<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.sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0 { 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.sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.sdb21dd05-cf63-4e7d-ac35-544bd742bc6e000002 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0-000003 { 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="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">    </span><a href="https://sdlegislature.gov/Rules?Rule=12:03:03:04"><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0-000000">12:03:03:04</span></a><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0-000001">.  Disposition by commission.</span><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0"> Within </span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">90</span><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0"> days after </span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">the end of an application review period</span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">, the commission shall consider a loan application. The application must be received at least 14 days before the meeting at which it will be considered</span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">,</span><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0"> unless the commission declares an emergency.</span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6e000002"> </span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">    After consideration, t</span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">he commission shall:</span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6e000002"> </span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">    (1)  Approve the loan application</span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">,</span><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0"> as submitted;</span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6e000002"> </span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">    (2)  Approve the loan application</span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">,</span><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0"> as modified by either the district or the commission;</span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6e000002"> </span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">    (3)  Conditionally approve the loan application</span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">,</span><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0"> subject to the receipt of specified information or the performance of certain acts by the district; or</span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6e000002"> </span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">    (4)  </span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">Deny</span><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0"> the loan application.</span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6e000002"> </span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">    If the loan application is </span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">denied</span><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">, the commission shall </span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">notify the district of the grounds for the denial.</span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6e000002"> </span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">    </span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0-000001">Source:</span><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0"> 11 SDR 59, effective October 29, 1984; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 21 SDR 90, effective November 14, 1994</span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">; 49 SDR 48, effective November 23, 2022</span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">.</span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">    </span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0-000001">General Authority:</span><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=38-8-53"><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0-000003">38-8-53</span></a><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">.</span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">    </span><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0-000001">Law Implemented:</span><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=38-8-53"><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0-000003">38-8-53</span></a><span class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eC0">.</span></p><p dir="ltr" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6eP0"><span xml:space="preserve" class="sdb21dd05-cf63-4e7d-ac35-544bd742bc6e000002"> </span></p></div></body></html>