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Code · South Dakota · Title 54 · Chapter 54-4

54-4-60. Purchase of insurance not condition to receive loan.

69 words·~1 min read·/sd/title-54/chapter-54-4/54-4-60

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A licensee may sell insurance to anyone with whom the licensee has a lending relationship. However, the licensee may not require the debtor to purchase the insurance from the licensee or any affiliate as a condition of the loan. The licensee may not require a borrower to purchase credit life insurance or any other life or health insurance as a condition of receiving the loan or as additional security.
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