S.D. Admin. R. 12:07:12:07

Current through Register Vol. 51, page 71, January 6, 2025

Section 12:07:12:07 - Impermissible uses of loan proceeds

The loan proceeds may not be used for the following purposes;

(1) Purchase, construction, or renovation of a personal dwelling;

(2) Establishment of or participation in a line of credit;

(3) Paying off a creditor in excess value of the collateral;

(4) Farm machinery, except as needed for the project;

(5) Refinancing preexisting and carry-over debt except as provided by this chapter, making past-due payments on land or equipment, paying delinquent taxes, or paying interest on outstanding debt; and

(6) Start-up costs, inventory, and working capital.

S.D. Admin. R. 12:07:12:07

17 SDR 141, effective 3/25/1991; 25 SDR 95, effective 1/20/1999; 45 SDR 031, effective 9/13/2018

General Authority: SDCL 38-6-8.1.

Law Implemented: SDCL 38-6-3, 38-6-8.