South Dakota Title Loan Laws
If you wish to apply for a title loan in the state, there are many lenders who offer these loans. You can go online to apply for a loan. You will need to supply some basic information such as your name, address, and zip code. You will need to know information about your vehicle, including the make, model, and year. Some lenders require you to include the VIN number of your car. When you submit your application, a representative from the company will contact you to finalize your loan. You will need to take your car to the lender where they will inspect it. You will then be able to leave with your money. Lenders are required to follow the title loan laws in South Dakota.
South Dakota Repossession Laws
If you do not make payments, the lender can seize your vehicle. When you obtained the loan, you signed an agreement stating that your vehicle will be used as collateral. South Dakota title loan repossession laws are in place to help you if you are faced with repossession. If this is a possibility, you do have rights under the South Dakota repossession laws.
- Repossession agents cannot enter your home without your permission to take your vehicle.
- Repossession agents in South Dakota cannot use violence in any form to attempt to seize your car.
- Agents are not permitted to mislead you or trick you in any way into giving them your vehicle.
- Lenders are not required to notify you before they repossess your vehicle.
- Lenders are required to mail you a notice stating how you can retrieve your vehicle.
- You have the right to get your vehicle back once you satisfy the necessary requirements.
- You will be notified of when you need to redeem your car before it is sold at an auction.
- Lenders have the right to make you to pay off the entire balance before you can get your vehicle back.
- Bankruptcy cannot keep your vehicle from being repossessed.
- You have the right to retrieve any personal property that you might have in the vehicle.
- Lenders can sell your vehicle at an auction if you do not pay by the appropriate time.
- You will receive notice stating what your vehicle was sold for.
- The amount the vehicle was sold for will be used to pay off your loan.
- You will receive any remaining balance after your loan is paid.
Interest Rate Cap
South Dakotans for responsible lending started an initiative to get interest rates capped on title loans in the state. This group was trying to get the interest rate on a title loan capped at 36%. This would be a huge step to combat predatory lending. In 2016, Measure 21 was placed on South Dakota ballots which would limit the rate title loan lenders can charge. This includes interest rate, fees, and any other charges.
Ethics for Lawmakers in South Dakota
The state passed Initiated Measure 22 that created a public finance system for state elections and restricting the gifts legislators can receive from lobbyists. IM-22 can hold lawmakers accountable, so that they follow the laws of ethics in the state. This is called an anti-corruption act, and it can help with restrictions on title loans as well.
South Dakota Initiated Measure 23
The South Dakota IM-23 law allows corporate organizations and nonprofit organizations the right to charge a fee for anything that was provided. It permits individuals who have chosen not to belong to unions and make them pay fees to those unions.
South Dakota title loan laws are in place to protect consumers from predatory lending. Before you apply for a title loan in South Dakota, know the title loan rules in South Dakota. You can then take advantage of responsible lending, and you can get some relief from your debt problems.
Title Loan Laws in South Dakota
South Dakota title loan laws state that title loans are normally for less than 30 days. They can be renewed for 4 times. South Dakota title loan laws say that the loan can be renewed up to 4 times. After you have renewed the loan for times, you must by 10% of the loan plus fees and interest. There is no maximum amount that lenders can give you for a loan. Title loan rules in South Dakota say that you must have a title free from liens to obtain a title loan.