The bill establishes a new framework for refinancing mortgages on properties impacted by declared disasters in South Dakota. It introduces a series of definitions, including "Applicant," "Authority," "Disaster," and "Property," to clarify the terms used throughout the legislation. The South Dakota Housing Development Authority is tasked with administering no-interest loans to qualified applicants whose property values have decreased due to a disaster, as declared by the Legislature or the Governor. The declaration must include details about the emergency, affected individuals, and the timeline of the disaster.

To qualify for these loans, applicants must demonstrate ownership of a property significantly affected by the disaster, provide documentation of property values before and after the disaster, and meet specific criteria regarding their residency status. The loan amount is capped at the remaining mortgage balance, and applicants are required to repay the full loan amount without interest. The authority is also responsible for creating rules regarding the application process, documentation requirements, and loan repayment terms.