South Dakota § 54-4-71 - Term of title loan--Renewal--Payment amounts--Deferred principal amount.
Full text of South Dakota South Dakota Codified Laws § 54-4-71 — Term of title loan--Renewal--Payment amounts--Deferred principal amount., with citation guidance and answers to common questions.
§ 54-4-71. Term of title loan--Renewal--Payment amounts--Deferred principal amount.
Any title loan shall be for an initial term of no more than one month but may be renewed for additional one-month periods. No title loan may be renewed more than four times except as provided in this section. Upon the fifth renewal of a title loan, and through the eighth renewal, the debtor shall make payment of at least ten percent of the original principal amount of the title loan, in addition to any finance charges that are due. If at any renewal requiring a principal reduction, the debtor has not made previous principal reductions adequate to satisfy the current required principal reduction, and the debtor does not pay at least ten percent of the original loan amount, the title lender may either declare the debtor in default or renew the title loan and defer the required principal payment for an additional period. However, no further finance charges may accrue or be earned against the principal amount so deferred. For purposes of this section, a renewal is any extension or continuation of a title loan for an additional period without any change to the title loan or its terms other than a reduction in principal. After the eighth renewal the title loan is due in full and no further finance charges or fees may accrue or be earned.
Source: SL 2006, ch 245, § 13.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 54-4-71
What does South Dakota Codified Laws § 54-4-71 cover?
Section 54-4-71 ("Term of title loan--Renewal--Payment amounts--Deferred principal amount.") 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 § 54-4-71?
A common citation format is "South Dakota Codified Laws § 54-4-71" (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 § 54-4-71 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.