Current through Register Vol. XLII, No. 1, January 3, 2025
Section 61-33-6 - Sufficient collateral required6.1. All loans shall be secured by sufficient collateral.6.2. If the applicant applies for a loan, he or she shall demonstrate significant financial contributions of his or her own. This requirement may be waived if the Rural Rehabilitation Loan Committee makes a written determination that a loan does not require a significant financial contribution by the borrower.6.3. If the loan proceeds are to be used for the purchase of collateral securing the loan, the applicant shall purchase all such collateral within a reasonable time period, not to exceed thirty (30) days after the date of loan closing, or as set by the Rural Rehabilitation Loan Committee.6.4. The applicant shall cooperate with the Rural Rehabilitation Loan Committee to provide all necessary identifying information and legal documentation needed to perfect a lien against the collateral, within a reasonable time period, not to exceed thirty (30) days after the date of loan closing, or as set by the Rural Rehabilitation Loan Committee.