The interest rate initially established for a loan shall remain constant during the existence of the loan unless otherwise provided in the loan documentation. The interest rate will be established by the secretary at least once annually and shall be based on current market rates.

Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991; 19 SDR 93, effective January 1, 1993; 45 SDR 31, effective September 13, 2018.

General Authority: SDCL 38-6-8.1.

Law Implemented: SDCL 38-6-3 , 38-6-8.

Prior versions effective: 1993-01-01.