South Dakota Codified Laws 58-15-15.11. Insurance policy loan–Provisions of statutes required in policies
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The substance of the pertinent provisions of §§ 58-15-15.6 and 58-15-15.7 regarding the adjustable maximum interest rate shall be set forth in the policies to which they apply.
Terms Used In South Dakota Codified Laws 58-15-15.11
- 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
Source: SL 1982, ch 358, § 8.