S.D. Admin. R. 12:07:12:15.01

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

Section 12:07:12:15.01 - Bridge or Direct loan process

Once the secretary has approved the application, the office shall proceed as follows:

(1) The office shall issue an approval letter to the applicant with any conditions or requirements that must be met before closing the loan;

(2) Loan documentation between the office and the borrower must be executed. The loan documentation must contain the rights and responsibilities of the parties and the terms and conditions of the loan. Any requirements for loan security shall be included in the loan documents and all fees are the responsibility of the borrower. Loans must be secured with appropriate collateral:

(3) If a Bridge Loan was approved, an approval letter will also be sent to the Lender or USDA.

S.D. Admin. R. 12:07:12:15.01

38 SDR 45, effective 9/22/2011; 45 SDR 031, effective 9/13/2018

General Authority: SDCL 38-6-8.1.

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