SDCL § 1-16B-70: Promulgation of rules.

The authority may, pursuant to chapter 1-26, adopt any rules or regulations to implement the purposes of this chapter, including:

(1)Setting forth the procedures for applicants to apply for loans under this chapter;

(2)Establishing criteria for determining which applicants will receive the loans;

(3)Governing the use of proceeds of the loans;

(4)Establishing criteria for the terms and conditions upon which the loans shall be made, including the terms of security given, if any, to secure the loans; and

(5)Governing the use of proceeds by lenders of funds advanced to the lenders by the authority including the terms and conditions upon which the proceeds shall be loaned to borrowers for the purposes described in this chapter.