S.D. Admin. R. 12:07:20:01

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

Section 12:07:20:01 - Definitions

Terms used in this chapter mean:

(1) "Lender," a federal or state-chartered bank, federal farm credit system, savings and loan association, building and loan association, mortgage company that is a part of a bank holding company, credit union, or an insurance company that is regulated by the National Association of Insurance Commissioners;

(2) "Guaranty," an agreement between the South Dakota Department of Agriculture and the lender by which the department agrees to be responsible for a percentage of the borrower's default; and

(3) "Producer-involved cooperative," a member owned and operated cooperative formed for the benefit of it's members and used or operated primarily for the purchasing, processing, or marketing of products from agricultural commodities or agricultural energy resources, including waste and residues from agricultural commodities. For purposes of this definition, "owned and operated" includes a contractual arrangement with another entity to provide management and operations services for a facility owned by the cooperative.

S.D. Admin. R. 12:07:20:01

25 SDR 95, effective 1/20/1999.

General Authority: SDCL 38-6-8.1.

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