Section 51A-12-12 - Revolving credit authorized. - South Dakota Statutes

51A-12-12. Revolving credit authorized. 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 card, 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.

Source: SL 1969, ch 11, § 10.8; SL 1981, ch 346, § 58; SL 1987, ch 360, § 1; SL 1988, ch 377, § 151; SDCL, § 51-24-12.