70:05:03:07.  Loan agreement and time restrictions. The applicant must comply with any conditions required by the board before approval of the application is given. Within ninety days after the board approves the loan, the applicant shall execute a loan agreement with the department. The loan agreement must contain the rights and responsibilities of the parties and the terms and conditions of the loan. If mitigating circumstances prevent the execution of a loan agreement within the ninety-day period, the board may grant an extension of time. Within six months after the execution of the loan agreement, the applicant shall commence construction of the project. If mitigating circumstances prevent starting the project and a diligent effort has been made, an applicant may apply to the board for an extension of time. The request for extension must be submitted to the secretary of the department prior to the expiration of the six-month period unless the board waives this requirement. The board shall decide the length of the extension period based on the mitigating circumstances.

    Source: 19 SDR 107, effective January 24, 1993; 48 SDR 47, effective November 21, 2022.

    General Authority: SDCL 49-16C-3.

    Law Implemented: SDCL 49-16C-3.