<HTML> <HEAD> <HTML> <HEAD> <meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 37-34 - DEBT ADJUSTING 37-34 DEBT ADJUSTING </title> <META NAME="Keywords" Content="South Dakota Codified Laws SDCL 37-34 DEBT ADJUSTING "> <META NAME="Description" Content="South Dakota Codified Laws 37-34"> </HEAD> <BODY> <!-- File converted by Wp2Html Version 4.0 --> <!-- Email Andrew@brackenbeds.co.uk for more details --> <!-- WP Style Open: System_34 --><!-- WP Style End: System_34 --> <Div align="full"> <!-- WP Paired Style On: HG4 --><Div align="center"><!-- WP Style End: HG4 --> CHAPTER 37-34 <!-- WP Paired Style Off: HG4 --><!-- WP Style End: HG4 --> </Div> <br> <!-- WP Paired Style On: HG4C --><Div align="center"><!-- WP Style End: HG4C --> DEBT ADJUSTING <!-- WP Paired Style Off: HG4C --><!-- WP Style End: HG4C --> </Div> <br> <p> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=37-34-1">37-34-1</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Debt adjusting defined. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=37-34-2">37-34-2</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Debt adjusting--Misdemeanor. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <br> <!-- WP Paired Style On: B --><!-- WP Style End: B --> <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=37-34-3">37-34-3</A> <!-- WP Style Open: IN -->&nbsp;&nbsp;&nbsp;&nbsp;<!-- WP Style End: IN --> Exceptions. <!-- WP Paired Style Off: B --><!-- WP Style End: B --> <p> </BODY> </HTML> <br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 37-34 - DEBT ADJUSTING </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2061957Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2061957SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2061957CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2061957Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2061957DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2061957000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2061957SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2061957SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2061957Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=37-34-1"><span class="s2061957SENU">37-34-1</span></a><span xml:space="preserve" class="s2061957SENU">. </span><span class="s2061957CL">Debt adjusting defined.</span></p><p dir="ltr" class="s2061957Normal-000000"><span class="s2061957DefaultParagraphFont">The term, debt adjusting, means the making of a contract, express or implied, with a debtor whereby the debtor agrees to pay a certain amount of money or other thing of value periodically to the person engaged in the debt-adjusting business who shall, for consideration, distribute the same among certain specified creditors in accordance with a plan agreed upon. The term includes debt adjustment, budget counseling, debt management, or debt-pooling service or the holding of oneself out by words of similar import as providing services to debtors in the management of their debts and contracting with the debtor for a fee to effect the adjustment, compromise, or discharge of any account, note, or other indebtedness of the debtor or receive from the debtor and disperse to his creditors any money or thing of value. The term, debt adjuster, means a person who engages in, attempts to engage in, or offers to engage in the practice of debt adjusting.</span></p><p dir="ltr" class="s2061957Normal"><span xml:space="preserve" class="s2061957000001"> </span></p><p dir="ltr" class="s2061957Normal"><span class="s2061957SCL">Source:</span><span xml:space="preserve" class="s2061957SCL-000002"> SL 1990, ch 387, § 1; SDCL § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=22-47-1"><span class="s2061957SCL-000002">22-47-1</span></a><span class="s2061957SCL-000002">; SL 2005, ch 120, § 295.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 37-34 - DEBT ADJUSTING </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2061958Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2061958SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2061958CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2061958Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2061958DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2061958000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2061958SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2061958SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2061958Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=37-34-2"><span class="s2061958SENU">37-34-2</span></a><span xml:space="preserve" class="s2061958SENU">. </span><span class="s2061958CL">Debt adjusting--Misdemeanor.</span></p><p dir="ltr" class="s2061958Normal-000000"><span xml:space="preserve" class="s2061958DefaultParagraphFont">Except as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=37-34-3"><span class="s2061958DefaultParagraphFont">37-34-3</span></a><span class="s2061958DefaultParagraphFont">, no person may engage in the business of debt adjusting. A violation of this section is a Class 2 misdemeanor.</span></p><p dir="ltr" class="s2061958Normal"><span xml:space="preserve" class="s2061958000001"> </span></p><p dir="ltr" class="s2061958Normal"><span class="s2061958SCL">Source:</span><span xml:space="preserve" class="s2061958SCL-000002"> SL 1990, ch 387, § 2; SDCL § 22-47-2; SL 2005, ch 120, § 295.</span></p></div></body></html><br /><hr><br /><html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 37-34 - DEBT ADJUSTING </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2061959Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2061959SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2061959CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2061959Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2061959DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2061959Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2061959000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2061959SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2061959SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2061959Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=37-34-3"><span class="s2061959SENU">37-34-3</span></a><span xml:space="preserve" class="s2061959SENU">. </span><span class="s2061959CL">Exceptions.</span></p><p dir="ltr" class="s2061959Normal-000000"><span xml:space="preserve" class="s2061959DefaultParagraphFont">Section </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=37-34-2"><span class="s2061959DefaultParagraphFont">37-34-2</span></a><span xml:space="preserve" class="s2061959DefaultParagraphFont"> does not apply to:</span></p><p dir="ltr" class="s2061959Normal-000001"><span class="s2061959DefaultParagraphFont">(1)    Debt adjusting incurred incidentally in the lawful practice of law in this state;</span></p><p dir="ltr" class="s2061959Normal-000001"><span class="s2061959DefaultParagraphFont">(2)    Banks and fiduciaries duly authorized and admitted to transact business in this state and performing credit and financial adjusting service in the regular course of their principal business;</span></p><p dir="ltr" class="s2061959Normal-000001"><span class="s2061959DefaultParagraphFont">(3)    Title insurers and abstract companies, while doing an escrow business;</span></p><p dir="ltr" class="s2061959Normal-000001"><span class="s2061959DefaultParagraphFont">(4)    Judicial officers or others acting under court orders;</span></p><p dir="ltr" class="s2061959Normal-000001"><span class="s2061959DefaultParagraphFont">(5)    Nonprofit or charitable corporations or associations engaged in debt adjusting;</span></p><p dir="ltr" class="s2061959Normal-000001"><span class="s2061959DefaultParagraphFont">(6)    Bona fide trade or mercantile associations in the course of arranging adjustments of debts with business establishments;</span></p><p dir="ltr" class="s2061959Normal-000001"><span class="s2061959DefaultParagraphFont">(7)    Employers for their employees;</span></p><p dir="ltr" class="s2061959Normal-000001"><span class="s2061959DefaultParagraphFont">(8)    Any person who, at the request of a debtor, arranges for or makes a loan to the debtor and who, at the authorization of the debtor, acts as an adjuster of the debtor's debts in the disbursement of the proceeds of the loan without compensation for the services rendered in adjusting the debts;</span></p><p dir="ltr" class="s2061959Normal-000001"><span xml:space="preserve" class="s2061959DefaultParagraphFont">(9)    Any person serving as a mediator pursuant to chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-13"><span class="s2061959DefaultParagraphFont">54-13</span></a><span class="s2061959DefaultParagraphFont">; or</span></p><p dir="ltr" class="s2061959Normal-000001"><span class="s2061959DefaultParagraphFont">(10)    Any person who files and maintains with the attorney general a bond to be approved by the attorney general in the penal sum of fifty thousand dollars conditioned for the faithful performance and payment of obligations of such debt adjuster arising in connection with his business as such, and for the payment of all claims for damages for which he may become liable in the course of his business as a debt adjuster.</span></p><p dir="ltr" class="s2061959Normal"><span xml:space="preserve" class="s2061959000002"> </span></p><p dir="ltr" class="s2061959Normal"><span class="s2061959SCL">Source:</span><span xml:space="preserve" class="s2061959SCL-000003"> SL 1990, ch 387, § 3; SL 1991, ch 196; SL 1993, ch 181; SDCL § 22-47-3; SL 2005, ch 120, § 295.</span></p></div></body></html>