S.D. Admin. R. 31:01:03:07

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

Section 31:01:03:07 - Loan agreement and promissory note

After an application for a loan is approved, a loan agreement shall be executed between the office and the borrower. The loan agreement, including a promissory note and other necessary documents, shall contain the rights and responsibilities of the parties and the terms and conditions of the loan. The requirements to secure the loan shall be included in the loan agreement. Loans may be secured or unsecured. Secured loans may be secured by liens on the interest of the borrower in all real and personal property, tangible or intangible; easements; rights-of-way; water rights; and any other assets of the borrower considered necessary to collateralize the loan.

S.D. Admin. R. 31:01:03:07

14 SDR 183, effective 7/13/1988; transferred from § 20:13:03:07, 15 SDR 209, effective 7/9/1989; 19 SDR 148, effective 4/4/1993; 20 SDR 222, effective 7/5/1994.

General Authority: SDCL 1-33B-15.

Law Implemented: SDCL 1-33B-15.