12:03:03:11Disposition of loan extension or modification request -- Limitations on approval.

Within 120 days after the submission of a request for an extension or modification of the terms of a loan, the commission shall approve or deny the request. The commission may not approve a request for an extension of a loan beyond three years or modify the amount of annual payments to less than $250.

Source: 11 SDR 59, effective October 29, 1984; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 21 SDR 90, effective November 14, 1994; 49 SDR 48, effective November 23, 2022.