South Dakota Administrative Code

Rule 12:07:12:16.01 Bridge or direct loan amount. 12:07:12:16.01. Bridge or direct loan amount. Bridge loans or direct loans may not exceed $500,000. Source: 38 SDR 45, effective September 22, 2011; 45 SDR 31, effective September 13, 2018; SL 2019, ch 235, § 37 and 38, effective …

Rule 12:07:12:17 Loan repayments and maturities. 12:07:12:17. Loan repayments and maturities. Loan maturities and repayment schedules shall be based on the project purpose and depreciable life of the security, but may not exceed a total of ten years. Direct loans may have a longe…

Rule 12:07:12:18 Interest rates. 12:07:12:18. Interest rates. The interest rate initially established shall remain constant during the existence of the loan unless otherwise provided in the loan documentation. The standard interest rate will be established by the commissioner at …

Rule 12:07:12:19 Interest rate determination. 12:07:12:19. Interest rate determination. Except as stated in § 12:07:12:18, the commissioner may change the rate of interest per annum according to the following procedure: (1) The commissioner shall request recommendations for an in…

Rule 12:07:12:20 Subsequent loan requests. 12:07:12:20. Subsequent loan requests. Loan recipients may apply for subsequent loans. Subsequent loans include additional loans, loan renewals, and loan extensions. Approval of subsequent loans is subject to the following: (1) Sections …

Rule 12:07:12:21 Lender's responsibilities for a participation loan. 12:07:12:21. Lender's responsibilities for a participation loan. During the application process, the lender shall ensure that the loan proposal receives the same degree of analysis as any other loan proposal. Up…

Rule 12:07:12:22 Borrower's responsibilities. 12:07:12:22. Borrower's responsibilities. Borrowers are responsible for the following actions: (1) Paying all fees incurred; (2) Identifying collateral; (3) Maintaining accounting records and management reports; (4) Submitting account…

Rule 12:07:13:01 Repealed. 12:07:13:01. Definitions. Repealed. Source: 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018.

Rule 12:07:13:02 Repealed. 12:07:13:02. Purpose. Repealed. Source: 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018.

Rule 12:07:13:03 Repealed. 12:07:13:03. Eligibility requirements for applicants. Repealed. Source: 17 SDR 141, effective March 25, 1991; 28 SDR 119, effective March 5, 2002; 29 SDR 34, effective September 18, 2002; 45 SDR 31, effective September 13, 2018.

Rule 12:07:13:04 Repealed. 12:07:13:04. Eligibility requirements for lenders. Repealed. Source: 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018.

Rule 12:07:13:05 Repealed. 12:07:13:05. Contents of application. Repealed. Source: 17 SDR 141, effective March 25, 1991; 29 SDR 34, effective September 18, 2002; 45 SDR 31, effective September 13, 2018.

Rule 12:07:13:06 Repealed. 12:07:13:06. Application process. Repealed. Source: 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018.

Rule 12:07:13:07 Repealed. 12:07:13:07. Loan decision process. Repealed. Source: 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018.

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

Rule 12:07:13:09 Repealed. 12:07:13:09. Participation process. Repealed. Source: 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018.

Rule 12:07:13:10 Repealed. 12:07:13:10. Loan amount and participation limits. Repealed. Source: 17 SDR 141, effective March 25, 1991; 20 SDR 196, effective May 30, 1994; 26 SDR 13, effective August 8, 1999; 38 SDR 45, effective September 22, 2011; 45 SDR 31, effective September 1…

Rule 12:07:13:11 Repealed. 12:07:13:11. Loan proceeds. Repealed. Source: 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018.

Rule 12:07:13:12 Repealed. 12:07:13:12. Loan repayments and maturities. Repealed. Source: 17 SDR 141, effective March 25, 1991; 38 SDR 45, effective September 22, 2011; 45 SDR 31, effective September 13, 2018.

Rule 12:07:13:13 Repealed. 12:07:13:13. Interest rates. Repealed. Source: 17 SDR 141, effective March 25, 1991; 19 SDR 93, effective January 1, 1993; 45 SDR 31, effective September 13, 2018.

Rule 12:07:13:14 Repealed. 12:07:13:14. Subsequent loan requests. Repealed. Source: 17 SDR 141, effective March 25, 1991; 26 SDR 13, effective August 8, 1999; 45 SDR 31, effective September 13, 2018.

Rule 12:07:13:15 Repealed. 12:07:13:15. Number of loan participations allowed. Repealed. Source: 17 SDR 141, effective March 25, 1991; 26 SDR 13, effective August 8, 1999; 38 SDR 45, effective September 22, 2011; 45 SDR 31, effective September 13, 2018.

Rule 12:07:13:16 Repealed. 12:07:13:16. Lender's responsibilities. Repealed. Source: 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018.

Rule 12:07:13:17 Repealed. 12:07:13:17. Borrowers' responsibilities. Repealed. Source: 17 SDR 141, effective March 25, 1991; 45 SDR 31, effective September 13, 2018.

Rule 12:07:14:01 Definitions. 12:07:14:01. Definitions. Terms used in this chapter mean: (1) "VALU," the value adding livestock underwriting program; (2) "Lender," a federal or state-chartered bank, federal farm credit system, savings and loan association, building and loan assoc…

Rule 12:07:14:02 Purpose. 12:07:14:02. Purpose. The VALU program is designed to enable farmers of limited equity to procure livestock loans and to utilize their available feed, facilities, labor, and management skills. Source: 17 SDR 141, effective March 25, 1991; SL 2019, ch 235…

Rule 12:07:14:03 Eligibility requirements for applicants. 12:07:14:03. Eligibility requirements for applicants. To be eligible for a VALU loan, an applicant must meet the following requirements: (1) If the applicant is an individual, the applicant must meet the following requirem…

Rule 12:07:14:04 Eligibility requirements for lenders. 12:07:14:04. Eligibility requirements for lenders. To be eligible to participate in the program, a lender must meet the following minimum requirements: (1) Make loans in or near the region or community where the financed proj…

Rule 12:07:14:05 Contents of application. 12:07:14:05. Contents of application. The VALU loan application form shall include the following: (1) The requested amount of the loan and guaranty; (2) The purpose; (3) Additional documentation, including the following information: (a) A…

Rule 12:07:14:06 Application process. 12:07:14:06. Application process. The VALU loan application process is as follows: (1) The applicant shall apply to an eligible lender; (2) The applicant must use the application form provided by the office; (3) The applicant shall provide th…

Rule 12:07:14:07 Guaranty decision process. 12:07:14:07. Guaranty decision process. Upon receipt of the application and loan documentation, the administrator shall take the following action: (1) Review the application and application documentation for completeness and for project…

Rule 12:07:14:08 Guaranty decision. 12:07:14:08. Guaranty decision. After review the commissioner may approve the application for the loan guaranty, approve the application subject to certain terms and conditions, or disapprove the application. The commissioner or the commissione…

Rule 12:07:14:09 Guaranty amount. 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 reduc…

Rule 12:07:14:10 Conditional approval of the guaranty. 12:07:14:10. Conditional approval of the guaranty. If the commissioner approves the application for guaranty, wholly or subject to conditions, the office shall issue a conditional approval of guaranty. The conditional approva…

Rule 12:07:14:11 Loan proceeds. 12:07:14:11. Loan proceeds. The proceeds of the loan to be guaranteed may be used only for the purchase of livestock. The borrower shall have a maximum of 60 days from the date of the conditional approval of the guaranty to purchase the livestock. …

Rule 12:07:14:12 Maximum term of the guaranty. 12:07:14:12. Maximum term of the guaranty. Loan maturities and repayment schedules shall be based upon the purpose and type of livestock to be purchased, but the guaranty on a loan may not exceed 26 months from the loan inception dat…

Rule 12:07:14:13 Certificate of guaranty. 12:07:14:13. Certificate of guaranty. Within 10 days of receiving the loan documentation, the office shall issue the guaranty for an amount not to exceed 50 percent of the proceeds spent for the purchase of the livestock or $100,000, whic…

Rule 12:07:14:14 Interest rates. 12:07:14:14. Interest rates. The loan interest rate cannot exceed the lender's lowest interest rate for loans for the type of livestock to be purchased with the proceeds of the loan. Source: 17 SDR 141, effective March 25, 1991; SL 2019, ch 235, §…

Rule 12:07:14:15 Number of guaranties allowed. 12:07:14:15. Number of guaranties allowed. A borrower may not have more than one outstanding VALU guaranty at any one time. Only one VALU guaranty may be issued for each household. If a borrower is an entity as described in subdivisi…

Rule 12:07:14:16 Lender's responsibilities. 12:07:14:16. Lender's responsibilities. During the application process, the lender shall ensure that the loan proposal receives the same degree of analysis as any other loan proposal. Upon approval of the guaranty, the lender shall do t…

Rule 12:07:14:17 Borrower's responsibilities. 12:07:14:17. Borrower's responsibilities. Borrowers are responsible for the following: (1) Identifying collateral; (2) Maintaining accounting records and management reports; and (3) Submitting accounting records and management reports…

Rule 12:07:14:18 Office's responsibilities. 12:07:14:18. Office's responsibilities. The office responsibilities upon receipt of the application are to record the date of receipt, to have the administrator review the application within the prescribed time, and to send the proper n…

Rule 12:07:14:19 Reserve fund. 12:07:14:19. Reserve fund. The Governor's Office of Economic Development shall establish a pooled reserve fund for guarantee programs administered by the Governor's Office of Economic Development. Ten percent of each VALU Guaranty made will be depos…

Rule 12:07:16:01 Repealed. 12:07:16:01. Definitions. Repealed Source: 17 SDR 141, effective March 25, 1991; repealed SL 2015, ch 204, §§ 36 and 37, effective July 1, 2015.

Rule 12:07:16:02 Repealed. 12:07:16:02. Purpose. Repealed. Source: 17 SDR 141, effective March 25, 1991; repealed, SL 2015, ch 204, § 36, effective July 1, 2015.

Rule 12:07:16:03 Repealed. 12:07:16:03. Contracting of agriculture finance counselors. Repealed. Source: 17 SDR 141, effective March 25, 1991; repealed, SL 2015, ch 204, § 37, effective July 1, 2015.

Rule 12:07:16:04 Repealed. 12:07:16:04. Eligibility for services. Repealed. Source: 17 SDR 141, effective March 25, 1991; repealed, SL 2015, ch 204, § 37, effective July 1, 2015.

Rule 12:07:16:05 Repealed. 12:07:16:05. Counseling fees. Repealed. Source: 17 SDR 141, effective March 25, 1991; repealed, SL 2015, ch 204, § 37, effective July 1, 2015.

Rule 12:07:16:06 Repealed. 12:07:16:06. Provision of service. Repealed. Source: 17 SDR 141, effective March 25, 1991; repealed, SL 2015, ch 204, § 37, effective July 1, 2015.

Rule 12:07:17:01 Repealed. 12:07:17:01. Definitions. Repealed. Source: 19 SDR 93, effective January 1, 1993; 38 SDR 45, effective September 22, 2011; 45 SDR 31, effective September 13, 2018.