S.D. Codified Laws § 51A-12-13

Current through the 2024 Legislative Session

Section 51A-12-13 - Collection of certain credit service charges by bank

Notwithstanding any other provisions of law, a bank may contract for and collect the following credit service charges in connection with the extensions of credit made pursuant to § 51A-12-12, in an amount agreed to by the bank and the debtor either initially or pursuant to a change in terms authorized in § 54-11-12:

(1) Membership fees, whether assessed on an annual or other periodic basis;

(2) Transaction fees;

(3) Interest charges permitted by § 54-3-1.1;

(4) Charges for exceeding a designated credit limit;

(5) Charges for stopping payment;

(6) Charges for each return of a dishonored check, negotiable order of withdrawal or draft; and

(7) Other charges made in connection with the revolving loan or charge account arrangement.

All of the fees and charges permitted by this section shall be deemed interest. No fee, expense or other charge whatsoever may be taken or received by a bank under a revolving loan or charge account arrangement except as provided in this section.

SDCL 51A-12-13

SL 1987, ch 360, § 2; SDCL, § 51-24-12.1; SL 2021, ch 204, §6.

Amended by S.L. 2021, ch. 204,s. 6, eff. 7/1/2021.