S.D. Admin. R. 12:07:14:09

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

Section 12:07:14:09 - Guaranty amount

The guaranty amount may not exceed 50 percent of the original principal amount of the executed note or $100,000, whichever is less, and shall be reduced on a pro rata basis as the remaining principal balance is reduced. Accordingly, the maximum amount that may be paid is 50 percent of the outstanding principal amount at the time of default.

S.D. Admin. R. 12:07:14:09

17 SDR 141, effective 3/25/1991; 20 SDR 196, effective 5/30/1994; 29 SDR 34, effective 9/18/2002; 38 SDR 45, effective 9/22/2011.

General Authority: SDCL 38-6-8.1.

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