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Can you summarize SDCL Chapter 54-11?
DEBTOR AND CREDITOR > Credit Cards And Revolving Charge Accounts
Short Summary
The provided legal document content pertains to credit cards and revolving charge accounts. It states that a credit card issuer has the right to change the terms of a credit card agreement if such right of amendment has been reserved. The credit card issuer must provide notice of the change and the right to reject it in accordance with 12 C.F.R. 1026. No changes can be made that are specifically prohibited by 12 C.F.R. 1026. The document also mentions that the use of a credit card or the issuance of a credit card agreement, along with the expiration of thirty days from the date of issuance without written notice to cancel the account, creates a binding contract between the card holder and the card issuer. It further states that no credit card shall be issued unless requested, and a person who has not solicited or utilized an unsolicited credit card shall not be liable for its misuse by others. The document defines a credit card as any card or device used for obtaining credit and includes the privilege of using a credit card for purchasing consumer goods or services. It also mentions that a charge may be made in each billing cycle based on the average daily balance or unpaid balance of the account. The document defines a revolving charge account as an arrangement that allows the purchaser or user of services to use a credit card for purchasing consumer goods or services, with an interest charge periodically imposed. The document does not mention any specific penalties or exemptions.
Whom does it apply to?
Credit card issuers, credit card holders, and persons involved in revolving charge account arrangements
What does it govern?
Credit Cards And Revolving Charge Accounts
What are exemptions?
Revolving loan account arrangements made by a bank pursuant to 51A-12-12
What are the Penalties?
No specific penalties mentioned
Jurisdiction
South Dakota