South Dakota Codified Laws 58-15-15.6. Insurance policy loan–Permitted interest rates
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Any policy issued on or after July 1, 1982, shall provide for policy loan interest rates through a provision permitting a maximum interest rate of not more than eight percent per annum or a provision permitting an adjustable maximum interest rate established from time to time by the life insurer, as permitted by law.
Terms Used In South Dakota Codified Laws 58-15-15.6
- 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, § 3.