<html xmlns="http://www.w3.org/1999/xhtml" lang="en-US"><head><meta charset="UTF-8"><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 1-53-17 - Deposits into and expenditures from small business credit initiative fund.</title><meta name="Generator" content="PowerTools for Open XML"><style>span { white-space: pre-wrap; } p.s7b6757864b1842be8a69e22d5f11df8aNormal { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s7b6757864b1842be8a69e22d5f11df8aSENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s7b6757864b1842be8a69e22d5f11df8aCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s7b6757864b1842be8a69e22d5f11df8aStatute { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s7b6757864b1842be8a69e22d5f11df8aDefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s7b6757864b1842be8a69e22d5f11df8aStatuteNumber1 { margin-left: 0.75in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s7b6757864b1842be8a69e22d5f11df8a000000 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s7b6757864b1842be8a69e22d5f11df8aNoIndent { text-indent: 0.00in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s7b6757864b1842be8a69e22d5f11df8aDefaultParagraphFont-000001 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s7b6757864b1842be8a69e22d5f11df8aSCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style><meta name="viewport" content="width=device-width, initial-scale=1"><meta name="twitter:card" content="summary"><meta property="og:title" content="SD 1-53-17 - Deposits into and expenditures from small business credit initiative fund."><meta property="og:description" content="SDLRC Codified Law 1-53-17 - Deposits into and expenditures from small business credit initiative fund."><meta property="og:type" content="website"><meta property="og:url" content="https://sdlegislature.gov/Statutes?Statute=1-53-17"><meta property="og:image" content="https://lawmakerdocuments.blob.core.usgovcloudapi.net/photos/logoshape.webp"><meta property="og:site_name" content="South Dakota Legislature"></head><body><div><p dir="ltr" class="s7b6757864b1842be8a69e22d5f11df8aNormal"><a href="https://sdlegislature.gov/Statutes?Statute=1-53-17" rel="noopener"><span class="s7b6757864b1842be8a69e22d5f11df8aSENU">1-53-17</span></a><span xml:space="preserve" class="s7b6757864b1842be8a69e22d5f11df8aSENU">. </span><span class="s7b6757864b1842be8a69e22d5f11df8aCL">Deposits into and expenditures from small business credit initiative fund.</span></p><p dir="ltr" class="s7b6757864b1842be8a69e22d5f11df8aStatute"><span class="s7b6757864b1842be8a69e22d5f11df8aDefaultParagraphFont">Any repayment of loans and interest thereon must be receipted into the small business credit initiative fund and expended by the Board of Economic Development for the following purposes:</span></p><p dir="ltr" class="s7b6757864b1842be8a69e22d5f11df8aStatuteNumber1"><span class="s7b6757864b1842be8a69e22d5f11df8aDefaultParagraphFont">(1)    The payment of administrative costs as permitted pursuant to 2 C.F.R Part 200 Subpart E, as applicable, as in effect on January 1, 2022;</span></p><p dir="ltr" class="s7b6757864b1842be8a69e22d5f11df8aStatuteNumber1"><span class="s7b6757864b1842be8a69e22d5f11df8aDefaultParagraphFont">(2)    The payment of taxes and liens and for the procuring of legal services and any other services necessary to protect, recover, maintain, or liquidate the assets of the small business credit initiative fund as permitted pursuant to 2 C.F.R Part 200 Subpart E, as applicable, as in effect on January 1, 2022; and</span></p><p dir="ltr" class="s7b6757864b1842be8a69e22d5f11df8aStatuteNumber1"><span class="s7b6757864b1842be8a69e22d5f11df8aDefaultParagraphFont">(3)    Making loans for economic development as permitted by 12 U.S.C. Chapter 54 (2021).</span></p><p dir="ltr" class="s7b6757864b1842be8a69e22d5f11df8aNormal"><span xml:space="preserve" class="s7b6757864b1842be8a69e22d5f11df8a000000"> </span></p><p dir="ltr" class="s7b6757864b1842be8a69e22d5f11df8aNoIndent"><span xml:space="preserve" class="s7b6757864b1842be8a69e22d5f11df8aDefaultParagraphFont-000001">Source: </span><span class="s7b6757864b1842be8a69e22d5f11df8aSCL">SL 2012, ch 15, § 3; SL 2022, ch 6, § 3.</span></p></div></body></html>