South Dakota § 54-3A-8 - Rule for computing refund of charges on prepayment.
Full text of South Dakota South Dakota Codified Laws § 54-3A-8 — Rule for computing refund of charges on prepayment., with citation guidance and answers to common questions.
§ 54-3A-8. Rule for computing refund of charges on prepayment.
As used in this chapter, unless the context otherwise requires, "Rule of 78" means a refund of charges which shall be at least as great a proportion of the total charges, as the sum of the remaining monthly balances of principal and interest combined scheduled to follow the date of prepayment bears to the sum of all the monthly balances of principal and interest combined originally scheduled by the loan agreement.
Source: SL 1974, ch 305, § 1 (9).
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 54-3A-8
What does South Dakota Codified Laws § 54-3A-8 cover?
Section 54-3A-8 ("Rule for computing refund of charges on prepayment.") 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 § 54-3A-8?
A common citation format is "South Dakota Codified Laws § 54-3A-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 § 54-3A-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.