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State of South Dakota
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SEVENTY-SEVENTH
SESSION
LEGISLATIVE ASSEMBLY, 2002 |
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HOUSE ENGROSSED
NO.
SB 151
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02/20/2002
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Introduced by:
Senators Munson, Albers, Brown (Arnold), de Hueck, Dennert, Hagen,
Hutmacher, Kleven, McIntyre, and Symens and Representatives Davis,
Bartling, Begalka, Broderick, Brown (Richard), Burg, Clark, Duniphan,
Flowers, Glenski, Hargens, Hennies (Thomas), Holbeck, Koistinen, Madsen,
Murschel, Nachtigal, Nesselhuf, Olson (Mel), Peterson (Bill), Peterson (Jim),
Pummel, Richter, Solum, Van Gerpen, and Wick
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FOR AN ACT ENTITLED, An Act to
regulate deferred presentment service transactions.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That chapter 54-4 be amended by adding thereto a NEW SECTION to read as follows:
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That chapter 54-4 be amended by adding thereto a NEW SECTION to read as follows:
No licensee may renew, rollover, or flip a deferred presentment service transaction more than
four times. No renewal, rollover, or flip may be allowed unless the maker of the check pays the
outstanding fee at the time of the renewal.
Section 2. That chapter 54-4 be amended by adding thereto a NEW SECTION to read as follows:
Section 2. That chapter 54-4 be amended by adding thereto a NEW SECTION to read as follows:
A licensee may not disburse more than five hundred dollars to the maker of a check in a
deferred presentment service transaction. A violation of this section is a Class 1 misdemeanor.
350 copies of this document were printed by the South Dakota
Legislative Research Council at a cost of $.027 per page. . Insertions into existing statutes are indicated by underscores.
Deletions from existing statutes are indicated byoverstrikes.
Legislative Research Council at a cost of $.027 per page. . Insertions into existing statutes are indicated by underscores.
Deletions from existing statutes are indicated by
