<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.s9333a5b9-39cb-492d-afab-9b38bde17d8dP0 { 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.s9333a5b9-39cb-492d-afab-9b38bde17d8dC0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s9333a5b9-39cb-492d-afab-9b38bde17d8dC0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s9333a5b9-39cb-492d-afab-9b38bde17d8dC0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s9333a5b9-39cb-492d-afab-9b38bde17d8d000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s9333a5b9-39cb-492d-afab-9b38bde17d8dC0-000003 { 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="s9333a5b9-39cb-492d-afab-9b38bde17d8dP0"><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">    </span><a href="https://sdlegislature.gov/Rules?Rule=68:02:01:48"><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0-000000">68:02:01:48</span></a><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0-000001">.  Loan term and amortization.</span><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0"> </span><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">The maturity of a loan and amortization of payments are as follows</span><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">:</span></p><p dir="ltr" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dP0"><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8d000002"> </span></p><p dir="ltr" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dP0"><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">    </span><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">(1)  </span><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">For a project consisting solely of multifamily housing, a maturity date up to thirty years from the date of loan closing, with payments amortized over not more than thirty years; and</span></p><p dir="ltr" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dP0"><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8d000002"> </span></p><p dir="ltr" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dP0"><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">    </span><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">(2)  </span><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">For all other loans, a maturity date of up to five years from the date of loan closing, with payments amortized over not more than twenty years. However, upon an affirmative vote of two-thirds of the board members present and voting, loans for projects other than multifamily housing may be made with a maturity date up to ten years from the date of loan closing, with payments amortized over not more than twenty years</span><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">.</span></p><p dir="ltr" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dP0"><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8d000002"> </span></p><p dir="ltr" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dP0"><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">    </span><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0-000001">Source:</span><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0"> 34 SDR 68, effective September 13, 2007; 39 SDR 16, effective August 6, 2012; 46 SDR 123, effective May 12, 2020</span><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">; 52 SDR 49, effective November 17, 2025</span><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">.</span></p><p dir="ltr" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dP0"><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">    </span><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0-000001">General Authority:</span><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16G-5"><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0-000003">1-16G-5</span></a><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">, </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16G-8"><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0-000003">1-16G-8</span></a><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">(7)(10).</span></p><p dir="ltr" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dP0"><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">    </span><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0-000001">Law Implemented:</span><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16G-5"><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0-000003">1-16G-5</span></a><span class="s9333a5b9-39cb-492d-afab-9b38bde17d8dC0">.</span></p><p dir="ltr" class="s9333a5b9-39cb-492d-afab-9b38bde17d8dP0"><span xml:space="preserve" class="s9333a5b9-39cb-492d-afab-9b38bde17d8d000002"> </span></p></div></body></html>