South Dakota Commercial Collection Agency
South Dakota, like other states, has statute of limitations and various other laws that help determine a deadline when it comes to filing a lawsuit or other civil actions. This page will provide information related to South Dakota including: state economy, unemployment rate, state debt and statute of limitations. All information included is provided by recent case studies or other credible resources.
Statute of limitation laws are mandatory time limits that the legal system put into place to provide a general fairness and practicality when it comes to filing a lawsuit. South Dakota’s statute of limitations can range from two to 20 years depending on the nature of the lawsuit. (FindLaw.com)
In January 2014, it was reported that South Dakota had a state debt of roughly $7.7 billion. The state debt per capita was $9,249. This state debt was determined after reviewing four components: market-valued unfunded public pension liabilities, outstanding government debt, unfunded other post-employment benefit liabilities and outstanding unemployment trust fund loans.
That same year, a large portion of South Dakota residents earned incomes that were 400 percent of the federal poverty level. The median annual household income was $50,488, the second lowest among surrounding states. The unemployment rate was 3.4 percent, lower than the national average at the time. (Ballotpedia.org)
In 2015, South Dakota was named the 5th best in the country in “taxpayer surplus,” a term used when states have a sufficient resource to pay their debt and how much each taxpayer would receive if the state disbursed their excess funds. In 2015, South Dakota had a taxpayer surplus of $4,000. (Ballotpedia.org)
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within South Dakota’s collection laws whether that means staying up to date on collection licenses, industry news, and economy data within the state.
Check Laws by Cities in South Dakota
SUMMARY OF SOUTH DAKOTA COLLECTION LAWS*
INTEREST RATE
Legal: 12% – Judgment 10%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 6 – Sale of Goods 4 – Written Contract 6 – Domestic Judgment 10 renewable for 10 – Foreign Judgment 10
BAD CHECK LAWS (CIVIL PENALTY)
N/A
GENERAL GARNISHMENT EXEMPTIONS
20% of the individuals disposable earnings for a continuing lien
* These are not comprehensive statutes and therefore PSICollect.com and Prestige Services, Inc. disclaims any liability resulting from reliance by any party upon the legality and accuracy of the contents thereof.
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