4-19-3.   Loans -- Not to exceed period of ten years -- Agricultural Advisory Board 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 ten 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 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.

Amended by Chapter 179, 2007 General Session
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Last revised: Thursday, May 28, 2009