South Dakota Administrative Rules On Pawnbrokers
Added January 20th, 2014
Administrative Rules of South Dakota
Department of Revenue (Articles 64:01 to 64:80)
Article 64:06 Sales Tax
Chapter 64:06:02 Services—Interpretive Rules (Refs & Annos)
ARSD 64:06:02:50
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.
Department of Revenue (Articles 64:01 to 64:80)
Article 64:06 Sales Tax
Chapter 64:06:02 Services—Interpretive Rules (Refs & Annos)
ARSD 64:06:02:50
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.
Laws change and requirements vary by state. This is general information and may be out of date. Check the official state sources, or ask a lawyer, before relying on it.
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