Filed as: 12:21 Beginning Farmer Loan Program
This package has had no recorded movement since September 10, 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 Economic Development Finance Authority is updating the rules for South Dakota's Beginning Farmer Loan Program following the Legislature's transfer of oversight responsibility. The changes modernize loan limits (raising the maximum from $600,000 to $649,000 with inflation adjustments), shift net worth eligibility decisions from the Authority to the board while requiring public posting of net worth policies, and streamline the application process by clarifying that applicants must first secure lender approval before applying to the Authority. The rules also update references to current federal tax law, remove outdated provisions about informal settlement procedures and specific loan application fees, and modify restrictions on loan assumptions and collateral changes to give lenders more flexibility while ensuring tax-exempt loan benefits remain with the original beginning farmer.
AI-generated from the proposed rule text — verify against the official documents.
The effect of the rules will be to adjust certain eligibility provisions, the application process, and lending procedures for the Beginning Farmer Loan Program. The proposed changes also make technical corrections and update statutory references following the Legislature’s transfer of responsibility for the program to the Economic Development Finance Authority.
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