58-245. Agricultural projects; loan; reports required; contents.

337 words·~2 min read·/ne/chapter-58/58-245

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)For each loan made, purchased, sold, assigned, or committed for use in agricultural projects as defined in subdivision

(2)of section 58-219 pursuant to the provisions of the Nebraska Investment Finance Authority Act, the authority shall prepare an individual written report which includes the following information:

(a)The name and description of the lender;

(b)The name of the loan guarantor or loan insurer, when applicable;

(c)The amount and purpose of the loan;

(d)A description of the agricultural enterprise for which the loan is to be used, including the county in which the enterprise is located;

(e)The rate of interest applicable to the loan and the current interest rate in the conventional farm credit market for that locality;

(f)The maturity date of the loan;

(g)All conditions attaching to the loan;

(h)The amount and description of fees associated with servicing and processing the loan;

(i)Whether the borrower is an individual farmer, a farm partnership, a farm limited liability company, a farm corporation, or another farm entity;

(j)The age of the borrower or, if the borrower is a farm partnership, a farm limited liability company, a farm corporation, or another farm entity, the ages of all of the owners, partners, or stockholders; and

(k)A statement of the gross farm sales, total assets, total liabilities, and net worth of each borrower.

(2)The authority shall also prepare, following the close of each fiscal year, a report which summarizes the individual loan reports required by subsection

(1)of this section setting forth the following information regarding loans made during the immediately preceding fiscal year:

(a)The number of loans;

(b)The average principal amount of such loans;

(c)The average interest rate savings with respect to such loans;

(d)The average age of the borrowers;

(e)The average net worth of the borrowers; and

(f)A comparison of the items listed in subdivisions

(a)through

(e)of this subsection to the information included in the summary report for the prior year.