South Dakota § 54-12-20 - Reverse mortgage defined.
Full text of South Dakota South Dakota Codified Laws § 54-12-20 — Reverse mortgage defined., with citation guidance and answers to common questions.
§ 54-12-20. Reverse mortgage defined.
For the purposes of this chapter, a reverse mortgage is any nonrecourse loan secured by real property that:
(1) Provides cash advances to a borrower based on the equity in a borrower's owner occupied principal residence;
(2) Requires no payment of principal or interest until the entire loan becomes due and payable; and
(3) Is made by any lender authorized to engage in business as a bank savings institution, mortgage company, or credit union under the laws of the United States or of South Dakota, or another lender authorized to make reverse mortgage loans by the Division of Banking.
Source: SL 1997, ch 276, § 1.
Frequently Asked Questions About South Dakota § 54-12-20
What does South Dakota Codified Laws § 54-12-20 cover?
Section 54-12-20 ("Reverse mortgage defined.") 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 § 54-12-20?
A common citation format is "South Dakota Codified Laws § 54-12-20" (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 § 54-12-20 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.