Section 11-11-132 - Time allowed mortgage lender to reinvest loans from authority--Eligiblereinvestments. - South Dakota Statutes

11-11-132. Time allowed mortgage lender to reinvest loans from authority--Eligible reinvestments. The authority shall require as a condition of each loan to a mortgage lender that such mortgage lender shall on or prior to the one hundred eightieth day (or such earlier day as shall be prescribed by rules and regulations of the authority) following the receipt of the loan proceeds have entered into written commitments to make, and shall thereafter proceed as promptly as practicable to make and disburse from such loan proceeds, mortgage loans on residential housing in an aggregate principal amount equal to the amount of such loan.

Source: SL 1973, ch 180, § 20 (6); SDCL Supp, § 28-19-113; SL 1983, ch 106, § 4Y.