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2024 Laws of Puerto Rico
TITLE FIVE - Agriculture (§§ 1 — 4706)
Chapter 7 - Agricultural Loans (§§ 151 — 195)
§ 191 - Administration

Universal Citation:
5 L of PR § 191
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
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(a) The Department of Agriculture and the Economic Development Bank for Puerto Rico, in close collaboration, shall develop the Agricultural Loan and Loan Warranty Program as follows:

(1) The Department of Agriculture shall:

(A) Establish the principles, requirements and purposes of the program.

(B) Appoint personnel for its promotional activities.

(C) Gather information from farmers interested in obtaining agricultural loans and loan warranties.

(D) Establish operational mechanisms corresponding to the agricultural phase of the program.

(E) Issue an agricultural eligibility certificate establishing the agricultural use of the loan warranty or direct loan applied for by the petitioner.

(2) The Economic Development Bank for Puerto Rico shall:

(A) Require the petitioner to submit the agricultural eligibility certificate issued by the Secretary of the Department of Agriculture.

(B) Evaluate the information submitted by the Department of Agriculture with regard to the petitioner and extend the Agricultural Loan Warranty or Direct Agricultural Loan, according to the standards established for the program, as set forth by common accord between the Economic Development Bank for Puerto Rico and the Department of Agriculture.

(C) Administer the Agricultural Loan Warranty and Direct Agricultural Loan portfolios according to the standards established for the program, as set forth by common accord between the Economic Development Bank for Puerto Rico and the Department of Agriculture.

History —Aug. 17, 2001, No. 117, § 4.

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