Section 37-34-2 does not apply to:

(1) Debt adjusting incurred incidentally in the lawful practice of law in this state;

Terms Used In South Dakota Codified Laws 37-34-3

  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2

(2) Banks and fiduciaries duly authorized and admitted to transact business in this state and performing credit and financial adjusting service in the regular course of their principal business;

(3) Title insurers and abstract companies, while doing an escrow business;

(4) Judicial officers or others acting under court orders;

(5) Nonprofit or charitable corporations or associations engaged in debt adjusting;

(6) Bona fide trade or mercantile associations in the course of arranging adjustments of debts with business establishments;

(7) Employers for their employees;

(8) Any person who, at the request of a debtor, arranges for or makes a loan to the debtor and who, at the authorization of the debtor, acts as an adjuster of the debtor’s debts in the disbursement of the proceeds of the loan without compensation for the services rendered in adjusting the debts;

(9) Any person serving as a mediator pursuant to chapter 54-13; or

(10) Any person who files and maintains with the attorney general a bond to be approved by the attorney general in the penal sum of fifty thousand dollars conditioned for the faithful performance and payment of obligations of such debt adjuster arising in connection with his business as such, and for the payment of all claims for damages for which he may become liable in the course of his business as a debt adjuster.

Source: SL 1990, ch 387, § 3; SL 1991, ch 196; SL 1993, ch 181; SDCL § 22-47-3; SL 2005, ch 120, § 295.

  Previous section
Next section  
 Chapter 34 Contents