Within 120 days after the submission of a request for an extension or modification of the terms of a loan, the commission shall approve or deny the request. The commission may not approve a request for an extension of a loan beyond three years or modify the amount of annual payments to less than $250.

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 ; 49 SDR 48, effective November 23, 2022 .

General Authority: SDCL 38-8-53 .

Law Implemented: SDCL 38-8-53 .

Prior versions effective: 1994-11-14.