate increase is deemed to be an acceptance of the increased rate by the customer.
Source: SL 1982, ch 340, ยง3.
Structure South Dakota Codified Laws
Title 54 - Debtor and Creditor
Chapter 01 - Definitions And General Provisions
Section 54-1-1 - Definition of terms--Debtor--Creditor.
Section 54-1-2 - Loan of money defined.
Section 54-1-3 - Debtor's contract valid in the absence of fraud.
Section 54-1-4 - Preference of creditors by debtor.
Section 54-1-5 - Marshaling of funds--Rights of creditor.
Section 54-1-6 - "Open account" defined.
Section 54-1-7 - Open account--Interest rates.
Section 54-1-8 - Open account--Notice of interest rate increase.