(last updated 01/02/2018)
South Dakota Payday Loan Laws and Regulations in (SD)
Payday loans and cash advances are legal in South Dakota. The South Dakota Department of Labor and Regulation has been regulating Payday Loans and Cash Advances since 1998. As of 09/17/2014 there were 229 licensed lenders and 398 licensed locations in South Dakota.
The maximum payday loan allowed in South Dakota is $500. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is not specified. The maximum permissible fees allowed in South Dakota is not limited. The cooling off or waiting period for obtaining another loan is 0 days. The number of rollovers that are permitted is 4, borrower can renew, rollover, or flip the loan if outstanding fees are paid. The minimum loan term is not specified. The maximum loan term is not specified, any loan term the lender offers is acceptable.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in South Dakota, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the South Dakota Department of Labor and Regulation.
The following classes of lending organizations may be exempt from some, all, or none of the regulations set by the state of South Dakota. Federally chartered banks, state chartered banks, credit unions and some entities organized by the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.