§219-9 Direct loans. (a) The department of agriculture may make loans directly to qualified aquaculturists who are unable to obtain sufficient funds at reasonable rates from private lenders either independently or under section 219-7 or 219-8. Loans made under this section shall be authorized only if loans cannot be obtained from the relevant farm credit lender and two other private lenders.
(b) Loans made under this section shall be limited by section 219-6.
(c) Loans made under this section shall bear simple interest on the unpaid principal balance, charged on the actual amount disbursed. The interest rate for class "A", class "B", class "C", and class "H" loans shall be set by rule, pursuant to chapter 91.
(d) The department may contract with any financial institution for services including servicing or administering loans pursuant to this section.
(e) For purposes of this section, "financial institution" means any organization authorized to do business under state or federal laws relating to financial institutions, including without limitation, banks, savings banks, savings and loan companies or associations, financial services loan companies, and credit unions. [L 1995, c 76, §1; am L 1998, c 118, §8; am L 2008, c 209, §6]
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