70:14:01:13Default.
Section · Administrative Rules of South Dakota · View on sdlegislature.gov ↗
Rulemaking activity
The commission may determine a local government to be in default if the local government fails to comply with the requirements of the loan agreement or this chapter. The department will notify a local government at least fifteen calendar days prior to the commission's consideration of default. The local government will be afforded an opportunity to address the commission. If the commission determines a local government has defaulted on the loan, the department shall provide written notice of the default to the local government.
Source: 45 SDR 128, effective April 22, 2019.