<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.s9a55d11c-6d21-4245-b9b8-1362970f9a64P0 { 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.s9a55d11c-6d21-4245-b9b8-1362970f9a64C0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s9a55d11c-6d21-4245-b9b8-1362970f9a64C0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s9a55d11c-6d21-4245-b9b8-1362970f9a64C0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s9a55d11c-6d21-4245-b9b8-1362970f9a64000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s9a55d11c-6d21-4245-b9b8-1362970f9a64C0-000003 { 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="s9a55d11c-6d21-4245-b9b8-1362970f9a64P0"><span xml:space="preserve" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0">    </span><a href="https://sdlegislature.gov/Rules?Rule=12:21:01:09"><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0-000000">12:21:01:09</span></a><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0-000001">.  Loan requirements.</span><span xml:space="preserve" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0"> The authority may take security for a loan in the form of a promissory note, security agreement, mortgage, or similar agreement</span><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0">.</span></p><p dir="ltr" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64P0"><span xml:space="preserve" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64000002"> </span></p><p dir="ltr" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64P0"><span xml:space="preserve" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0">    A loan may not be assumed without the prior written consent of the authority. The authority may not consent to an assumption of its loan or the conveyance of property subject to its mortgage or security agreement unless the purchaser of the property </span><span xml:space="preserve" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0">financed by the loan </span><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0">is an eligible applicant for an authority loan</span><span xml:space="preserve" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0"> and the program. </span><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0">Any change in collateral for the loan in conjunction with an assumption, including the disposition of the property subject to a mortgage or security agreement, must be approved by the authority</span><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0">.</span></p><p dir="ltr" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64P0"><span xml:space="preserve" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64000002"> </span></p><p dir="ltr" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64P0"><span xml:space="preserve" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0">    </span><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0-000001">Source:</span><span xml:space="preserve" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0"> 22 SDR 97, effective January 22, 1996; 29 SDR 135, effective April 13, 2003</span><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0">; 52 SDR 49, effective November 17, 2025</span><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0">.</span></p><p dir="ltr" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64P0"><span xml:space="preserve" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0">    </span><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0-000001">General Authority:</span><span xml:space="preserve" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-70"><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0-000003">1-16B-70</span></a><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0">.</span></p><p dir="ltr" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64P0"><span xml:space="preserve" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0">    </span><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0-000001">Law Implemented:</span><span xml:space="preserve" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-1"><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0-000003">1-16B-1</span></a><span xml:space="preserve" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0">(3), </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16B-57"><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0-000003">1-16B-57</span></a><span class="s9a55d11c-6d21-4245-b9b8-1362970f9a64C0">.</span></p><p dir="ltr" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64P0"><span xml:space="preserve" class="s9a55d11c-6d21-4245-b9b8-1362970f9a64000002"> </span></p></div></body></html>