S.D. Admin. R. 68:02:02:25
Current through Register Vol. 51, page 67, December 16, 2024
After an application for a loan is approved, the board shall execute a loan agreement with the borrower. The loan agreement 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. A loan may be secured or unsecured. A secured loan may be secured by a lien on the interest of the borrower in real and personal property, whether tangible or intangible, considered necessary by the board to adequately collateralize the loan.
S.D. Admin. R. 68:02:02:25
General Authority: SDCL 1-16G-5, 1-16G-8(10).
Law Implemented: SDCL 1-16G-5, 1-16G-8(10), 1-16G-25 to 1-16G-27, inclusive.