South Dakota Codified Laws 58-15-15.8. Insurance policy loan–Determination of interest under adjustable maximum interest rate
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The maximum rate of interest for each policy shall be determined at regular intervals at least once every twelve months, but not more frequently than once in any three–month period. At the intervals specified in the policy, the rate being charged may be increased whenever such increase as determined under an adjustable maximum interest rate would increase that rate by one–half percent or more per year. The rate being charged must be reduced whenever such reduction as determined under § 58-15-15.7 would decrease that rate by one–half percent or more per year.
Terms Used In South Dakota Codified Laws 58-15-15.8
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
Source: SL 1982, ch 358, § 5.