§ 54-3-1 Interest defined
§ 54-3-1.1 Rate of interest set by written agreement–No maximum or usury restriction
§ 54-3-2 Loan of money–Presumption as to interest
§ 54-3-3 Annual rate of interest where not specified
§ 54-3-4 Maximum rate of interest where no rate specified–Commencement where date not specified
§ 54-3-5 Interest on moneys after they become due–Exception for express contracts or interest rate on bill, statement, or invoice–Limitation on interest rate
§ 54-3-5.1 Interest on judgments, statutory liens and inverse condemnations
§ 54-3-6 Legal rate of interest stipulated by contract after breach
§ 54-3-8 Interest on loan–Advance deduction
§ 54-3-13 Regulated lenders exempt from interest rate limitations and usury statutes
§ 54-3-14 Regulated lenders defined
§ 54-3-15 Exemption from federal preemption of state usury laws
§ 54-3-16 Official state interest rates
§ 54-3-17 Recommendations for amendment of official rates
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Terms Used In South Dakota Codified Laws > Title 54 > Chapter 3 - Interest and Usury

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Forbearance: A means of handling a delinquent loan. A
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2