54-4-70. Title loans to be evidenced by written agreement--Possession of certification of title--Application of statutes on secured transactions.
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/sd/title-54/chapter-54-4/54-4-70A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A title loan shall be evidenced by a written agreement in which a title lender agrees to make a title loan to a debtor and the debtor agrees to give the title lender a security interest in a motor vehicle owned by the debtor. The debtor shall give the title lender possession of the certificate of title to such motor vehicle. Except as otherwise provided in this chapter, the provisions of chapter 57A-9 apply to title loans and to persons engaged in the business of making title loans.