37-34-1. Debt adjusting defined. The term, debt adjusting, means the making of a contract, express or implied, with a debtor whereby the debtor agrees to pay a certain amount of money or other thing of value periodically to the person engaged in the debt-adjusting business who shall, for consideration, distribute the same among certain specified […]
37-34-2. Debt adjusting–Misdemeanor. Except as provided in §37-34-3, no person may engage in the business of debt adjusting. A violation of this section is a Class 2 misdemeanor. Source: SL 1990, ch 387, §2; SDCL §22-47-2; SL 2005, ch 120, §295.
37-34-3. Exceptions. Section 37-34-2 does not apply to: (1)Debt adjusting incurred incidentally in the lawful practice of law in this state; (2)Banks and fiduciaries duly authorized and admitted to transact business in this state and performing credit and financial adjusting service in the regular course of their principal business; (3)Title insurers and abstract companies, while […]
