Regulatory Alerts2020-01-01
South Dakota Division of Banking Memorandum on House Bill 1082
The South Dakota Division of Banking issued a memorandum to clarify that House Bill 1082 excludes lending between family members from the statutory definition of the business of lending money. The regulation further establishes that money lending licenses are not required when an individual or business provides financing for the sale of assets or real estate, such as through a contract for deed. This exemption applies provided that the interest rate charged does not exceed the maximum rate permitted under South Dakota Codified Laws section 54-4-44.
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