South Dakota § 54-1-8 - Open account--Notice of interest rate increase.
Full text of South Dakota South Dakota Codified Laws § 54-1-8 — Open account--Notice of interest rate increase., with citation guidance and answers to common questions.
§ 54-1-8. Open account--Notice of interest rate increase.
Prior to increasing interest rates on open accounts, a creditor shall notify all customers having open accounts thirty days in advance of the increase. The notification shall clearly state the new interest rate, the effective date of the new interest rate and that the customer either may continue to pay the account in installments at the existing rate without further use of the account after the effective date of the new rate, or the customer may continue to use the account after the effective date of the rate increase with the unpaid outstanding balance on that date and all subsequent purchases or use of the account subject to the increased rate. Use of the account after the effective date of the interest rate increase is deemed to be an acceptance of the increased rate by the customer.
Source: SL 1982, ch 340, § 3.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 54-1-8
What does South Dakota Codified Laws § 54-1-8 cover?
Section 54-1-8 ("Open account--Notice of interest rate increase.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 54-1-8?
A common citation format is "South Dakota Codified Laws § 54-1-8" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 54-1-8 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.