The guaranty amount may not exceed 50 percent of the original principal amount of the executed note or $100,000, whichever is less, and shall be reduced on a pro rata basis as the remaining principal balance is reduced. Accordingly, the maximum amount that may be paid is 50 percent of the outstanding principal amount at the time of default.

Source: 17 SDR 141, effective March 25, 1991; 20 SDR 196, effective May 30, 1994; 29 SDR 34, effective September 18, 2002; 38 SDR 45, effective September 22, 2011; 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: 2011-09-22.