The board may set interest rates at any board meeting if the proposed action is included on the agenda posted for the meeting. The board shall set the interest rates based on the following criteria:

1. (1) Current market rates;
2. (2) Rates secured on state-issued matching funds; and

3. (3) Current demand for program funds.

   The interest rate on the loan is 0 percent if the board determines to award a 100 percent principal forgiveness loan.

Source: 23 SDR 195, effective May 25, 1997; 25 SDR 93, effective January 9, 1999; 33 SDR 106, effective December 26, 2006; 36 SDR 208, effective June 28, 2010.

General Authority: SDCL 46A-1-60.1 to 46A-1-60.3.

Law Implemented: SDCL 46A-1-60.1 to 46A-1-60.3.