S.D. Admin. R. 68:01:02:15
After an application is approved for a loan from APEX and USDA RD, the authority shall execute a lender agreement with the regulated lender. The lender agreement shall provide the rights and responsibilities of the lender and the authority and the terms and conditions of the agreement. The requirement for a lender agreement may be waived at the discretion of the board based upon participation of a participating lender or a servicing lender or if the applicant is a participant in other loan programs within the GOED.
The borrower is responsible for any servicing fee. The regulated lender's servicing fee may include any necessary contracting to monitor or service the loan that is performed by the lender or any other authority-approved party. The authority may enter into a participation agreement, servicing agreement, or both with a regulated lender and borrower concerning any APEX loan.
S.D. Admin. R. 68:01:02:15
General Authority: SDCL 1-16B-14(4).
Law Implemented: SDCL 1-16B-14(5), 1-16B-37, 1-16B-46.