Filed as: 68:01 Economic Development Finance Authority - General Provisions
This package has had no recorded movement since August 13, 2025 and was never filed with the Secretary of State. State law sets no deadline for finishing a noticed rule, so it remains legally pending — but is inactive in practice.
The South Dakota Economic Development Finance Authority is streamlining its loan rules by removing outdated provisions and updating references to current state law. The authority is eliminating rules about using loan proceeds to refund prior obligations and removing the first-come, first-served funding allocation requirement, while also removing guaranty of loans from the definition of acceptable collateral and instead treating guaranties as a separate form of credit enhancement. Additionally, statutory cross-references throughout the rules are being corrected to point to the current sections of the economic development statute, and a technical correction clarifies that borrowers must assign both leases and rent payments to secure non-owner-occupied facilities.
AI-generated from the proposed rule text — verify against the official documents.
The effect of the rules will be to repeal unnecessary provisions relating to loans made by the Economic Development Finance Authority. The proposed rules will also make technical corrections to certain statutory cross-references.
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