S.D. Admin. R. 70:05:03:07
The applicant must comply with any conditions required by the board before approval of the application is given. Within 90 days after the board approves the loan, the applicant shall execute a loan agreement with the department. The loan agreement shall contain the rights and responsibilities of the parties and the terms and conditions of the loan. If mitigating circumstances prevent the execution of a loan agreement within the 90-day period, the board may grant an extension of time. Within 6 months after execution of the loan agreement, the applicant shall commence construction of the project. If mitigating circumstances prevent starting the project and a diligent effort has been made, an applicant may apply to the board for an extension of time. The request for extension must be submitted to the secretary of the department prior to the expiration of the 6-month period unless the board waives this requirement. The board shall decide the length of the extension period based on the mitigating circumstances.
S.D. Admin. R. 70:05:03:07
General Authority: SDCL 49-16C-3.
Law Implemented: SDCL 49-16C-3.