South Dakota Collection Agency
AAB is a South Dakota commercial collection agency that specializes in commercial debt collection. AAB collects South Dakota commercial debt and here are some facts to consider when you are selecting a South Dakota collection agency.
AAB covers all of South Dakota or SD and our collection agency handles commercial South Dakota debtors in Brookings, Rapid City, Sioux Falls, Watertown and other cities in South Dakota.
South Dakota basically does not have a usury rates for credit cards. The rate of interest on credit cards is set by written agreement--No maximum or usury restriction. Other types of loans are regulated according to category in South Dakota.
Below there are summary points on South Dakota regulations and Laws that affect a South Dakota collection agency. These points should be considered when contemplating listing commercial debt for collection with a South Dakota commercial collection agency.
South Dakota Collection Laws
NOTE: The South Dakota commercial collection guidelines below are summary in nature and subject to change. While we make every effort to insure accuracy, the information below should not be considered legal advice or to be one hundred percent accurate. No warranty is expressed or implied and AAB assumes no liability for its use.
South Dakota Collection Interest Rates
South Dakota Legal Rate: South Dakota is unique in many ways. Interest rate limits are set by categories:
Category A rate of interest is 4½ percent per year;
Category B rate of interest is 10 percent per year;
Category C rate of interest is 12 percent per year;
Category D rate of interest is one percent per month or fraction thereof;
Category E rate of interest is 4 percent per year;
Category F rate of interest is 15 percent per year;
Category G rate of interest is five-sixth of one percent per month or fraction the
South Dakota Judgment: 10% or rate agreed upon in the contract. 5% for all
Judgments arising from inverse condemnation actions. Prejudgment interest not recoverable for punitive, future or intangible damages
A South Dakota commercial collection agency can only charge interest at the rates above.
South Dakota Statute of Limitations
South Dakota Contracts (Oral): 6 Years
Written Contract: 6 Years
Judgment: 20 Years
Bad or NSF Check collection charges in South Dakota
South Dakota only allows reasonable costs, providing they do not exceed forty dollars plus any applicable sales tax.
South Dakota Collection Agency Laws
South Dakota State Licensing: Certificate of Authority Required
Agency Bond: Not Required
State Fees: $10 to $750
Information above on commercial collections and the south dakota collection agency laws is provided to help potential clients looking for a commercial collection agency in South Dakota. We encourage potential clients to request a free quote on the commercial solutions offered by our South Dakota Commercial Collection Agency.