Marcia Hultman

Cabinet Secretary

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Money Lenders

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 is available in Adobe PDF format at the link below under Forms. All application materials must be one-sided documents. Additionally, a money lender 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.

New! Additional Guidance on Initiated Measure 21

All South Dakota money lenders licensed pursuant to the provisions of South Dakota Codified Law (SDCL) 54-4 are required to comply with the provisions of Initiated Measure 21 (IM 21), which includes a 36 percent rate limit.
Read more . . .

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.

Exempt Lender Annual Reporting Form

Money Lender Application Form

Money Lender Bond Form

Money Lender Renewal License Application (only available during renewal period of Nov. 1 through Dec. 31)

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*)