(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 created in Section 4-2-108 shall approve: (a) all loans and renewals; (b) the methods of repayment; and (c) the interest rates charged.
(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.
(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 may create a subcommittee from the board's membership to approve a loan or renewal under this section.
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