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2021 Utah Code
Title 4 - Utah Agricultural Code
Chapter 19 - Rural Rehabilitation
Section 104 - Loans -- Not to exceed period of 10 years -- Agricultural Advisory Board executive committee to approve loans and renewals, methods of payments, and interest rates -- Guidelines in fixing interest rates declared.
Universal Citation:
UT Code § 4-19-104 (2021)
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Effective 5/5/2021
4-19-104. Loans -- Not to exceed period of 10 years -- Agricultural Advisory Board executive committee to approve loans and renewals, methods of payments, and interest rates -- Guidelines in fixing interest rates declared.
Amended by Chapter 126, 2021 General Session
4-19-104. Loans -- Not to exceed period of 10 years -- Agricultural Advisory Board executive committee 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 10 years, but the loan is renewable.
- (2) Except as provided in Subsection (5), the Agricultural Advisory Board executive committee created in Section 4-2-108 shall approve:
- (a) loans and renewals;
- (b) the methods of repayment; and
- (c) the interest rates charged.
- (3) In fixing interest rates, the Agricultural Advisory Board executive committee 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.
- (5) The Agricultural Advisory Board executive committee may create a subcommittee from the Agricultural Advisory Board membership to approve a loan or renewal under this section.
Amended by Chapter 126, 2021 General Session
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