SD MLO Practice Questions - South Dakota Mortgage Loan Originator Exam

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South Dakota is notable in the banking industry for its position on usury laws. What is distinctive about South Dakota's approach?

South Dakota has the strictest usury laws in the nation South Dakota has no general usury cap, making it a banking-friendly state South Dakota caps interest rates at 5% South Dakota prohibits all interest charges

Correct Answer:

South Dakota has no general usury cap, making it a banking-friendly state

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