S.D. Admin. R. 12:07:10:06

Current through Register Vol. 51, page 67, December 16, 2024

Section 12:07:10:06 - Loan decision

Upon receipt of the application and the commission recommendation, the administrator shall take the following action:

(1) Review the application and the commission's recommendations to determine that the application meets the requirements contained in this chapter and that the application and loan are consistent with the purposes and policies established in § 12:07:09:02 and SDCL chapter 38-6;

(2) Approve the application as presented, conditionally approve the application subject to modifications or performance of certain actions, or disapprove the application; and

(3) Notify the applicant and commission of the decision in writing within 30 days after the date of receipt of the application. If the decision is to disapprove the application and loan, the administrator shall include the reasons for the decision in the notification.

S.D. Admin. R. 12:07:10:06

12 SDR 117, effective 1/19/1986; 12 SDR 128, 12 SDR 154, effective 7/1/1986; 17 SDR 141, effective 3/25/1991.

General Authority: SDCL 38-6-8.1.

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