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Creditor and Debtor

Creditor and debtor law includes the rights and obligations of (1) creditors who extend credit and make loans to consumers and businesses and (2) consumers and businesses who seek credit and loans for their personal and business finances. Creditor/debtor law consists primarily of state and federal statutes.

In South Dakota, creditor and debtor law is governed by both state statutes and federal laws that outline the rights and obligations of creditors and debtors. Creditors, such as banks and lending institutions, are regulated in their practices of extending credit and making loans to consumers and businesses. This includes adherence to the South Dakota Codified Laws (SDCL) which cover contracts, usury laws limiting interest rates, and procedures for debt collection. Debtors, on the other hand, are individuals or businesses seeking credit for personal or commercial purposes, and they are protected under laws such as the Fair Debt Collection Practices Act (FDCPA) at the federal level, which prohibits abusive debt collection practices. Additionally, the South Dakota Consumer Protection Act provides safeguards against deceptive and unfair business practices. Both creditors and debtors must navigate these laws to ensure compliance and protect their respective rights in financial transactions.

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Creditor and Debtor

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South-Dakota State Code

South-Dakota State Code

Creditor and Debtor

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