Interest rates and repayment of intermediary loan – terms
(1) The interest rate on an intermediary loan made pursuant to 17-6-345 may not exceed 2% a year for a period of 30 years.
(2) For the first 3 years, repayment on the intermediary loan is of the interest only, and for the remainder of the term of the intermediary loan, the repayment is principal and interest.
| EnactedEn. SectionSec. 2, ChapterCh. 183, Laws ofL. 2003 (SB 131 - Barkus, Gregory (R) SD 39) |