The interest rate initially established shall remain constant during the existence of the loan unless otherwise provided in the loan documentation. The standard interest rate will be established by the commissioner at least once annually and shall be based on current market rates. Loans may deviate from the standard rate based on collateral, risk, economic conditions and other prudent lending practices. Applicants meeting the definition of a small or beginning farmer may receive lower than the standard rate.

Source: 17 SDR 141, effective March 25, 1991; 19 SDR 93, effective January 1, 1993; 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.