<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.sa3ee8e07-7bc8-4429-8c68-b6303aa57db3P0 { 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.sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sa3ee8e07-7bc8-4429-8c68-b6303aa57db3000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0-000003 { 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="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3P0"><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">    </span><a href="https://sdlegislature.gov/Rules?Rule=70:05:03:07"><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0-000000">70:05:03:07</span></a><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0-000001">.  </span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0-000001">Loan agreement and time restrictions</span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0-000001">.</span><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0"> The applicant must comply with any conditions required by the board before approval of the application is given. Within </span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">ninety</span><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0"> days after the board approves the loan, the applicant </span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">shall execute a loan agreement with the department</span><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">. </span><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">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. </span><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">Within </span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">six</span><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0"> months after </span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">the execution of the loan agreement</span><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">, the applicant </span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">shall</span><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0"> commence </span><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">construction of </span><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">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 </span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">secretary of the department</span><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0"> prior to the expiration of the </span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">six</span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">-month period</span><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0"> unless the board waives this requirement</span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">. The board shall decide the length of the extension period based on the mitigating circumstances.</span></p><p dir="ltr" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3P0"><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3000002"> </span></p><p dir="ltr" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3P0"><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">    </span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0-000001">Source:</span><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0"> 19 SDR 107, effective January 24, 1993</span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">; 48 SDR 47, effective November 21, 2022</span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">.</span></p><p dir="ltr" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3P0"><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">    </span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0-000001">General Authority:</span><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=49-16C-3"><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0-000003">49-16C-3</span></a><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">.</span></p><p dir="ltr" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3P0"><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">    </span><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0-000001">Law Implemented:</span><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=49-16C-3"><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0-000003">49-16C-3</span></a><span class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3C0">.</span></p><p dir="ltr" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3P0"><span xml:space="preserve" class="sa3ee8e07-7bc8-4429-8c68-b6303aa57db3000002"> </span></p></div></body></html>