Regulatory Alerts2020-01-01
South Dakota Division of Banking Memorandum on House Bill 1090
The South Dakota Division of Banking issued this memorandum to clarify how House Bill 1090 modifies the impact of Initiated Measure 21 on lenders licensed under SDCL Chapter 54-4. The legislation excludes retail installment sales contracts for vehicle purchases from the 36% interest rate limitation and defines specific fees, such as title and late fees, as not incident to the extension of credit. The Division warns that any attempt to exploit these exceptions to evade high-cost lending restrictions is prohibited and subject to penalties.
Share