South Dakota money lender licensees should be prepared to file their quarterly reports with the South Dakota Division of Banking in the next few weeks. The division will send an email to licensees with a link to the online report form. Licensees will have two weeks from the date of the email to respond.
The division changed the reporting requirements for South Dakota money lender licensees earlier this year. Historically, licensees filed annual reports comprising 95 questions, which the division acknowledged “captured too much information.” The new quarterly report asks only 11 questions, of which five confirm basic company information and six cover activity data.
After reviewing submitted reports, the division may send supplemental requests for account-level data using the uniform loan transaction request, which is a standard information request that the division uses for quarterly reviews and examination planning.