<html> <head> <title>Rule 12:22:02:14 Maturity and interest rate.</title> <META NAME="Keywords" Content="Administrative Rules 12:22:02:14"> <META NAME="Description" Content="Administrative Rules 12:22:02:14 Maturity and interest rate."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>12:22:02:14.&nbsp;&nbsp;Maturity and interest rate.</b> In no event may the maturity of the loan be more than 10 years, nor may regular payments be amortized over more than 20 years. The VAFA shall match the term with the useful life of the collateral securing the loan. The interest rate shall be fixed for the term of the loan. The interest rate may not exceed the prime rate and may not be less than the federal discount rate, as published on the date of approval. The borrower is responsible for arranging other financing, if necessary, when the note comes due. If the borrower is unable to obtain financing, the borrower may apply before the loan due date for an extension of the loan by the VAFA at an interest rate and for a time period to be set by the VAFA.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 28 SDR 44, effective October 2, 2001.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16E-24">1-16E-24.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=1-16E-8">1-16E-8.</A></p> </div> </body> </html>