<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 54-4-36 - Definition of terms. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072213Normal { 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.s2072213SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072213CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072213Normal-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.s2072213DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072213Normal-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.s2072213000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072213SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072213SCL-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="s2072213Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-4-36"><span class="s2072213SENU">54-4-36</span></a><span xml:space="preserve" class="s2072213SENU">. </span><span class="s2072213CL">Definition of terms.</span></p><p dir="ltr" class="s2072213Normal-000000"><span class="s2072213DefaultParagraphFont">Terms used in this chapter mean:</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(1)    "Advertisement," a commercial message in any medium that aids, promotes, or assists, directly or indirectly, the sale of products or services;</span></p><p dir="ltr" class="s2072213Normal-000001"><span xml:space="preserve" class="s2072213DefaultParagraphFont">(2)    "Business of lending money," includes the originating, selling, servicing, acquiring, or purchasing of any loan involving a borrower who is a person other than a family member, or the servicing, acquiring, or purchasing of a retail installment contract a party to which is a person other than a family member. The term does not include any seller-financed transaction for the sale of assets to a purchaser or any seller-financed transaction for the sale of real estate through a contract for deed so long as the interest rate for the transaction does not exceed the rate permitted under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-4-44"><span class="s2072213DefaultParagraphFont">54-4-44</span></a><span class="s2072213DefaultParagraphFont">;</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(3)    "Commission," the State Banking Commission;</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(4)    "Director," the director of the Division of Banking of the Department of Labor and Regulation;</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(5)    "Division," the Division of Banking;</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(6)    "Duration," the time a loan exists before it is paid off, renewed, rolled over, or flipped;</span></p><p dir="ltr" class="s2072213Normal-000001"><span xml:space="preserve" class="s2072213DefaultParagraphFont">(7)    "Family member," includes an immediate family member as the term is defined in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-12"><span class="s2072213DefaultParagraphFont">54-14-12</span></a><span xml:space="preserve" class="s2072213DefaultParagraphFont"> that includes any descendant of a person's grandparents and any descendant of a person's spouse's grandparents;</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(8)    "Finance charge," the amount, however denominated, that is the direct or indirect cost payable by a borrower for a loan;</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(9)    "Installment loan," a loan made to be repaid in specified amounts over a certain number of months;</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(10)    "License," a license provided by this chapter;</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(11)    "Installment loan contract" or "contract," an agreement evidencing an installment loan transaction;</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(12)    "Licensee," any person holding a license;</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(13)    "Loan," any installment loan, single pay loan, or open-end loan which may be unsecured or secured by real or personal property. The term does not include an installment sales contract as defined under subdivision 54-3A-1(6);</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(14)    "Nationwide mortgage licensing system and registry," a licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators and other regulated entities;</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(15)    "Payday loan," any short-maturity loan on the security of a check, any assignment of an interest in the account of a person at a depository institution, any authorization to debit the person's deposit account, any assignment of salary or wages payable to a person. A short-maturity loan made in anticipation of an income tax refund is not a payday loan for purposes of this chapter;</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(16)    "Regional revolving loan fund," a regional revolving loan fund with a service area of at least five South Dakota counties, a designated staff for loan processing and servicing, a loan portfolio of at least one million dollars, and that is governed by a board of directors that meets at least quarterly;</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(17)    "Short-term consumer loan," any loan to any individual borrower with a duration of six months or less, including a payday loan. A title loan is not a short-term consumer loan for purposes of this chapter;</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(18)    "Title lender," a regulated lender authorized pursuant to this chapter to make title loans;</span></p><p dir="ltr" class="s2072213Normal-000001"><span class="s2072213DefaultParagraphFont">(19)    "Title loan," a loan for a debtor that is secured by a nonpurchase money security interest in a motor vehicle and that is scheduled to be repaid in a single installment.</span></p><p dir="ltr" class="s2072213Normal"><span xml:space="preserve" class="s2072213000002"> </span></p><p dir="ltr" class="s2072213Normal"><span class="s2072213SCL">Source:</span><span xml:space="preserve" class="s2072213SCL-000003"> SL 1998, ch 280, § 1; SL 2004, ch 17, § 305; SL 2004, ch 291, § 1; SL 2005, ch 257, § 5; SL 2006, ch 245, § 1; SL 2011, ch 1 (Ex. Ord. </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=11-1"><span class="s2072213SCL-000003">11-1</span></a><span class="s2072213SCL-000003">), § 162, eff. Apr. 12, 2011; SL 2015, ch 242, § 1; SL 2017, ch 205, § 1; SL 2018, ch 271, § 1.</span></p></div></body></html>