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The State of South Dakota considers anyone engaged in the business of lending money, including creating and holding or purchasing or acquiring retail installment contracts, to be a Money Lender and subject to the licensing requirements of South Dakota Codified Law (SDCL) 54-4.
Payday and title lenders are also licensed as Money Lenders under SDCL 54-4. The Money Lender License Application can be submitted through the Nationwide Multistate Licensing System & Registry (NMLS).
The NMLS website provides step-by-step instructions on how to access the system, guides on how to complete the MU forms, each state's transition plans and requirements, tutorials, current and future participating states, system alerts, system processing fees and general background information.
Industrial Hemp Guidance
On Feb. 9, 2021, the Division of Banking offered guidance on Industrial Hemp. Read the guidance.
Original Guidance on Initiated Measure 21
On Nov. 14, 2016, the Division of Banking also offered guidance on Initiated Measure 21. Read the original guidance . . .
Find a summary of Initiated Measure 21 (IM 21) which was approved by voters on Nov. 8, 2016 and related guidance from the Division of Banking.
Requirements for Licensure
Renewal of License
Laws and Rules
List of Current Licensees
The following forms are available in Adobe PDF format unless otherwise indicated.
Exempt Lender Annual Reporting Form
Non-Profit Money Lender Registration Application Form
Non-Profit Money Lender Renewal Registration Application (Renewal period begins Nov. 1–Dec. 31.)
Quarterly Reporting of Money Lending Activity: The Division will send quarterly requests for all licensees to report their money lending activity in South Dakota. After responses to the quarterly requests are received, the Division may send supplemental requests for account level data using the Uniform Loan Transaction Request (ULTR). ULTR is a standard information request used for quarterly reviews and examination planning.
Uniform Loan Transaction Request (Microsoft Excel) The uniform loan transaction request is a standard set of field names and definitions for consumer finance examiners to use when collecting loan lists from consumer finance companies. The standard is limited to field names and definitions. It does not specify how often or by what method the data will be collected. Multiple collection methods and frequencies are compatible with the data standard, so long as data collection is limited to the fields and definitions contained in the standard.
Money Lender Quarterly Report Schedule: Report is due within 14 days after the quarter end. The ULTR, if required, is due 45 days after quarter end.
Money Lender Quarterly Report Schedule
Notification Date Money Lender
Quarterly Report Due
Q1 Data (Jan. 1 – March 31) April 7 April 14 May 14 Q2 Data (April 1 – June 30) July 7 July 14 Aug. 14 Q3 Data (July 1 – Sept. 30) Oct. 7 Oct. 14 Nov. 14 Q4 Data (Oct. 1 – Dec. 31) Jan. 7 Jan. 14 Feb. 14
Please note: Any changes to application data, such as change of address, contact person, ownership, etc. must be reported to the Division of Banking via an amendment on the application form.
Laws and Rules
South Dakota Codified Law (SDCL) 54-4 on Money Lending Licenses
Administrative Rules of South Dakota (ARSD) Chapter 20:07:20 on Money Lending Licensees
U.S. Department of Defense Rule on Military Lending (in Adobe .pdf format*)
Consumer Finance Protection Bureau