- (1) After the Executive Committee approval, the Commissioner shall sign loans and make the final obligation of funds by signing the Rural Rehabilitation Obligation to Purchase form.
- (2) The department shall prepare loan documents and an instruction letter for the title company closing, including a signed warrant request to disburse funds.
- (3) The borrower may proceed with the closing at the title company.
- (4) Neither the state, the department, nor the Board has any obligation to disburse funds before the completion of the procedures described in Rule R51-5.
(5) The borrower shall pay any costs incurred for loan closing, including:
- (a) escrow fees;
- (b) title insurance;
- (c) recording fees; and
- (d) appraisal, when necessary.
KEY: Rural Rehabilitation Loans, loans, grants, program operations, agriculture funding
Date of Last Change: February 11, 2026
Notice of Continuation: March 7, 2023
Authorizing, and Implemented or Interpreted Law: 4-19-103; 4-2-103(i); 4-19-102