State Codes and Statutes
Statutes > South-dakota > Title-54 > Chapter-04 > Statute-54-4-3654-4-36. Definition of terms. Terms used in this chapter mean:
(1) "Advertisement," a commercial message in any medium that aids, promotes, or assists, directly or indirectly, the sale of products or services;
(2) "Commission," the State Banking Commission;
(3) "Director," the director of the Division of Banking of the Department of Revenue and Regulation;
(4) "Division," the Division of Banking;
(5) "Finance charge," the amount, however denominated, which is the direct or indirect cost payable by a borrower for a loan;
(6) "Financing institutions," any person engaged in the business of creating and holding or purchasing or acquiring retail installment contracts;
(7) "Installment loan," a loan made to be repaid in specified amounts over a certain number of months;
(8) "License," a license provided by this chapter;
(9) "Installment loan contract" or "contract," an agreement evidencing a installment loan transaction;
(10) "Licensee," any person holding a license;
(11) "Loan," any installment loan, single pay loan, or open-end loan which may be unsecured or secured by real or personal property;
(12) "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;
(13) "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 which is governed by a board of directors that meets at least quarterly;
(14) "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;
(15) "Title lender," a regulated lender authorized pursuant to this chapter to make title loans; and
(16) "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.
Source: 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.
