54-4-37.1. Exemption for originating, selling, servicing, or acquiring five or fewer loans in twelve-month period where total of outstanding loans under certain amount--Annual report.
Any person who, on, before, or after July 1, 2017, originates, sells, services, or acquires five or fewer loans in a twelve-month period is exempt from this chapter, except for the provisions of chapter 10-43 as referenced in §54-4-54, as long as the total amount of the loans outstanding does not exceed four million dollars. The exemption under this section applies jointly to every entity in which a person has an equity interest, whether the loan or loans are made by that person or through an entity in which the person holds an equity interest.
Any person exempted by the provisions of this section shall report to the division annually, no later than December thirty-first of 2017, and every subsequent year for any year in which loans are originated, sold, serviced, or acquired. The annual report shall contain the name and address of the person who originated, sold, serviced, or acquired loans, the number of loans originated, sold, serviced, or acquired in the preceding calendar year, and the total balance of all loans originated, sold, serviced, or acquired.
Source: SL 2017, ch 207, §3.
Structure South Dakota Codified Laws
Title 54 - Debtor and Creditor
Chapter 04 - Money Lending Licenses
Section 54-4-36 - Definition of terms.
Section 54-4-37 - Entities exempt from chapter provisions.
Section 54-4-38 - Promulgation of rules.
Section 54-4-39 - Compliance with Title 53.
Section 54-4-41 - Rejection or acceptance of application by director.
Section 54-4-42 - Bond to be filed with application.
Section 54-4-44.2 - Motor vehicle purchase loan--Fees incident to extension of credit.
Section 54-4-44.3 - Consumer default--Fees incident to extension of credit.
Section 54-4-44.4 - Business-to-business lending exempt.
Section 54-4-45 - Duration of license--Renewal.
Section 54-4-46 - Transfer of license--Approval required for name change.
Section 54-4-47 - Location to be licensed--Change of location.
Section 54-4-47.1 - Remote work--Requirements.
Section 54-4-48 - Cease and desist order for practice not in conformity to requirements--Appeal.
Section 54-4-49 - Conditions, denial, nonrenewal, suspension, or revocation of license.
Section 54-4-50 - Injunction against licensee for violation.
Section 54-4-51 - Court-appointed receivership.
Section 54-4-52 - License required.
Section 54-4-53 - Deposit of funds.
Section 54-4-54 - Payment of annual tax--Exemption.
Section 54-4-55 - Exemption from other taxes.
Section 54-4-56 - Renewal of application--Tax information--Forms.
Section 54-4-58 - Information required in contract.
Section 54-4-59 - Property insurance required.
Section 54-4-60 - Purchase of insurance not condition to receive loan.
Section 54-4-61 - Copy provided to debtor.
Section 54-4-62 - Satisfaction of loan--Release of assignments.
Section 54-4-63 - Advertising.
Section 54-4-64 - Application of chapter.
Section 54-4-65 - Limitation on renewal, rollover, or flip of short-term consumer loan--Fee.
Section 54-4-66 - Maximum amount of payday loan--Violation as misdemeanor.
Section 54-4-68 - Appointment of resident agent for service of process--Notice.
Section 54-4-69 - Consent to be sued--Form.
Section 54-4-71 - Term of title loan--Renewal--Payment amounts--Deferred principal amount.
Section 54-4-73 - Debt cancellation contract defined.
Section 54-4-74 - Debt suspension contract defined.
Section 54-4-75 - Debt cancellation contracts and debt suspension contracts permitted.
Section 54-4-76 - Loans by unlicensed lenders uncollectible except for principal.
Section 54-4-77 - Debt collection--Prohibitions.
Section 54-4-77.1 - Exemptions not applicable to prohibited debt-collection tactics.
Section 54-4-79 - Contracts for collection and maintenance of records and processing of fees.
Section 54-4-80 - Sharing of information collected by director.
Section 54-4-81 - Attorney's fees recoverable if provided for in evidence of debt.