South Dakota Administrative Rules
Title 12 - Department of Agriculture
Article 12:07 - Agriculture enterprise programs
Chapter 12:07:10 - Natural Resources Conservation Equipment loan Program
Section 12:07:10:11 - Interest rates

Universal Citation: SD Admin Rules 12:07:10:11
Current through Register Vol. 51, page 43, September 23, 2024

If the federal discount rate of interest is seven percent or less, the interest rate on a loan shall not be less than the federal discount rate plus two percent per annum. If the federal discount rate of interest is greater than seven percent per annum, the interest rate on the loan may exceed the federal discount interest rate by no more than one-and-one-half percent per annum. The rate on a loan made during one period of time may differ from rates on loans of the same type made during another period of time. The interest rate initially established for a loan shall remain constant during the existence of the loan unless otherwise provided in the loan documentation. The federal discount rate published in the Wall Street Journal on the date the loan is approved shall be used for the purpose of determining the rate of interest to be charged.

General Authority: SDCL 38-6-8.1.

Law Implemented: SDCL 38-6-3, 38-6-8.

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