S.D. Admin. R. 12:07:20:05

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

Section 12:07:20:05 - Eligibility requirements for lenders

To be eligible to participate in the stock purchase guaranty program, a lender must meet the following minimum requirements:

(1) Make loans in or near the region or community where the applicant will be located, including those lenders in states contiguous to South Dakota, or maintains an office near enough to the location of the applicant to discharge its loan making and loan servicing responsibilities;

(2) Have experience in making agricultural loans and currently have an agricultural loan portfolio; and

(3) Be subject to credit examination and supervision either by an agency of the United States or this state.

S.D. Admin. R. 12:07:20:05

25 SDR 95, effective 1/20/1999.

General Authority: SDCL 38-6-8.1.

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