S.D. Admin. R. 68:01:02:11
Within six months after the official loan approval by the authority and USDA RD, the applicant must accept the commitment letter of the authority in writing or the approval may be withdrawn at the discretion of the authority.
Within six months after written acceptance, the applicant must begin the project. Final disbursement of the loan proceeds must be made within one year after approval by the authority, unless the time is extended by the authority pursuant to prior written consent. The request for extension must be submitted at a regularly scheduled meeting prior to the expiration of the six-month period. The authority shall decide the length of the extension period.
S.D. Admin. R. 68:01:02:11
General Authority: SDCL 1-16B-14(4).
Law Implemented: SDCL 1-16B-14(4), 1-16B-37, 1-16B-44.