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Section 104 - Loans -- Not to exceed period of 10 years -- Agricultural Advisory Board to approve loans and renewals, methods of payments, and interest rates -- Guidelines in fixing interest rates declared.

UT Code § 4-19-104 (2019) (N/A)
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(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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