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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 115449
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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How do i form a lending company that gives personal loans in

Customer Question

how do i form a lending company that gives personal loans in south dakotah?
Submitted: 1 year ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Under South Dakota law, no matter what you lend or how much, the State of South Dakota considers anyone engaged in the business of lending money, including creating and holding or purchasing or acquiring retail installment contracts, to be a Money Lender and subject to the licensing requirements of South Dakota Codified Law (SDCL) 54-4. So you have to apply to SD for a money lender license (https://www.state.sd.us/eforms/secure/eforms/E0062V4-MoneyLendingLicenseApplication.pdf) and file a bond (https://www.state.sd.us/eforms/secure/eforms/E2099V2-MoneyLendingBond.pdf).
Here is the SD law: http://legis.sd.gov/statutes/DisplayStatute.aspx?Type=Statute&Statute=54-4
and also: http://legis.sd.gov/rules/DisplayRule.aspx?Rule=20:07:20
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