South Dakota Administrative Rules
Title 64 - REVENUE
Article 64:06 - Sales tax
Chapter 64:06:02 - Services - Interpretive rules
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.

General Authority: SDCL 10-45-47.1.

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