South Dakota Division of Banking · SD
Dollar Loan Center order and limited stay issued by the Division of Banking. (limited stay)
September 28, 2017
Summary
The South Dakota Division of Banking issued a limited stay of its cease-and-desist and license revocation order against Dollar Loan Center, allowing the company to continue servicing loans originated before November 16, 2016, provided it complies with state law and submits detailed loan and payment reports. The order imposes ongoing monthly reporting obligations and requires immediate documentation of all unpaid loans.
South Dakota Department of Labor and Regulation Division of Banking
IN THE MATTER OF: Order No. 2017-2
Dollar Loan Center of South Dakota, LLC DBA Dollar Loan Center MYL No. 2840 8860 W Sunset Road Suite 100 Las Vegas, NV 89148
LIMITED STAY
The Director of the South Dakota Division of Banking (“Division”), having previously determined that Dollar Loan Center of South Dakota, LLC has engaged in, or is engaging in, or is about to engage in, acts or practices constituting violations of state and federal law and applicable regulations, entered a CEASE AND DESIST AND LICENSE REVOCATION ORDER, (Order No. 2017-2), dated September 13, 2017, which is incorporated herein by this reference. The Director hereby enters the following LIMITED STAY of Order No. 2017-2.
It is hereby:
ORDERED that Dollar Loan Center of South Dakota, LLC may service any loans originated by Dollar Loan Center of South Dakota, LLC prior to November 16, 2016 so long as the servicing of those loans does not violate SDCL Chapter 54-4; it is further
ORDERED that Dollar Loan Center of South Dakota, LLC is required to provide the following documents within twenty-one (21) days from the date of this Limited Stay:
A listing of unpaid loans originated prior to November 16, 2016, identifying whether those loans have been turned over to a third party for collection or if a civil action for collection has been commenced.
A listing of unpaid loans originated prior to November 16, 2016, including the name of the borrower, origination date, loan term, payment frequency, payment amount, interest rate, unpaid late charges, maturity date, unpaid balance, unpaid interest, and number of days past due, if any; it is further
ORDERED that Dollar Loan Center of South Dakota, LLC is required to provide to the Division no later than the close of business on the 3rd Monday of each month from the date of this Limited Stay forward a detailed payment report showing all loan payments received by Dollar Loan Center of South Dakota, LLC during the preceding month. The Report shall include, at a minimum, the borrower name, payment due date, payment date, payment amount, principal paid, interest paid, and fees paid.
Source: https://dlr.sd.gov/banking/legal/documents/dlc_limited_stay_certificate_of_service_092817.pdf
Common questions
- What does "Dollar Loan Center order and limited stay issued by the Division of Banking. (limited stay)" cover?
- The South Dakota Division of Banking issued a limited stay of its cease-and-desist and license revocation order against Dollar Loan Center, allowing the…
- Which agency issued this update?
- This update was issued by South Dakota Division of Banking.
- When was it published?
- It was published on September 28, 2017.
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