S.D. Admin. R. 68:02:02:23
The applicant must comply with any conditions required by the board before the application is approved. Within sixty days after official loan approval by the board, the applicant must accept the approval in writing or the approval is void. Within six months after written acceptance, the applicant must commence the study. Final disbursement of the loan proceeds must be made within one year after approval by the board. The board or credit committee may extend the time for completion of the study and the final disbursement of loan proceeds if mitigating circumstances prevent the completion of the study and the applicant has made a diligent effort so to do. The applicant shall submit any request for extension by the monthly application deadline prior to the expiration of the one year period for completion of the study. The board or credit committee as defined in § 68:02:01:33 may establish the length of the extension, if any, period based on the mitigating circumstances.
S.D. Admin. R. 68:02:02:23
General Authority: SDCL 1-16G-5, 1-16G-8(10), 1-16G-28(4).
Law Implemented: SDCL 1-16G-5, 1-16G-8(10), 1-16G-25 to 1-16G-27, inclusive.