South Dakota Administrative Code

Rule 12:07:05.01:01 Definitions. 12:07:05.01:01. Definitions. Terms used in article 12:07 mean: (1) "Administrator," the administrator of the agriculture enterprise program; (2) "Applicant," a person or an entity who applies for services provided by the agriculture enterprise pro…

Rule 12:07:05.01:02 Responsibility of agriculture enterprise program. 12:07:05.01:02. Responsibility of agriculture enterprise program. The Governor's Office of Economic Development is responsible for the administration of the rural rehabilitation corporation assets and funds mai…

Rule 12:07:08:01 Repealed. 12:07:08:01. Definitions. Repealed. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991; 29 SDR 34, effective September 18, 2002; 45 SDR 31, effective September 13, 2018.

Rule 12:07:08:02 Repealed. 12:07:08:02. Grants offered annually -- Purpose. Repealed. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018. Rule 12:07:08:02.01…

Rule 12:07:08:02.01 Repealed. 12:07:08:02.01. Cutoff date. Repealed. Source: 17 SDR 141, effective March 25, 1991; 29 SDR 34, effective September 18, 2002; 45 SDR 31, effective September 13, 2018.

Rule 12:07:08:03 Repealed. 12:07:08:03. Eligibility for grant. Repealed. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018.

Rule 12:07:08:04 Repealed. 12:07:08:04. Director to review applications for eligibility. Repealed. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 45 SDR 31, effective September 13, 2018.

Rule 12:07:08:05 Repealed. 12:07:08:05. Application required -- Contents of form. Repealed. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018.

Rule 12:07:08:06 Repealed. 12:07:08:06. Grant amount limited. Repealed. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991; 19 SDR 93, effective January 1, 1993; 45 SDR 31, effective September 13, 2…

Rule 12:07:08:07 Repealed. 12:07:08:07. Committee to review applications -- Membership. Repealed. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991; 29 SDR 34, effective September 18, 2002; 45 SDR …

Rule 12:07:08:08 Repealed. 12:07:08:08. Competitive grants. Repealed. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018.

Rule 12:07:08:09 Repealed. 12:07:08:09. BOSDRC grant review criteria. Repealed. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991; 19 SDR 93, effective January 1, 1993; 45 SDR 31, effective Septemb…

Rule 12:07:08:10 Repealed. 12:07:08:10. Committee review process. Repealed. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018.

Rule 12:07:08:11 Repealed. 12:07:08:11. Secretary's approval required. Repealed. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991; 29 SDR 34, effective September 18, 2002; 45 SDR 31, effective Sep…

Rule 12:07:08:12 Repealed. 12:07:08:12. Distribution of grant funds. Repealed. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018.

Rule 12:07:08:13 Repealed. 12:07:08:13. Reports required of recipients. Repealed. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018.

Rule 12:07:10:01 Definitions. 12:07:10:01. Definitions. Terms used in this chapter mean: (1) "Commission," the South Dakota conservation commission; (2) "District," any conservation district; (3) "Loan," a conservation tillage equipment loan; and (4) "Equipment," machinery or equ…

Rule 12:07:10:02 Purpose. 12:07:10:02. Purpose. Conservation districts may purchase equipment for soil natural resources conservation practices and programs using proceeds from the natural resource conservation equipment loan program. Districts may provide the equipment to the fa…

Rule 12:07:10:03 Eligibility. 12:07:10:03. Eligibility. A district as defined in SDCL 38-7-2 is eligible for a loan. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991. General Authority: SDCL 38-6-…

Rule 12:07:10:04 Application. 12:07:10:04. Application. A district may apply for a loan from the office by submitting an application to the commission. The forms shall be supplied by the office. The application form shall contain the following information: (1) The name and addres…

Rule 12:07:10:05 Commission disposition. 12:07:10:05. Commission disposition. The commission shall review the application requested for accuracy and validity. The commission shall submit the completed application to the administrator with recommendations of approval, conditional …

Rule 12:07:10:06 Loan decision. 12:07:10:06. Loan decision. Upon receipt of the application and the commission recommendation, the administrator shall take the following action: (1) Review the application and the commission's recommendations to determine that the application meet…

Rule 12:07:10:07 Loan proceeds. 12:07:10:07. Loan proceeds. The district shall use the loan proceeds for the purchase of equipment. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991. General Author…

Rule 12:07:10:08 Loan amount. 12:07:10:08. Loan amount. The maximum loan amount that can be borrowed by a district is $100,000. The loan amount may not exceed eighty percent of the purchase value of the equipment. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR…

Rule 12:07:10:09 Loan repayment. 12:07:10:09. Loan repayment. Repayment of the loan shall be based on the purpose of the loan, the type and expected useful life of the equipment, and the loan amount. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effectiv…

Rule 12:07:10:10 Loan maturities. 12:07:10:10. Loan maturities. The loan maturity shall be based on the purpose, the type and expected useful life of the equipment, and loan amount. The term may not exceed five years. There is no prepayment penalty. Source: 12 SDR 117, effective …

Rule 12:07:10:11 Interest rates. 12:07:10:11. Interest rates. The interest rate initially established for a loan shall remain constant during the existence of the loan unless otherwise provided in the loan documentation. The interest rate will be established by the secretary at l…

Rule 12:07:10:12 Subsequent loan requests. 12:07:10:12. Subsequent loan requests. The administrator shall consider subsequent loan requests by a district according to the following criteria: (1) The process as defined in §§ 12:07:10:03 to 12:07:10:06, inclusive; (2) The limit in …

Rule 12:07:10:13 Office's responsibilities. 12:07:10:13. Office's responsibilities. The office shall obtain and maintain the documentation of record necessary for the perfection of a security interest. Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effect…

Rule 12:07:10:14 Borrower's responsibilities. 12:07:10:14. Borrower's responsibilities. The borrower is responsible for the following: (1) Identifying collateral by the following: (a) Year; (b) Type; (c) Brand name; (d) Model number; and (e) Serial number; (2) Paying fees for the…

Rule 12:07:12:01 Definitions. 12:07:12:01. Definitions. Terms used in this chapter mean: (1) "Lender," as defined in SDCL 54-3-14; and (2) "Participation," the portion or share of a loan which one lender purchases from another lender; (3) "Bridge Loan," a short term loan made wit…

Rule 12:07:12:02 Purpose. 12:07:12:02. Purpose. The office shall participate in or make rural development loans for projects which engage in production, processing, marketing, or exporting of agricultural products. Source: 17 SDR 141, effective March 25, 1991; 23 SDR 179, effecti…

Rule 12:07:12:03 Eligibility requirements for applicant. 12:07:12:03. Eligibility requirements for applicant. To be eligible for a loan, an applicant must meet the following requirements: (1) If the applicant is an individual, the applicant must meet the following requirements: (…

Rule 12:07:12:04 Eligibility requirements for lender. 12:07:12:04. Eligibility requirements for lender. To be eligible to participate in the rural development loan participation program a lender must be subject to credit examination and supervision either by an agency of the Unit…

Rule 12:07:12:05 Eligibility requirements for project. 12:07:12:05. Eligibility requirements for project. To be eligible for a loan under this chapter, a project must be located in this state and must demonstrate the potential of doing one or more of the following: (1) Producing …

Rule 12:07:12:06 Permissible uses of loan proceeds. 12:07:12:06. Permissible uses of loan proceeds. The loan proceeds may only be used for purposes related to the project, including the following: (1) Purchase of land necessary to the project and site development or improvement; …

Rule 12:07:12:07 Impermissible uses of loan proceeds. 12:07:12:07. Impermissible uses of loan proceeds. The loan proceeds may not be used for the following purposes; (1) Purchase, construction, or renovation of a personal dwelling; (2) Establishment of or participation in a line …

Rule 12:07:12:08 Equity contribution. 12:07:12:08. Equity contribution. An applicant must provide a minimum equity contribution of 20 percent of the total project costs. In-kind contributions, completed work, and unencumbered tangible security may be applied toward the equity con…

Rule 12:07:12:09 Contents of application. 12:07:12:09. Contents of application. The application form provided by the office shall include the following information: (1) The name, age, and contact information of the applicant; (2) The total project costs and the amount or value of…

Rule 12:07:12:10 Application process. 12:07:12:10. Application process. The application process for loans under this chapter is as follows: (1) The applicant shall apply to an eligible lender for a participation loan for the project; (2) The applicant must use the application for…

Rule 12:07:12:11 Review committee established -- Duties. 12:07:12:11. Review committee established -- Duties. The commissioner shall appoint a committee to review loan applications and assist in determining interest rate changes. Source: 17 SDR 141, effective March 25, 1991; 29 S…

Rule 12:07:12:12 Review committee meetings. 12:07:12:12. Review committee meetings. The review committee shall meet as necessary to review loan applications. Source: 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018; SL 2019, ch 235, § 37 and 38, effec…

Rule 12:07:12:13 Loan decision process. 12:07:12:13. Loan decision process. The commissioner, in accordance with SDCL chapter 1-53, and the provisions of this chapter, must approve all loan applications. The commissioner shall base the decision on the following actions: (1) The a…

Rule 12:07:12:14 Loan decision. 12:07:12:14. Loan decision. The commissioner shall notify the applicant and the lender, if applicable, of the decision in writing within 30 days after the date the office received the application. If the decision is to deny the application, the rea…

Rule 12:07:12:15 Participation process. 12:07:12:15. Participation process. Once the commissioner has approved the application for participation by the office, the office shall proceed as follows: (1) The office shall issue a commitment to participate advising the lender that the…

Rule 12:07:12:15.01 Bridge or direct loan process. 12:07:12:15.01. Bridge or direct loan process. Once the commissioner 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 require…

Rule 12:07:12:16 Loan participation amount. 12:07:12:16. Loan participation amount. With a loan guarantee by a federal agency, the loan participation may not exceed $700,000. The loan participation with a lender for a loan to an individual may be for up to 80 percent of the loan …