70:05:03:09.  Borrower reporting requirements. Until the prinicipal and any interest is paid in full, the borrower shall submit an annual report to the department containing the following information:

    (1)  A summary of the status of the project;

    (2)  An update concerning the borrower's ability to comply with the loan agreement; and

    (3)  Any other information requested by the board concerning the financial condition of the borrower and the benefitted entity.

    The board may require that financial statements be audited at the expense of the benefitted entity, if the board reasonably believes the financial statements provided do not clearly or completely state the benefitted entity's financial condition, or are not prepared according to generally accepted accounting principles.

    Source: 19 SDR 107, effective January 24, 1993; 49 SDR 47, effective November 21, 2022.

    General Authority: SDCL 49-16C-3.

    Law Implemented: SDCL 49-16C-3.

    Cross-Reference: Certified Public Accountants and Public Accountants, art 20:37.