South Dakota: S.D. Codified Laws 54-4-36 et seq.

Maybe people ask about payday loans. Is it legal? How much will it cost? How to get it?
The third state for today is South Dakota state.. 

South Dakota State Information

Legal Status: Prohibited (Ballot vote on Initiated Measure 21 usury cap, effective Nov. 16, 2016)

Citation:
S.D. Codified Laws 54-4-36 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: Not Specified
Maximum Finance Rate and Fees: 36% APR
Finance Charge for 14-day $100 loan: $1.39
APR for 14-day $100 loan: 36%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Four (licensee can renew, rollover or flip loan if debtor pays outstanding fee each time)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified

Where to Complain, Get Information:
Regulator: South Dakota Division of Banking
Address: 1601 N. Harrison Ave., Suite 1 Pierre, SD 57501
Phone: (605) 773-3421
Fax: (866) 326-7504

Regulator Website: http://dlr.sd.gov/banking/

Find more info about Payday loans in South Dakota here: http://easyloansusa.net/south-dakota/

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