54-3-1. Interest defined.
Interest is the compensation allowed by law for the use, or forbearance, or detention of money or its equivalent, including without limitation, points, loan origination fees, credit service or carrying charges, charges for unanticipated late payments, and any other charges, direct or indirect, as an incident to or as a condition of the extension of credit. These charges do not include charges made by a third party.
Source: CivC 1877, §1095; CL 1887, §3718; RCivC 1903, §1414; RC 1919, §1037; SDC 1939, §38.0103; SL 1987, ch 360, §3.
Structure South Dakota Codified Laws
Title 54 - Debtor and Creditor
Chapter 03 - Interest And Usury
Section 54-3-1 - Interest defined.
Section 54-3-1.1 - Rate of interest set by written agreement--No maximum or usury restriction.
Section 54-3-2 - Loan of money--Presumption as to interest.
Section 54-3-3 - Annual rate of interest where not specified.
Section 54-3-5.1 - Interest on judgments, statutory liens and inverse condemnations.
Section 54-3-6 - Legal rate of interest stipulated by contract after breach.
Section 54-3-8 - Interest on loan--Advance deduction.
Section 54-3-13 - Regulated lenders exempt from interest rate limitations and usury statutes.
Section 54-3-14 - Regulated lenders defined.
Section 54-3-15 - Exemption from federal preemption of state usury laws.
Section 54-3-16 - Official state interest rates.
Section 54-3-17 - Recommendations for amendment of official rates.