reglab/statecodes huggingface dataset:
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:01 - Farm loan mediation program › Section 12:20:01:13 - Ag Finance Counseling

Current through Register Vol. 51, page 10, July 15, 2024
Agricultural finance counseling options may be offered to mediation
	 clients who request this service. The department may contract with trained ag
	 finance counselors to provide this service to debtors and/or
	 creditors.
General Authority:
SDCL
		54-13-2.
Law Implemented:
SDCL
		54-13-7.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:02 - Federal lands mediation and oil and gas mediation › Section 12:20:02:01 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
Terms defined in SDCL
	 54-13-1 have the same meaning in
	 this chapter. In addition, terms used in this chapter mean:
(1) "Director," the director of mediation
  services or their designee;
(2)
  "Requesting Party," the individual, group, or entity initiating
  mediation;
(3) "Non-requesting
  Party," the individual, group, or entity with whom mediation is
  requested.
General Authority:
SDCL
		54-13-2.
Law Implemented:
SDCL
		54-13-2.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:02 - Federal lands mediation and oil and gas mediation › Section 12:20:02:02 - Mediator training

Current through Register Vol. 51, page 10, July 15, 2024
The director, in conjunction with the Department of Agriculture, may
	 provide initial training in mediation techniques to the mediators. This
	 training shall include at least 32 hours of initial training on the mediation
	 process, mediation skills, federal lands issues, surface damage relating to oil
	 and gas development issues, and shall include instruction that a mediator may
	 not advise the requesting party or non-requesting party about the law or to
	 encourage or assist a requesting party or non-requesting party in reserving or
	 establishing legal rights. If a mediator has previous training exceeding these
	 32 hours, the mediator may provide proof of other qualifications. Subsequent
	 and supplemental training of mediators may be conducted by the South Dakota
	 Department of Agriculture. Successful completion of the initial training
	 session constitutes the minimum qualification to serve as a
	 mediator.
General Authority:
SDCL
		54-13-2.
Law Implemented:
SDCL
		54-13-2.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:02 - Federal lands mediation and oil and gas mediation › Section 12:20:02:03 - Mediation fees

Current through Register Vol. 51, page 10, July 15, 2024
Requests for mediation must be filed with the director on a form which
	 may be obtained from the director. The form must be accompanied by the
	 following fees:
(1) Federal Lands
  Mediation: a nonrefundable initial fee of $200 for the requesting party's share
  of the filing request. If the non-requesting party replies in the affirmative
  to use mediation, that response shall be accompanied by a nonrefundable initial
  fee of $200 for the non-requesting party's share of the filing request. No
  mediation services may be provided unless each party has paid the required
  initial fee. If mediation occurs, the requesting party and the non-requesting
  party shall each pay an equal amount of the mediators expenses based on the
  mediator's time report, not to exceed $200 per hour per party. Additionally,
  each party will share in any mailing expenses incurred by the department. If
  federal lands mediation is with a USDA agency, the agency is exempt from this
  requirement and is not required to pay any fees; the other party to the
  mediation will pay half of the mediators expenses based on the mediator's time
  report, not to exceed $200 per hour.
(2) Oil and Gas Mediation: a nonrefundable
  initial fee of $200 for the requesting party's share of the filing request. If
  the non-requesting party replies in the affirmative to use mediation, that
  response shall be accompanied by a nonrefundable initial fee of $200 for the
  non-requesting party's share of the filing request. No mediation services may
  be provided unless each party has paid the required initial fee. If mediation
  occurs, the requesting party and the non-requesting party shall each pay an
  equal amount of the mediator's expenses based on the mediator's time report not
  to exceed $200 per hour per party. Additionally, each party will share in any
  mailing expenses incurred by the department.
General Authority:
SDCL
		54-13-2.
Law Implemented:
SDCL
		54-13-2.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:02 - Federal lands mediation and oil and gas mediation › Section 12:20:02:04 - Contents of request for mediation

Current through Register Vol. 51, page 10, July 15, 2024
The request for mediation must contain the following
	 information:
(1) The name, address,
  and telephone number of the requesting party;
(2) The type of mediation requested and
  nature of the conflict;
(3) The
  name, address, and telephone number of the non-requesting party;
(4) The stated location of the real estate,
  including legal description. If the property is under the control of a third
  party or directly affects a third party, list the name, address, and telephone
  number for the third party; and
(5)
  If needed, the names of additional parties involved with mediation.
General Authority:
SDCL
		54-13-2.
Law Implemented:
SDCL
		54-13-2.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:02 - Federal lands mediation and oil and gas mediation › Section 12:20:02:05 - Procedure for requested mediation

Current through Register Vol. 51, page 10, July 15, 2024
The following procedure applies upon receipt of a request for
	 mediation:
(1) The director shall
  evaluate the request and determine if mediation is allowable under SDCL
  54-13;
(2) If allowable, the
  director may offer other alternative means to resolve the dispute and continue
  with the mediation process by mailing a notice of a request for mediation to
  all parties;
(3) If not allowable,
  the director shall mail a notice to the requesting party explaining why the
  mediation request is not allowable through the Department of Agriculture. A
  requesting party may in writing, request the determination of the director be
  reviewed by the secretary and reconsidered;
(4) Mailing the notice of request for
  mediation by certified mail to the non-requesting party begins the mediation
  period;
(5) A non-requesting party
  receiving notice of a request for mediation must answer in writing to the
  director within 20 days after the notice was postmarked;
(6) A non-requesting party who fails to
  respond to the director within 20 days is considered to have waived mediation.
  Upon receipt of the non-requesting party's written intent to mediate, the
  director shall schedule a mediation session.
General Authority:
SDCL
		54-13-2.
Law Implemented:
SDCL
		54-13-2.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:02 - Federal lands mediation and oil and gas mediation › Section 12:20:02:06 - Form for notice of request for mediation

Current through Register Vol. 51, page 10, July 15, 2024
The form for notice of request for mediation shall include the
	 following:
(1) The name of the party
  requesting mediation;
(2) A brief
  description of the mediation process;
(3) A statement informing all parties that
  the party or representative attending the mediation session must have the
  authority to negotiate agreements with other parties;
(4) The information required to be brought to
  the initial mediation session;
(5)
  A statement that all parties must attend the mediation session.
General Authority:
SDCL
		54-13-2.
Law Implemented:
SDCL
		54-13-2.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:02 - Federal lands mediation and oil and gas mediation › Section 12:20:02:07 - Mediation meeting notice form

Current through Register Vol. 51, page 10, July 15, 2024
The form for notice of the mediation session shall include the
	 following:
(1) The time and place of
  the initial mediation session;
(2)
  The name of the parties involved in mediation;
(3) The name of the mediator
  assigned;
(4) A brief description
  of the mediation process;
(5) A
  statement informing all parties that the party or representative attending the
  mediation session must have the authority to negotiate agreements with other
  parties;
(6) The information
  required to be brought to the initial mediation session.
General Authority:
SDCL
		54-13-2.
Law Implemented:
SDCL
		54-13-2.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:02 - Federal lands mediation and oil and gas mediation › Section 12:20:02:08 - Conduct at mediation sessions

Current through Register Vol. 51, page 10, July 15, 2024
Mediation sessions shall be conducted as follows:
(1) Mediation sessions are under the control
  of the mediator;
(2) The mediator
  must hold in strict confidence all information provided by the parties to the
  mediation;
(3) All parties must
  have the opportunity to speak and state their positions;
(4) Legal counsel may advise clients
  regarding legal rights and the implication of suggested solutions;
(5) All parties to the proceedings must make
  a good faith effort to resolve the dispute.
General Authority:
SDCL
		54-13-2.
Law Implemented:
SDCL
		54-13-2.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:02 - Federal lands mediation and oil and gas mediation › Section 12:20:02:09 - Mediation agreement

Current through Register Vol. 51, page 10, July 15, 2024
If the parties involved in mediation reach a tentative agreement, the
	 mediator shall summarize the terms of the agreement for review by the
	 parties.
After the terms of the agreement are reviewed and approved by all
	 agreeing parties, those parties shall sign the document. All agreeing parties
	 are required to sign the agreement.
Those parties who do not reach agreement may request another mediation
	 session in writing. The request may be declined by either party. If the parties
	 agree that a mediated solution is not possible, the parties involved may
	 indicate in writing that they were unable to reach an agreement. The mediation
	 period shall be 90 days or less; parties may agree in writing to extend the
	 mediation by 30 days.
General Authority:
SDCL
		54-13-2.
Law Implemented:
SDCL
		54-13-2.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:03 - Water Drainage Mediation › Section 12:20:03:01 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
Terms defined in SDCL
	 54-13-1 have the same meaning in
	 this chapter. In addition, terms used in this chapter mean:
(1) "Director," the director of mediation
  services or their designee;
(2)
  "Requesting Party," the individual, group, or entity requesting
  mediation;
(3) "Non-requesting
  Party," the individual, group, or entity with whom mediation is
  requested.
(4) "Intervener," an
  individual, group, or entity who is not a requesting party or non-requesting
  party to the mediation and may be impacted by the dispute.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:03 - Water Drainage Mediation › Section 12:20:03:02 - Mediator training

Current through Register Vol. 51, page 10, July 15, 2024
The director, in conjunction with the Department of Agriculture, may
	 provide initial training in mediation techniques to the mediators. This
	 training shall include at least 32 hours of initial training on the mediation
	 process, mediation skills, water drainage issues, and shall include instruction
	 that a mediator may not advise or assist a party in reserving or establishing
	 legal rights. If a mediator has previous training exceeding these 32 hours, the
	 mediator may provide proof of other qualifications. Subsequent and supplemental
	 training of mediators may be conducted by the South Dakota Department of
	 Agriculture. Successful completion of the initial training session constitutes
	 the minimum qualification to serve as a mediator.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:03 - Water Drainage Mediation › Section 12:20:03:03 - Mediation fees

Current through Register Vol. 51, page 10, July 15, 2024
Requests for mediation must be filed with the director on a form which
	 may be obtained from the director. A nonrefundable initial fee of $200 for the
	 requesting party's share of the filing request must accompany the mediation
	 form. If the non-requesting party replies in the affirmative to use mediation,
	 that response shall be accompanied by a nonrefundable initial fee of $200 for
	 the non-requesting party's share of the filing request. No mediation services
	 may be provided unless each party has paid the required initial fee. If a
	 request to intervene is made, such request shall include a nonrefundable
	 initial fee of $200. If intervener status is accepted, interveners become a
	 party to the mediation. If mediation occurs, all parties shall each pay an
	 equal amount of the mediators expenses based on the mediator's time report, not
	 to exceed $200 per hour per party. Additionally, all parties will share equally
	 in any mailing or legal notice expenses incurred by the
	 department.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:03 - Water Drainage Mediation › Section 12:20:03:04 - Contents of request for mediation

Current through Register Vol. 51, page 10, July 15, 2024
The request for mediation must contain the following
	 information:
(1) The name, address, and
  telephone number of the requesting party;
(2) The nature of the drainage
  dispute;
(3) The name, address, and
  telephone number of the non-requesting parties;
(4) The stated location of the real estate,
  including legal description and county. If any interest in the described
  property is held by a third party or directly affects a third party, list the
  name, address, and telephone number for each third party; and
(5) If needed, the names of property owners,
  counties, municipalities, townships or agencies of the state or federal
  government reasonably determined by the requesting party to be affected by the
  drainage activity.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:03 - Water Drainage Mediation › Section 12:20:03:05 - Procedure for requested mediation

Current through Register Vol. 51, page 10, July 15, 2024
The following procedure applies upon receipt of a request for
	 mediation:
(1) The director shall
  evaluate the request and determine if mediation is allowable under SDCL
  54-13;
(2) If not allowable, the
  director shall mail a notice to the requesting party explaining why the
  mediation request is not allowable through the Department of Agriculture. A
  requesting party may in writing, request the determination of the director be
  reviewed by the secretary and reconsidered;
(3) Mailing the notice of request for
  mediation by certified mail to the non-requesting party begins the mediation
  period;
(4) A non-requesting party
  receiving notice of a request for mediation must answer in writing to the
  director within 20 days after the notice was postmarked. A non-requesting party
  who fails to respond to the director within 20 days is considered to have
  waived mediation.
(5) Upon receipt
  of the non-requesting party's written intent to mediate, the director shall
  schedule a mediation session.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:03 - Water Drainage Mediation › Section 12:20:03:06 - Form for notice of request for mediation

Current through Register Vol. 51, page 10, July 15, 2024
The form for notice of request for mediation shall include the
	 following:
(1) The name of the
  requesting party;
(2) A brief
  description of the mediation process, the nature of the conflict, the
  description of the real property, and all other parties;
(3) A statement informing all parties that
  the party or representative attending the mediation session must have the
  authority to negotiate agreements with other parties;
(4) The information required to be brought to
  the initial mediation session;
(5)
  A statement that all parties must attend the mediation session.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:03 - Water Drainage Mediation › Section 12:20:03:07 - Mediation meeting notice form

Current through Register Vol. 51, page 10, July 15, 2024
A public notice of mediation including intervener instructions shall be
	 published once each week for two consecutive weeks in one (1) official
	 newspapers designated by the county or counties where the real property is
	 located. In addition, the form for notice of the mediation session to the
	 mediator and identified parties shall include the following:
(1) The time and place of the initial
  mediation session;
(2) The name of
  the parties involved in mediation;
(3) The name of the mediator
  assigned;
(4) A brief description
  of the mediation process, the nature of the conflict, the description of the
  real property, and all other parties;
(5) A statement informing all parties that
  the party or representative attending the mediation session must have the
  authority to negotiate agreements with other parties;
(6) The information required to be brought to
  the initial mediation session and the number of copies which should be
  available for the parties to the mediation.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:03 - Water Drainage Mediation › Section 12:20:03:08 - Procedures for Interveners

Current through Register Vol. 51, page 10, July 15, 2024
The following procedure applies when a third party wants to
	 intervene:
(1) A public notice is
  published in the newspaper in the county with intervener
  instructions;
(2) An intervener
  must fill out the intervener form provided by the director. The intervener
  form, fee, and any supporting documentation that might assist the mediator in
  making an intervention determination shall be returned to the director by the
  intervener applicant ;
(3) Upon
  receipt of the intervener form, fee, and any supporting documentation, the
  director shall provide the form to the assigned mediator. The mediator shall
  determine whether an applicant may intervene;
(4) If intervener status is allowed, the
  mediator shall provide instructions to the party regarding the mediation
  session.
(5) If the mediator
  determines that intervener status is not allowed, the mediator will notify the
  director. The director will then notify the intervener applicant.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:03 - Water Drainage Mediation › Section 12:20:03:09 - Conduct at mediation sessions

Current through Register Vol. 51, page 10, July 15, 2024
Mediation sessions shall be conducted as follows:
(1) Mediation sessions are under the control
  of the mediator;
(2) The mediator
  must hold in strict confidence all information provided by the parties to the
  mediation, except as otherwise agreed to by the parties or provided by state
  law;
(3) All parties must have the
  opportunity to speak and state their positions. The Mediator may allow parties
  to offer evidence and present testimony from third parties;
(4) Legal counsel may be present and advise
  clients regarding legal rights and the implication of proposed
  solutions;
(5) All parties to the
  proceedings must make a good faith effort to resolve the dispute.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:20 - Agricultural mediation › Chapter 12:20:03 - Water Drainage Mediation › Section 12:20:03:10 - Mediation agreement

Current through Register Vol. 51, page 10, July 15, 2024
If the parties involved in mediation reach an agreement, the mediator
	 shall document the terms and all parties shall sign the agreement.
Those parties who do not reach agreement may request another mediation
	 session in writing.
The request may be declined by either party. If the parties agree that
	 a mediated solution is not possible, the parties involved may indicate in
	 writing that they were unable to reach an agreement. The mediation period shall
	 be 90 days or less; parties may agree in writing to extend the mediation by 30
	 days.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:01 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
Terms defined in SDCL
	 1-16E-3 have the same meaning when
	 used in this article. In addition, terms used in this article mean:
(1) "Agricultural improvements," any
  improvements, buildings, structures, or fixtures suitable for use in farming
  which are located on agricultural land, including the single-family dwelling
  located on agricultural land that is or will be occupied by the beginning
  farmer and any structure attached to or incidental to the use of the
  building;
(2) "Agricultural land,"
  land that is suitable for use in farming and is or will be operated as a
  farm;
(3) "Bond purchaser," any
  individual, corporation, government or governmental subdivision or agency,
  business trust, estate, trust, partnership or association, or any other legal
  entity, other than a participating lender, that purchases an authority bond
  under the beginning farmer bond program in connection with a contract sale or
  loan to the beginning farmer;
(4)
  "Depreciable agricultural property," personal property suitable for use in
  farming for which an income tax deduction for depreciation or cost recovery is
  allowable in computing federal income tax under § 144(11)(B) of the
  Internal Revenue Code as amended to July 1, 2008, and which is qualified for
  financing with tax-exempt bonds pursuant to § 144 of the Internal Revenue
  Code as amended to July 1, 2008;
(5) "Eligible applicant," an individual who
  is a first-time farmer, as defined in § 147(c) of the Internal Revenue
  Code as amended to July 1, 2008, who satisfies all of the criteria contained in
  SDCL 1-16E-3(2A) and
  this article relating to recipient eligibility, and who operates or will
  operate a farm;
(6) "Executive
  director, the executive director of the Value Added Finance
  Authority;
(7) "Farm," a farming
  enterprise which is recognized in the community as a farm rather than a rural
  residence;
(8) "Net worth," total
  assets minus total liabilities as determined in accordance with generally
  accepted accounting principles with exceptions and exemptions reasonably
  related to an equitable determination of the beginning farmer's net
  worth;
(9) "Participating lender,"
  any lender, as defined in SDCL
  1-16E-3, that purchases an
  authority bond under the beginning farmer bond program;
(10) "Program," the beginning farmer bond
  program;
(11) "Project," a
  description of the intended use of the loan proceeds;
(12) "Qualified purposes," agricultural land
  and depreciable agricultural property.
Editor's Note:
Section 20:37:11:08 was repealed by SL 2002, ch 179,
		§1, effective August
		14, 2002.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
Accounting principles, §
		20:37:11:08.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:02 - Assets and liabilities

Current through Register Vol. 51, page 10, July 15, 2024
For purposes of this chapter total assets include cash, crops, or feed
	 on hand, livestock held for sale, breeding stock, marketable bonds and
	 securities, securities not readily marketable, accounts receivable, notes
	 receivable, cash invested in growing crops, net cash value of life insurance,
	 machinery, equipment, cars and trucks, farm and other real estate including
	 life estates and personal residence, value or beneficial interest in a trust,
	 government payments or grants, and other assets. Total assets do not include
	 items used for personal, family, or household purposes by the applicant; but in
	 no event may any property be excluded, to the extent a deduction for
	 depreciation is allowable for federal income tax purposes. All assets shall be
	 valued at fair market value by the participating lender. Fair market value is
	 what a willing buyer would pay a willing seller in the locality. A deduction of
	 10 percent may be made from fair market value of farm and other real
	 estate.
Total liabilities include accounts payable, notes or other indebtedness
	 owed to any source, taxes, rent, amount owed on real estate contracts or real
	 estate mortgages, judgments, accrued interest payable, and any other
	 liabilities. Liabilities shall be determined through the use of generally
	 accepted accounting principles.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
Accounting principles, §
		20:37:11:08.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:03 - Contents of application

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for a beginning farmer loan must apply for the loan on a
	 form provided by the finance authority. The application must include the
	 following: the applicant's name, address, credit data, a description of the
	 anticipated use of loan proceeds, the amount of the loan and the applicant's
	 down payment, if any, and proof of compliance with net worth requirements in
	 §
									12:21:01:04. An application is
	 complete when all documents needed to approve a loan are
	 submitted.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:04 - Net worth requirements

Current through Register Vol. 51, page 10, July 15, 2024
To qualify for a loan under this chapter, the beginning farmer must
	 meet the net worth requirements as established by the Value Added Finance
	 Authority and as provided in this section. For the individual, the aggregate
	 net worth of the individual and the individual's spouse and minor children may
	 not exceed $400,000. However, the authority may increase or decrease the net
	 worth requirement by not more than $100,000 if the resulting maximum net worth
	 requirement for the individual and the individual's spouse and minor children
	 does not exceed $500,000 and is not less than $300,000.
The authority may increase or decrease the net worth requirement not
	 more than once in 12 consecutive months.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:05 - Procedure for informal settlements in contested cases

Current through Register Vol. 51, page 10, July 15, 2024
Unless precluded by statute, a dispute over rules of the authority that
	 might otherwise result in contested case proceedings may be settled by an
	 informal settlement negotiated by the executive director, which is subject to
	 ratification by the authority board and by the parties contesting the rule in
	 question. The settlement shall be expressed in a written stipulation
	 representing an informed mutual consent.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:06 - Eligibility

Current through Register Vol. 51, page 10, July 15, 2024
To be eligible for assistance under this chapter, the first-time farmer
	 must meet the following requirements:
(1) The first-time farmer must be a resident
  of South Dakota at the time the bond is issued to finance the loan and must be
  at least 18 years of age;
(2) The
  first-time farmer must document to the lender and the authority sufficient
  training and experience for the anticipated farm operations;
(3) The first-time farmer must, as a
  condition of loan closing, demonstrate to the satisfaction of the lender and
  the authority access as needed to working capital, farm machinery, livestock,
  and agricultural land;
(4)
  Individuals must be first-time farmers regardless of the purpose of the loan as
  defined in § 147(C) of the Internal Revenue Code as amended to July 1,
  2008;
(5) The agricultural land and
  agricultural improvements may be used for farming only by the individual, the
  individual's spouse, the individual's minor children, or any of them;
(6) The first-time farmer must meet net worth
  requirements as described in §
									12:21:01:04;
(7) The first-time farmer must meet the
  requirements of § 267(a), (b), and (c)(4) of the Internal Revenue Code, as
  amended to July 1, 2008, concerning related persons.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:07 - Maximums and minimums

Current through Register Vol. 51, page 10, July 15, 2024
Financing under the program may not exceed $600,000 to an individual
	 beginning farmer participating in the program.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:08 - Limitations on improvements and depreciable property

Current through Register Vol. 51, page 10, July 15, 2024
Agricultural improvements and agricultural depreciable property that
	 are to become a fixture or an integral part of real estate may be financed by
	 the authority only if the beginning farmer owns the real estate on which the
	 property or improvement will be located and the real estate is less than thirty
	 percent of the median size farm in the county of residence or if the beginning
	 farmer has a lease to use the real estate for a term at least as long as the
	 loan remains outstanding.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:09 - Loan requirements

Current through Register Vol. 51, page 10, July 15, 2024
The following are requirements for a loan under the beginning farmer
	 bond program:
(1) The authority may
  take security for a loan in the form of a promissory note, security agreement,
  first mortgage, or similar agreement;
(2) A loan may not be assumed and any
  interest in agricultural land, agricultural improvements, or agricultural
  depreciable property may not be leased, sold, exchanged, used as a trade-in,
  used on an equipment-for-hire basis, or otherwise conveyed without the prior
  written consent of the authority. The authority may not consent to an
  assumption of its loan or the conveyance of property subject to its mortgage or
  security agreement unless the purchaser of the property is an eligible
  applicant for an authority loan;
(3) The beginning farmer, bond purchaser, or
  lender must submit to the authority a nonrefundable $100 fee with the
  application. A loan fee equal to 1.5 percent of the amount of the bond, but not
  less than $500, must be submitted by the beginning farmer, bond purchaser, or
  lender at loan closing, The loan fee may be financed with bond
  proceeds.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-7(18).
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:10 - Availability of books and records

Current through Register Vol. 51, page 10, July 15, 2024
Participating lenders shall maintain books and records setting forth
	 payments received and disbursements made pursuant to all authority loans. The
	 participating lender's books and records must be available for examination by
	 the authority or its agent.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:11 - South Dakota beginning farmer bond program

Current through Register Vol. 51, page 10, July 15, 2024
The beginning farmer bond program allows beginning farmers to obtain
	 lower interest rate loans for qualified purposes by obtaining loan funds from
	 the proceeds of a tax exempt bond issued by the authority and purchased by the
	 lender. The authority shall enter into a loan agreement with the beginning
	 farmer and assign that loan to the lender. At the same time, the authority
	 shall issue a tax-exempt bond in the amount of the loan and the lender shall
	 purchase that bond, which is used to fund the loan assigned to the lender. The
	 only security for the lender is the underlying security on the assigned
	 loan.
The program also allows a bond purchaser to receive tax-exempt interest
	 for a direct loan or contract sale made to beginning farmers. The bond
	 purchaser, after arranging the loan or sales contract, shall obtain from the
	 authority a federal tax-exempt bond in the amount of the loan or the unpaid
	 balance on the sales contract. In the case of a loan, the authority shall lend
	 the amount paid by the bond purchaser for the bond to the beginning farmer and
	 assign the loan and its collateral to the bond purchaser as security for the
	 bond. In the case of a contract sale, the authority shall enter into the
	 contract with the bond purchaser who will receive the bond as evidence of the
	 authority's obligations under the contract. The authority shall then assign the
	 authority's right, title, and interest in the contract to the beginning farmer
	 who shall assume the payment obligations of the authority under the
	 contract.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
Authority bonds not state or subdivision obligation, SDCL
		1-16E-11.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:12 - Application procedures

Current through Register Vol. 51, page 10, July 15, 2024
The beginning farmer may apply on forms provided by the authority for
	 an authority loan with any lender. The authority shall assign the approved loan
	 to that lender. Authority loan eligibility is determined by the requirements of
	 SDCL chapter 1-16 E and this article. If a beginning farmer meets the loan
	 eligibility requirements in §
									12:21:01:13, the decision on
	 whether to enter into the loan agreement is between the beginning farmer and
	 the lender. They must agree on terms of the loan, such as interest rates,
	 length of loan, down payment, service fees, origination charges, and repayment
	 schedule. The terms may be no more onerous than those charged to similar
	 customers for similar loans, taking into account the tax-exempt nature of the
	 interest on the loan.
Following completion of the loan application by the beginning farmer
	 and approval by the lender, the loan application must be submitted to the
	 authority for its review and approval. The authority's review shall include
	 whether:
(1) The loan applicant is a
  qualified beginning farmer;
(2) The
  loan proceeds will be used for a qualified purpose by a qualified borrower
  under SDCL chapter 1-16 E, this article, and §§ 141 and 146 of the
  Internal Revenue Code as amended to July 1, 2008, relating to private activity
  bonds;
(3) The terms of the loan
  comply with this article; and
(4)
  The lender meets the definition of a participating lender or bond purchaser.
As part of the review, the authority and lender may require the
	 beginning farmer to submit appraisals on part or all of the property being
	 financed by the loan or to submit other documents and information necessary to
	 complete the review of the loan application. Following approval and issuance of
	 the bond, the authority shall enter into a loan agreement with the beginning
	 farmer and then assign the loan to the lender. The authority may charge fees as
	 needed to defray its costs for processing the loan and bond.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
Authority bonds not state or subdivision obligation, SDCL
		1-16E-11.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:14 - Priority of applications

Current through Register Vol. 51, page 10, July 15, 2024
The authority shall process applications on a first-come, first-served
	 basis, based on the receipt of a complete application.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:15 - Procedures following bond issuance

Current through Register Vol. 51, page 10, July 15, 2024
No bond proceeds may be used for an unqualified purpose or by an
	 unqualified user. Following disbursement of the bond proceeds, the authority
	 may require the lender and the beginning farmer to certify to the authority
	 that the proceeds were used by a qualified beginning farmer for a qualified
	 purpose.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
Eligibility, §
											12:21:01:07.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:16 - Assignment of loans by participating lenders

Current through Register Vol. 51, page 10, July 15, 2024
A participating lender may assign a loan in whole or in part to any
	 regulated lender as defined in SDCL
	 54-3-14. Servicing of the loan may
	 also be assigned, but it must at all times be with a participating lender as
	 defined. The authority must be notified in writing before assignment of
	 servicing of the loan.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:17 - Assignment of loans by bond purchasers

Current through Register Vol. 51, page 10, July 15, 2024
A bond purchaser may assign a loan in whole or in part to any person as
	 defined in SDCL
	 2-14-2(18) or any
	 organizations as defined in SDCL 47-2-1(20). The authority must be notified in
	 writing prior to assignment of the loan.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:18 - Assumption of loans, substitution of collateral, and transfer of property

Current through Register Vol. 51, page 10, July 15, 2024
Loans may only be assumed with the prior approval of the authority and
	 then only if the purchaser of the property is an eligible applicant for an
	 authority loan. Equipment and other depreciable property may be exchanged or
	 traded for similar property, and other property such as breeding livestock may
	 be added or substituted as collateral at the discretion of the lender without
	 the prior approval of the authority. The benefits of the loan made at the tax
	 exempt rate from the proceeds of an authority bond must remain with the
	 qualified beginning farmer, and a person to whom property is traded or
	 otherwise transferred may not obtain the benefits of the authority
	 loan.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:21 - Beginning farmer loan program › Chapter 12:21:01 - General provisions › Section 12:21:01:19 - Right to audit

Current through Register Vol. 51, page 10, July 15, 2024
The authority may audit the records of the lender and the beginning
	 farmer relating to any loan or bond governed by this chapter to ensure that
	 bond proceeds were used for a qualified purpose by a qualified
	 user.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:22 - Agribusiness bonding and lending programs › Chapter 12:22:01 - General provisions › Section 12:22:01:01 - Definitions

Current through Register Vol. 51, page 10, July 15, 2024
Terms defined in SDCL
	 1-16E-3 have the same meaning when
	 used in this article. In addition, terms used in this article mean:
(1) "Authority," the Value Added Finance
  Authority created under SDCL chapter 1-16 E;
(2) "Bond purchaser," any individual,
  corporation, government or governmental subdivision or agency, business trust,
  estate, trust, partnership or association, or any other legal entity, that
  purchases an authority bond under the agribusiness bonding program;
(3) "Eligible applicant." a profit or
  nonprofit agricultural or business enterprise as defined in SDCL
  1-16E-3, including an individual,
  partnership, corporation, joint venture, association, limited liability
  company, or cooperative;
(4)
  "Executive director," the executive director of the Value Added Finance
  Authority;
(5) "Intent resolution,"
  a nonbinding resolution of intent by the authority to issue bonds to finance a
  proposed project;
(6) "Program,"
  the agribusiness bonding program;
(7) "Project," a description of the intended
  use of the loan proceeds;
(8)
  "Qualified purposes," land, buildings or other improvements, or any real or
  personal property, debt service reserve fund, capitalized interest, and any
  cost relating to the foregoing.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-7,
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:22 - Agribusiness bonding and lending programs › Chapter 12:22:01 - General provisions › Section 12:22:01:02 - Contents of application

Current through Register Vol. 51, page 10, July 15, 2024
An applicant for an agribusiness bonding program loan must apply for
	 the loan on a form provided by the authority. The application must include the
	 following:
(1) The applicant's name,
  address;
(2) A description of the
  anticipated use of loan proceeds;
(3) The amount of the loan;
(4) The applicant's down payment, if any.
An application is complete when all documents needed to approve a loan
	 are submitted.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-7,
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:22 - Agribusiness bonding and lending programs › Chapter 12:22:01 - General provisions › Section 12:22:01:03 - Procedure for informal settlements in contested cases

Current through Register Vol. 51, page 10, July 15, 2024
Unless precluded by statute, a dispute over rules of the authority that
	 might otherwise result in contested case proceedings may be settled by an
	 informal settlement negotiated by the executive director. The settlement is
	 subject to ratification by the authority board and by the parties contesting
	 the rule in question. The settlement shall be expressed in a written
	 stipulation representing an informed mutual consent.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-7,
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:22 - Agribusiness bonding and lending programs › Chapter 12:22:01 - General provisions › Section 12:22:01:04 - Eligibility

Current through Register Vol. 51, page 10, July 15, 2024
To be eligible for assistance under this chapter, the project must be
	 located in South Dakota at the time the bond is issued to finance the loan and
	 the eligible applicant must agree to pay all fees associated with receiving an
	 authority bond.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-7,
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:22 - Agribusiness bonding and lending programs › Chapter 12:22:01 - General provisions › Section 12:22:01:05 - Ineligible uses of loan proceeds

Current through Register Vol. 51, page 10, July 15, 2024
The agribusiness bonding program may not be used to finance working
	 capital or inventory.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-7,
		1-16E-24.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:22 - Agribusiness bonding and lending programs › Chapter 12:22:01 - General provisions › Section 12:22:01:06 - Loan requirements

Current through Register Vol. 51, page 10, July 15, 2024
The following are requirements for a loan under the agribusiness
	 bonding program:
(1) The authority may
  take security for a loan in the form of a promissory note, security agreement,
  mortgage, or similar agreement;
(2)
  A loan may not be assumed; and any interest in land, improvements, or
  depreciable property may not be leased, sold, exchanged, used as a trade-in,
  used on an equipment-for-hire basis, or otherwise conveyed without the prior
  written consent of the authority. The authority may not consent to an
  assumption of its loan or the conveyance of property subject to its mortgage or
  security agreement unless the purchaser of the property is an eligible
  applicant for an authority loan; and
(3) The eligible applicant, bond purchaser,
  or lender must pay the following fees to the authority:
(a) Application fee - with the submission of
  an application, a nonrefundable fee of $200;
(b) Issuance fee - as of the date of issuance
  of the bonds, a fee equal to 1/8 of 1 percent of the bond amount with a $500
  minimum;
(c) Assumption fee - if
  the loan is assumed, on the date of assumption, a fee equal to 1/16 of 1
  percent of outstanding bond balance with a $300 minimum;
(d) Bond allocation fee - on the date of
  issuance, a fee equal to 1/8 of 1 percent of the bond amount; and
(e) Legal counsel fee - on the date of
  issuance of the bond, the fees and expenses of bond counsel and the authority's
  special counsel.
South Dakota Administrative Rules › Title 12 - Department of Agriculture › Article 12:22 - Agribusiness bonding and lending programs › Chapter 12:22:01 - General provisions › Section 12:22:01:07 - Availability of books and records

Current through Register Vol. 51, page 10, July 15, 2024
Bond purchasers or their agents shall maintain books and records
	 setting forth payments received and disbursements made pursuant to all
	 authority loans. The books and records must be available for examination by the
	 authority or its agent.
General Authority:
SDCL
		1-16E-24.
Law Implemented:
SDCL
		1-16E-7,
		1-16E-24.