<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.s362cc34a-a372-45a0-a9f4-019dc7359ed8P0 { 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.s362cc34a-a372-45a0-a9f4-019dc7359ed8C0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s362cc34a-a372-45a0-a9f4-019dc7359ed8C0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s362cc34a-a372-45a0-a9f4-019dc7359ed8C0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s362cc34a-a372-45a0-a9f4-019dc7359ed8000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s362cc34a-a372-45a0-a9f4-019dc7359ed8C0-000003 { 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="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">    </span><a href="https://sdlegislature.gov/Rules?Rule=68:02:01:50"><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0-000000">68:02:01:50</span></a><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0-000001">.  Delegation of administrative functions.</span><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0"> </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">GOED shall, on behalf of the board with respect to loans:</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8000002"> </span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">    (1)  </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">Perform the administrative functions of the creation, processing, and review of loan applications, including the financial status of an applicant, prior to board consideration</span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">;</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8000002"> </span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">    (2)  </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">Prepare and negotiate loan commitment letters and loan agreements with a borrower following the board's approval of a loan</span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">;</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8000002"> </span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">    (3)  </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">Add collateral requirements or co-borrowers to conform to the circumstances of the borrower and the loan at the time of loan closing</span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">;</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8000002"> </span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">    (4)  </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">Add or remove guarantors at the time of loan closing based on applicable board policy with respect to a guarantor-owner's interest in the project</span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">;</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8000002"> </span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">    (5)  </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">Consent to immaterial variances in total project costs or financing terms from other funding sources in connection with loan closing</span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">;</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8000002"> </span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">    (6)  </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">Close and fund a loan made pursuant to this chapter in a principal amount up to five percent greater than originally approved by the board, subject to the following restrictions</span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">:</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8000002"> </span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">        (a)  </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">The borrower documents specific, increased project costs incurred between loan approval and loan closing</span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">;</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">        (b)  </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">The increase in total project cost is not due to the borrower's decision to enlarge the scope of the project or its business materially from what was presented in its application</span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">;</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">        (c)  </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">The increased loan amount does not increase the percentage of the total project cost funded by the loan</span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">;</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">        (d)  </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">All other lenders agree to increase their respective funding for the project on the same basis; and</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">        (e)  </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">The board resolution approving the loan did not revoke or specifically limit GOED's authority under this subdivision</span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">;</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8000002"> </span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">    (7)  </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">Review the financial status of an applicant or borrower</span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">;</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8000002"> </span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">    (8)  </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">Perform loan servicing after loan closing and other functions necessary to expedite and assist it in the performance of its administration of loans on behalf of the board; and</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8000002"> </span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">    (9)  </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">Allow a partial lien release or substitution of collateral for a loan, if requested in connection with the disposition of real or personal property collateral made in a borrower's normal course of business after loan closing</span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">.</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8000002"> </span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">    </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">Notwithstanding any assurance, guarantee, communication, or representation made to the contrary, there is no commitment of the REDI fund without specific authorization by the board. Only the board may make an award from the REDI fund to an applicant</span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">.</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8000002"> </span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">    </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0-000001">Source:</span><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0"> 34 SDR 68, effective September 13, 2007</span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">; 52 SDR 49, effective November 17, 2025</span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">.</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">    </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0-000001">General Authority:</span><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16G-5"><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0-000003">1-16G-5</span></a><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">, </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16G-8"><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0-000003">1-16G-8</span></a><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">(5)(7).</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">    </span><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0-000001">Law Implemented:</span><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=1-16G-5"><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0-000003">1-16G-5</span></a><span class="s362cc34a-a372-45a0-a9f4-019dc7359ed8C0">.</span></p><p dir="ltr" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8P0"><span xml:space="preserve" class="s362cc34a-a372-45a0-a9f4-019dc7359ed8000002"> </span></p></div></body></html>