<html> <head> <title>Rule 12:22:03:12 Inspection by the board and retention of records.</title> <META NAME="Keywords" Content="Administrative Rules 12:22:03:12"> <META NAME="Description" Content="Administrative Rules 12:22:03:12 Inspection by the board and retention of records."> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Generator content="Microsoft Word 15 (filtered)"> <style> <!-- /* Font Definitions */ @font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {margin:0in; margin-bottom:.0001pt; text-align:justify; font-size:12.0pt; font-family:"Times New Roman",serif;} a:link, span.MsoHyperlink {color:blue; text-decoration:underline;} a:visited, span.MsoHyperlinkFollowed {color:purple; text-decoration:underline;} .MsoChpDefault {font-size:10.0pt;} @page WordSection1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in;} div.WordSection1 {page:WordSection1;} --> </style> </head> <body lang=EN-US link=blue vlink=purple> <div class=WordSection1> <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>12:22:03:12.&nbsp;&nbsp;Inspection by the board and retention of records.</b> All financial documents, books, receipts, orders, expenditures, electronic data, and accounting procedures and practices of the borrower are subject to examination by or for the board at any time for three years following the completion of the study or project or for the life of the loan, if applicable, whichever period is greater.</p> <p class=MsoNormal>&nbsp;</p> <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 40 SDR 109, effective December 9, 2013; SL 2019, ch 235, &#167;&nbsp;37 and 38, effective April 14, 2019.</p> <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL 1-53-37.</p> <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL 1-53-37.</p> <p class=MsoNormal>&nbsp;</p> </div> </body> </html>