4-19-104.
192 words·~1 min read·
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Effective 5/5/2021
4-19-104. Loans -- Not to exceed period of 10 years -- Agricultural Advisory Board executive committee to approve loans and renewals, methods of payments, and interest rates -- Guidelines in fixing interest rates declared.
(1)The department may not make a loan authorized under this chapter for a period to exceed 10 years, but the loan is renewable.
(2)Except as provided in Subsection
(5), the Agricultural Advisory Board executive committee created in Section 4-2-108 shall approve:
(a)loans and renewals;
(b)the methods of repayment; and
(c)the interest rates charged.
(3)In fixing interest rates, the Agricultural Advisory Board executive committee shall consider:
(a)the current applicable interest rate or rates being charged by the USDA Farm Service Agency 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 this section.
(5)The Agricultural Advisory Board executive committee may create a subcommittee from the Agricultural Advisory Board membership to approve a loan or renewal under this section.
Amended by Chapter 126 , 2021 General Session