54-3-13. Regulated lenders exempt from interest rate limitations and usury statutes.
Regulated lenders are exempt from all limitations on the rate of interest which they may charge and are further exempt from the operation and effect of all usury statutes, except as is otherwise provided in §54-3-14. Regulated lenders and their assignees are further exempt from the prohibition, operation, and effect of §15-17-39, and regulated lenders and their assignees may recover reasonable attorney's fees in the case of default of payment if provided for in the note, bond, mortgage, or other evidence of debt.
Source: SL 1980, ch 335, §2; SL 1996, ch 283.
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.