54-11-6.3. Maximum service charge.
The charge shall be at a rate or amount agreed upon by the parties involved. If the billing cycle is not monthly, the maximum charge is that percentage which bears the same relation to the agreed upon rate as the number of days in the billing cycle bears to thirty. For the purposes of this section, a variation of not more than four days from month to month is approximately the same day of the billing cycle.
Source: SL 1979, ch 335, §5; SL 1980, ch 337, §1A; SL 1982, ch 346, §1; SL 1987, ch 360, §5.
Structure South Dakota Codified Laws
Title 54 - Debtor and Creditor
Chapter 11 - Credit Cards And Revolving Charge Accounts
Section 54-11-1 - Credit card and accepted credit card defined.
Section 54-11-4 - Unsolicited issuance of credit card prohibited--No liability for misuse by others.
Section 54-11-5 - "Revolving charge account" and "consumer goods and services" defined.
Section 54-11-6.1 - Credit service charge permitted on revolving charge account.
Section 54-11-6.2 - Amount of service charge--Requirements--Compounding charge.
Section 54-11-6.3 - Maximum service charge.
Section 54-11-6.4 - Minimum charge on monthly bills when service charge less than minimum charge.
Section 54-11-8 - Bank loan accounts unaffected.
Section 54-11-9 - Creation of contract between card holder and issuer.
Section 54-11-12 - Change in terms of credit card agreement.