12:07:14:01Definitions.
Section · Administrative Rules of South Dakota · View on sdlegislature.gov ↗
Terms used in this chapter mean: (1) "VALU," the value adding livestock underwriting program; (2) "Lender," a federal or state-chartered bank, federal farm credit system, savings and loan association, building and loan association, mortgage company that is a part of a bank holding company, credit union, or an insurance company that is regulated by the National Association of Insurance Commissioners; and (3) "Guaranty," an agreement between the Governor's Office of Economic Development and the lender by which the Governor's Office of Economic Development agrees to be responsible for a percentage of the borrower's default.
Source: 17 SDR 141, effective March 25, 1991; SL 2019, ch 235, § 37 and 38, effective April 14, 2019.