A borrower may not have more than one outstanding VALU guaranty at any one time. Only one VALU guaranty may be issued for each household. If a borrower is an entity as described in subdivision 12:07:13:03(2), individual members of the entity who meet the requirements of subdivision 12:07:14:03(1) and other provisions of this chapter may apply for a separate VALU guaranty.

Source: 17 SDR 141, effective March 25, 1991; 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: 1991-03-25.