30.760. Loans to be at fixed rate of interest set by rules--records of loans to be segregated--penalty for violations--state treasurer, powers and duties.
Loans to be at fixed rate of interest set by rules--records of loansto be segregated--penalty for violations--state treasurer, powersand duties.
30.760. 1. Upon the placement of a linked deposit with an eligiblelending institution, such institution is required to lend such funds toeach approved eligible multitenant enterprise, eligible farm operation,eligible alternative energy operation, eligible alternative energyconsumer, eligible locally owned business, eligible small business,eligible job enhancement business, eligible marketing enterprise, eligibleresidential property developer, eligible residential property owner,eligible governmental entity, eligible agribusiness, eligible beginningfarmer, eligible livestock operation, eligible student borrower, eligiblefacility borrower, or eligible water supply system listed in the linkeddeposit loan package required by section 30.756 and in accordance with thedeposit agreement required by section 30.758. The loan shall be at a fixedrate of interest reduced by the amount established under subsection 3 ofsection 30.758 to each eligible multitenant enterprise, eligible farmingoperation, eligible alternative energy operation, eligible alternativeenergy consumer, eligible locally owned business, eligible small business,eligible job enhancement business, eligible marketing enterprise, eligibleresidential property developer, eligible residential property owner,eligible governmental entity, eligible agribusiness, eligible beginningfarmer, eligible livestock operation, eligible student borrower, eligiblefacility borrower, or eligible water supply system as determined pursuantto rules and regulations promulgated by the state treasurer under theprovisions of chapter 536, RSMo, including emergency rules issued pursuantto section 536.025, RSMo. In addition, the loan agreement shall specifythat the eligible multitenant enterprise, eligible farming operation,eligible alternative energy operation, eligible alternative energyconsumer, eligible locally owned business, eligible small business,eligible job enhancement business, eligible marketing enterprise, eligibleresidential property developer, eligible residential property owner,eligible governmental entity, eligible agribusiness, eligible beginningfarmer, eligible livestock operation, eligible student borrower, eligiblefacility borrower, or eligible water supply system shall use the proceedsas required by sections 30.750 to 30.765, and that in the event the loanrecipient does not use the proceeds in the manner prescribed by sections30.750 to 30.765, the remaining proceeds shall be immediately returned tothe lending institution and that any proceeds used by the loan recipientshall be repaid to the lending institution as soon as practicable. Allrecords and documents pertaining to the programs established by sections30.750 to 30.765 shall be segregated by the lending institution for ease ofidentification and examination. A certification of compliance with thissection in the form and manner as prescribed by the state treasurer shallbe required of the eligible lending institution. Any lender or lendingofficer of an eligible lending institution who knowingly violates theprovisions of sections 30.750 to 30.765 is guilty of a class A misdemeanor.
2. The state treasurer shall take any and all steps necessary toimplement the linked deposit program and monitor compliance of eligiblemultitenant enterprises, eligible lending institutions, eligible farmingoperations, eligible alternative energy operations, eligible alternativeenergy consumers, eligible locally owned businesses, eligible smallbusinesses, eligible job enhancement businesses, eligible marketingenterprises, eligible residential property developers, eligible residentialproperty owners, eligible governmental entities, eligible agribusinesses,eligible beginning farmers, eligible livestock operations, eligiblefacility borrowers, or eligible water supply systems.
(L. 1986 H.B. 1107 § 5, A.L. 1987 H.B. 294, A.L. 1988 H.B. 1260, A.L. 1989 S.B. 444, A.L. 1991 H.B. 51, et al., A.L. 1992 S.B. 661 & 620, A.L. 1993 H.B. 566, A.L. 2004 S.B. 1155, A.L. 2005 S.B. 270, A.L. 2007 H.B. 741, A.L. 2008 S.B. 1181, et al., A.L. 2009 H.B. 883)