4-19-3 - Loans -- Not to exceed period of 10 years -- Agricultural Advisory Board to approve loans and renewals, methods of payments, and interest rates -- Guidelines in fixing interest rates declared
4-19-3. Loans -- Not to exceed period of 10 years -- Agricultural Advisory Board toapprove loans and renewals, methods of payments, and interest rates -- Guidelines in fixinginterest rates declared.
(1) The department may not make a loan authorized under this chapter for a period toexceed 10 years but the loan is renewable.
(2) The Agricultural Advisory Board shall approve:
(a) all loans and renewals;
(b) the methods of repayment; and
(c) the interest rates charged.
(3) In fixing interest rates, the Agricultural Advisory Board shall consider:
(a) the current applicable interest rate or rates being charged by the USDA Farm ServiceAgency on similar loans;
(b) the current prime rate charged by leading lending institutions; and
(c) any other pertinent economic data.
(4) The interest rates established shall be compatible with guidelines stated in thissection.
Amended by Chapter 179, 2007 General Session