<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 58-15-15.8 - Insurance policy loan--Determination of interest under adjustable maximum interest rate. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2074754Normal { 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.s2074754SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074754CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2074754Normal-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.s2074754DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074754DefaultParagraphFont-000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074754000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2074754SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2074754SCL-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="s2074754Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-15.8"><span class="s2074754SENU">58-15-15.8</span></a><span xml:space="preserve" class="s2074754SENU">. </span><span class="s2074754CL">Insurance policy loan--Determination of interest under adjustable maximum interest rate.</span></p><p dir="ltr" class="s2074754Normal-000000"><span class="s2074754DefaultParagraphFont">The maximum rate of interest for each policy shall be determined at regular intervals at least once every twelve months, but not more frequently than once in any three</span><span class="s2074754DefaultParagraphFont-000001">-</span><span class="s2074754DefaultParagraphFont">month period. At the intervals specified in the policy, the rate being charged may be increased whenever such increase as determined under an adjustable maximum interest rate would increase that rate by one</span><span class="s2074754DefaultParagraphFont-000001">-</span><span xml:space="preserve" class="s2074754DefaultParagraphFont">half percent or more per year. The rate being charged must be reduced whenever such reduction as determined under § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=58-15-15.7"><span class="s2074754DefaultParagraphFont">58-15-15.7</span></a><span xml:space="preserve" class="s2074754DefaultParagraphFont"> would decrease that rate by one</span><span class="s2074754DefaultParagraphFont-000001">-</span><span class="s2074754DefaultParagraphFont">half percent or more per year.</span></p><p dir="ltr" class="s2074754Normal"><span xml:space="preserve" class="s2074754000002"> </span></p><p dir="ltr" class="s2074754Normal"><span class="s2074754SCL">Source:</span><span xml:space="preserve" class="s2074754SCL-000003"> SL 1982, ch 358, § 5.</span></p></div></body></html>