South Dakota Codified Laws 54-3A-7. Modification of agreement to increase outstanding obligation prohibited–Exception
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Except as provided in this section, no creditor shall modify the terms of any agreement with a consumer with respect to any outstanding obligation of the consumer, which results in an increase of the rate of the finance or other charges or an increase in the amount of an installment or periodic payment due, or which otherwise adversely affects the interest of the consumer. A modification agreed to by the parties which applies to obligations incurred by the consumer after the agreement for modification is permissible.
Terms Used In South Dakota Codified Laws 54-3A-7
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Source: SL 1974, ch 305, § 6.