51A-12-12. Revolving credit authorized.
97 words·~1 min read·
/sd/title-51/chapter-51-12/51a-12-12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A bank may extend credit and collect a credit service charge through a revolving loan account arrangement with a debtor which permits the debtor to obtain loans from time to time by cash advances, by the purchase or satisfaction by the bank of obligations of the debtor incurred pursuant to a credit transaction, or otherwise under a credit card, check-credit, overdraft checking or other similar credit plan. A revolving loan account arrangement between a bank located in the State of South Dakota and a debtor shall be governed by the laws of the State of South Dakota.