<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><title></title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.scdfcd46e-5aa0-4630-b697-21382eb337c9P0 { margin-top: 0; margin-bottom: 0; margin-left: 0; margin-right: 0; text-indent: 0.00in; text-align: justify; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; } span.scdfcd46e-5aa0-4630-b697-21382eb337c9C0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.scdfcd46e-5aa0-4630-b697-21382eb337c9C0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.scdfcd46e-5aa0-4630-b697-21382eb337c9C0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.scdfcd46e-5aa0-4630-b697-21382eb337c9000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.scdfcd46e-5aa0-4630-b697-21382eb337c9C0-000003 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="scdfcd46e-5aa0-4630-b697-21382eb337c9P0"><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">    </span><a href="https://sdlegislature.gov/Rules?Rule=12:21:01:04"><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0-000000">12:21:01:04</span></a><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0-000001">.  Net worth requirements.</span><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0"> To qualify for a loan under this chapter, the </span><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">applicant</span><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0"> must meet </span><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">net</span><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0"> worth requirements </span><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">set by the board. </span><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">The board shall set and periodically review a policy for minimum and maximum net worth eligibility requirements. The board may include in its policy annual adjustments to the requirements to account for inflation or other factors reasonably affecting beginning farmers net worth.</span></p><p dir="ltr" class="scdfcd46e-5aa0-4630-b697-21382eb337c9P0"><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9000002"> </span></p><p dir="ltr" class="scdfcd46e-5aa0-4630-b697-21382eb337c9P0"><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">    The authority may increase or decrease the net worth requirement not more than once in </span><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">twelve</span><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0"> consecutive months.</span></p><p dir="ltr" class="scdfcd46e-5aa0-4630-b697-21382eb337c9P0"><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9000002"> </span></p><p dir="ltr" class="scdfcd46e-5aa0-4630-b697-21382eb337c9P0"><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">    </span><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">The policy adopted by the board with respect to net worth requirements must be posted on the authority s website</span><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">.</span></p><p dir="ltr" class="scdfcd46e-5aa0-4630-b697-21382eb337c9P0"><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9000002"> </span></p><p dir="ltr" class="scdfcd46e-5aa0-4630-b697-21382eb337c9P0"><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">    </span><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0-000001">Source:</span><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0"> 22 SDR 97, effective January 22, 1996; 26 SDR 169, effective June 27, 2000; 35 SDR 67, effective September 30, 2008; 37 SDR 111, effective December 8, 2010</span><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">; 52 SDR 49, effective November 17, 2025</span><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">.</span></p><p dir="ltr" class="scdfcd46e-5aa0-4630-b697-21382eb337c9P0"><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">    </span><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0-000001">General Authority:</span><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-70"><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0-000003">1-16B-70</span></a><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">.</span></p><p dir="ltr" class="scdfcd46e-5aa0-4630-b697-21382eb337c9P0"><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">    </span><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0-000001">Law Implemented:</span><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-1"><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0-000003">1-16B-1</span></a><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">(3), </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-57"><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0-000003">1-16B-57</span></a><span class="scdfcd46e-5aa0-4630-b697-21382eb337c9C0">.</span></p><p dir="ltr" class="scdfcd46e-5aa0-4630-b697-21382eb337c9P0"><span xml:space="preserve" class="scdfcd46e-5aa0-4630-b697-21382eb337c9000002"> </span></p></div></body></html>