Bridge or direct loan process.
Effective Apr 14, 201945 SDR 31Source: 38 SDR 45, effective September 22, 2011; 45 SDR 31, effective September 13, 2018; SL 2019, ch 235, § 37 and 38, effective April 14, 2019. | General Authority: SDCL 1 -53-30 . | Law Implemented: SDCL 1-53-24, 1-53-29 .
Once the commissioner has approved the application, the office shall proceed as follows:
- (1) The office shall issue an approval letter to the applicant with any conditions or requirements that must be met before closing the loan;
- (2) Loan documentation between the office and the borrower must be executed. The loan documentation must contain the rights and responsibilities of the parties and the terms and conditions of the loan. Any requirements for loan security shall be included in the loan documents and all fees are the responsibility of the borrower. Loans must be secured with appropriate collateral;
- (3) If a bridge loan is approved, an approval letter shall be sent to the lender or USDA.
Source: 38 SDR 45, effective September 22, 2011; 45 SDR 31, effective September 13, 2018; SL 2019, ch 235, § 37 and 38, effective April 14, 2019.
General Authority: SDCL 1 -53-30 .
Law Implemented: SDCL 1-53-24, 1-53-29 .
Prior versions effective: 2018-09-13, 2011-09-22.