HB1051 updates South Dakota's small business credit initiative fund to reflect current federal guidelines and clarify how the state can manage the fund's finances. The bill modifies federal compliance references from outdated 2012 standards to current 2022 standards, and makes technical language changes to clarify that loan repayments and interest must be deposited back into the fund for administrative costs and asset protection. These changes allow the Governor's Office of Economic Development to better administer federal small business lending programs while maintaining alignment with current federal oversight requirements.
Signed by the Governor H.J. 688
Delivered to the Governor H.J. 662
Signed by the President S.J. 509
Signed by the Speaker H.J. 635
Senate Do Pass Amended Passed, YEAS 34, NAYS 0. S.J. 457
State Affairs Certified uncontested, placed on consent
State Affairs Do Pass Passed, YEAS 8, NAYS 0.
State Affairs Scheduled for hearing
First read in Senate and referred to Senate State Affairs S.J. 330
House of Representatives Do Pass Amended Passed, YEAS 50, NAYS 20. H.J. 436
Committee on Appropriations Do Pass Amended Passed, YEAS 6, NAYS 2.
Committee on Appropriations Scheduled for hearing H.J. 1
State Affairs Referred as Amended to House Committee on Appropriations Passed, YEAS 12, NAYS 0.
State Affairs Motion to amend Passed, YEAS 12, NAYS 0.
State Affairs Scheduled for hearing
House of Representatives Referred to House State Affairs H.J. 35
First Reading House H.J. 7
Do Pass Amended
State Affairs — Do Pass
Do Pass Amended
Committee on Appropriations — Do Pass Amended
State Affairs — Motion to amend
State Affairs — Referred as Amended to