S.D. Admin. R. 12:21:01:04

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

Section 12:21:01:04 - Net worth requirements

To qualify for a loan under this chapter, the beginning farmer must meet the net worth requirements as established by the Value Added Finance Authority and as provided in this section. For the individual, the aggregate net worth of the individual and the individual's spouse and minor children may not exceed $400,000. However, the authority may increase or decrease the net worth requirement by not more than $100,000 if the resulting maximum net worth requirement for the individual and the individual's spouse and minor children does not exceed $500,000 and is not less than $300,000.

The authority may increase or decrease the net worth requirement not more than once in 12 consecutive months.

S.D. Admin. R. 12:21:01:04

22 SDR 97, effective 1/22/1996; 26 SDR 169, effective 6/27/2000; 35 SDR 67, effective 9/30/2008; 37 SDR 111, effective 12/8/2010.

General Authority: SDCL 1-16E-24.

Law Implemented: SDCL 1-16E-24.