S.D. Admin. R. 68:02:01:49

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

Section 68:02:01:49 - Default

If the borrower violates any of the terms of the loan agreement, the other loan documents, this chapter, or other applicable law, the board may declare the loan in default. Upon default, the board may do one or more of the following:

(1) Declare the entire principal amount then outstanding and interest accrued thereon immediately due and payable

(2) Increase the interest rate to the default rate established in the loan documents;

(3) Take possession of the collateral;

(4) Repair, maintain, and operate the collateral, or sell, lease, or otherwise dispose of the collateral to another person or entity; or

(5) Take any other action considered appropriate by the board to protect the interest of the board and the REDI fund.

S.D. Admin. R. 68:02:01:49

34 SDR 68, effective 9/13/2007.

General Authority: SDCL 1-16G-5, 1-16G-8(10).

Law Implemented: SDCL 1-16G-1.1(6), 1-16G-5, 1-16G-8(10).