South Dakota Administrative Rules
Title 12 - Department of Agriculture
Article 12:07 - Agriculture enterprise programs
Chapter 12:07:12 - Rural development loans and participations
Section 12:07:12:15.01 - Bridge or Direct loan process

Universal Citation: SD Admin Rules 12:07:12:15.01

Current through Register Vol. 51, page 43, September 23, 2024

Once the secretary has approved the application, the office shall proceed as follows:

(1) The office shall issue an approval letter to the applicant with any conditions or requirements that must be met before closing the loan;

(2) Loan documentation between the office and the borrower must be executed. The loan documentation must contain the rights and responsibilities of the parties and the terms and conditions of the loan. Any requirements for loan security shall be included in the loan documents and all fees are the responsibility of the borrower. Loans must be secured with appropriate collateral:

(3) If a Bridge Loan was approved, an approval letter will also be sent to the Lender or USDA.

General Authority: SDCL 38-6-8.1.

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

Disclaimer: These regulations may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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