S.D. Admin. R. 64:06:02:50

Current through Register Vol. 51, page 70, December 27, 2024

Section 64:06:02:50 - Pawnbrokers

As used in this section, "pawnbroker" means a person who is primarily engaged in the business of lending money and who accepts tangible personal property or any product transferred electronically as security for the loan. If the property is redeemed within a specified time, sales tax applies to any commission, storage fees, or other similar charges made by the pawnbroker. If payment is not made within the specified time, the property is forfeited to the pawnbroker, to whom title to the property passes. If the pawn broker thereafter sells the property at retail, the gross receipts are subject to sales tax.

S.D. Admin. R. 64:06:02:50

SL 1975, ch 16, § 1; 13 SDR 129, 13 SDR 134, effective 7/1/1987; 15 SDR 58, effective 10/19/1988; 21 SDR 219, effective 7/1/1995; 22 SDR 6, effective 7/23/1995; 22 SDR 43, effective 10/1/1995; 35 SDR 48, effective 9/8/2008.

General Authority: SDCL 10-45-47.1.

Law Implemented: SDCL 10-45-2, 10-45-2.4, 10-45-12.1.