70:05:03:14.  Default on loan agreement. If the borrower violates any of the terms of the loan agreement, the board may place the borrower in default. Upon default, the board may declare due and payable the entire principal amount then outstanding and the accrued interest or take any other action provided by law which is considered appropriate by the board to protect its interests.

          Source: 19 SDR 107, effective January 24, 1993.

          General Authority: SDCL 49-16C-3.

          Law Implemented: SDCL 49-16C-3.