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Code · Minnesota · Chapter 41

41A.035 AGRICULTURAL RESOURCES LOAN PARTICIPATION.

100 words·~1 min read·/mn/chapter-41/41a-035

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41A.035 AGRICULTURAL RESOURCES LOAN PARTICIPATION.
The board may participate in loans made to finance agricultural resource projects by purchasing from a lender up to 75 percent of the amount of each eligible loan. If the loan participated in is for $500,000 or less, the loan may be for 100 percent of the cost of the project. If the loan participated in exceeds $500,000, the loan may not exceed 80 percent of the cost of the project. The lender shall service the loan or cause it to be serviced in a manner that equally protects the lender's and the board's interests.
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