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          12:03:03:04.  Disposition by commission. Within 120 days after its receipt, the commission shall consider a loan application at an official meeting. The application must be received at least 14 days before the meeting at which it will be considered unless the commission declares an emergency. The commission shall take one of the following actions at the meeting:

          (1)  Approve the loan application as submitted;

          (2)  Approve the loan application as modified by either the district or the commission;

          (3)  Conditionally approve the loan application subject to the receipt of specified information or the performance of certain actions by the district; or

          (4)  Disapprove the loan application.

          If the loan application is disapproved, the commission shall transmit written reasons for the disapproval to the district.

          Source: 11 SDR 59, effective October 29, 1984; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 21 SDR 90, effective November 14, 1994.

          General Authority: SDCL 38-8-53, 38-8-53.1.

          Law Implemented: SDCL 38-8-53, 38-8-53.1.

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