58-15-15.7. Insurance policy loan--Allowable rate under adjustable maximum interest rate.
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/sd/title-58/chapter-58-15/58-15-15-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The rate of interest charged on a policy loan made under an adjustable maximum interest rate may not exceed the higher of the "published monthly average" for the calendar month ending two months before the date on which the rate is determined or the rate used to compute the cash surrender values under the policy during the applicable period plus one percent per year. If the maximum rate of interest is determined pursuant to § 58-15-15.6 as an adjustable maximum rate, the policy shall contain a provision setting forth the frequency at which the rate is to be determined for that policy.