ARSD 74:05:12:11. Decisions on applications

Within 120 days after an application is presented to the board by the secretary, the board shall by resolution either disapprove the application or approve the application as requested or as modified by the board. Modification may include awarding a loan in lieu of a grant or a grant in lieu of a loan, or a combination of each. The department shall notify each applicant in writing of the board's decision on the application.