A bank may extend credit and collect a credit service charge through a revolving loan account arrangement with a debtor which permits the debtor to obtain loans from time to time by cash advances, by the purchase or satisfaction by the bank of obligations of the debtor incurred pursuant to a credit transaction, or otherwise under a credit card, check-credit, overdraft checking or other similar credit plan. A revolving loan account arrangement between a bank located in the State of South Dakota and a debtor shall be governed by the laws of the State of South Dakota.
S.D. Codified Laws § 51A-12-12
Revolving credit authorized
Applied in 1 court decision — leading case Werner v. Norwest Bank South Dakota, N.A. (1993)
Most recently applied in Werner v. Norwest Bank South Dakota, N.A. (April 1993)
Source: SL 1969, ch 11, § 10.8; SL 1981, ch 346, § 58; SL 1987, ch 360, § 1; SL 1988, ch 377, § 151; SDCL § 51-24-12; SL 2014, ch 227, § 1.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.