No person may engage in any device, subterfuge, or pretense to evade the requirements of § 54-4-44, including, but not limited to, making loans disguised as a personal property sale and leaseback transaction; disguising loan proceeds as a cash rebate for the pretextual installment sale of goods or services; or making, offering, assisting, or arranging a debtor to obtain a loan with a greater rate of interest, consideration, or charge than is permitted by this chapter through any method including mail, telephone, internet, or any electronic means regardless of whether the person has a physical location in the state. Notwithstanding any other provision of this chapter, a violation of this section is subject to the penalties in § 54-4-44.
S.D. Codified Laws § 54-4-44.1
Device, subterfuge, or pretense to evade maximum finance charge prohibited--Penalties
Applied in 1 court decision — leading case Dollar Loan Ctr. of S.D., LLC v. Afdahl (2018)
Most recently applied in Dollar Loan Ctr. of S.D., LLC v. Afdahl (May 2018)
Source: SL 2017, ch 221 (Initiated Measure 21), § 3, eff
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.