Dept. of Labor warns of unlicensed money lenders - KSFY News - Sioux Falls, SD News, Weather, Sports

Dept. of Labor warns of unlicensed money lenders

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The South Dakota Department of Labor and Regulation is warning about unlicensed money lenders after numerous consumer complaints.

The Department of Labor says the complaints stem from unlicensed money lenders online and in person.  

"Consumer inquiries and complaints about money lenders have recently spiked," State Labor and Regulation Secretary Pam Roberts said in a news release. "Unlicensed lenders are operating in South Dakota."

According to the Department of Labor, all lenders providing payday loans, short-term consumer loans, title loans or installment loans to South Dakota residents must be licensed by the South Dakota Division of banking per SDCL 54-4-52.

The Department of Labor urges consumers to confirm a lender's license by viewing the current list of licensees on the Division of Banking's website.

Any unlicensed lenders offering loans should be reported in writing using the online consumer complaint form.

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