70:05:03:09Borrower reporting requirements.

Section · Administrative Rules of South Dakota · View on sdlegislature.gov ↗

Rulemaking activity

• 70:05:01:01 – Terms • 70:05:01:02 – Meetings and quorum • 70:05:01:03 – Declaratory rulings • 70:05:01:04 – Approval of division action. • 70:05:01:05 – Adoption of guidelines for property management – Notice required. • 70:05:02:16 – Record of income • 70:05:03:01 – Definitions • 70:05:03:03 – Application requirements • 70:05:03:04 – Equity contribution • 70:05:03:05 – Permissible uses of loan proceeds • 70:05:03:06 – Factors for board action • 70:05:03:07 – Acceptance and time restrictions of applicant • 70:05:03:08 – Loan agreement • 70:05:03:09 – Borrower reporting requirements • 70:05:03:10 – Inspection of the borrower by the board and retention of records • 70:05:03:11 – Additional notification requirements • 70:05:03:12 – Maturity and interest rate • 70:05:03:13 – Review of financial status • 70:05:03:15 – Delegation of administrative functions • 70:05:04:01 – Deadline for submission of information for railroad tax credit – Application form – Information required.Effective

Until the prinicipal and any interest is paid in full, the borrower shall submit an annual report to the department containing the following information: (1) A summary of the status of the project; (2) An update concerning the borrower's ability to comply with the loan agreement; and (3) Any other information requested by the board concerning the financial condition of the borrower and the benefitted entity. The board may require that financial statements be audited at the expense of the benefitted entity, if the board reasonably believes the financial statements provided do not clearly or completely state the benefitted entity's financial condition, or are not prepared according to generally accepted accounting principles.

Source: 19 SDR 107, effective January 24, 1993; 49 SDR 47, effective November 21, 2022.

General Authority

SDCL 49-16C-3 ↗

Law Implemented

SDCL 49-16C-3 ↗

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