S.D. Admin. R. 20:07:03:09

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:07:03:09 - Accounting for late payments - Installment note and conditional sales contract with acceleration clause

When installment notes or conditional sales contracts which contain an acceleration clause are delinquent one installment, only the amount of the delinquent payments shall be considered as past due when other information indicates that the maker expects to perform the contract.

S.D. Admin. R. 20:07:03:09

SL 1975, ch 16, § 1; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 51A-2-13.

Law Implemented: SDCL 51A-2-15.