Effective 28 Aug 1997
348.403. Authority to develop program — rules — reject application, when. — 1. In addition to the duties and powers established in sections 348.005 to 348.225, the authority shall develop and implement an agricultural business development loan guarantee program as provided in sections 348.400 to 348.415. The authority shall promulgate only those rules that are necessary to carry out the stated purposes of sections 348.400 to 348.415. The rules promulgated pursuant to this section shall encourage maximum involvement and participation by lenders and financial institutions in the loan guarantee program. The authority shall implement the loan guarantee program, and may employ such persons as necessary, within the limits of appropriations for that purpose, to administer the loan guarantee program.
2. Any rule or portion of a rule promulgated pursuant to the authority of sections 348.400 to 348.415 shall become effective only if it has been promulgated in compliance with the provisions of chapter 536 as it may be amended from time to time.
3. The authority may reject any application for guaranty pursuant to sections 348.400 to 348.415.
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(L. 1997 H.B. 557)
CROSS REFERENCE:
Rulemaking authority, effective when, null and void, when, 348.426
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