§155-5.6 Loan guaranty; important agricultural lands; agricultural and aquacultural loans. (a) From July 1, 2009, the chairperson of the board of agriculture and biosecurity may guarantee loans made by commercial lenders authorized to do business in this State, to agricultural producers for the purpose of developing and implementing agricultural projects; provided that the chairperson of the board of agriculture and biosecurity shall determine that:
The chairperson of the board of agriculture and biosecurity may impose other conditions that the chairperson deems reasonable to implement the loan guaranty.
(b) In addition to the conditions that the chairperson of the board of agriculture and biosecurity may impose under subsection (a), any loan guaranty made pursuant to this section shall meet the following conditions:
(c) The department of agriculture and biosecurity may adopt rules pursuant to chapter 91 to effectuate this section.
(d) As used in this section:
"Agricultural producer" means a farmer, cooperative association, or landowner who derives at least fifty per cent of its gross income from agricultural or aquacultural activities.
"Agricultural project" means a project relating to agricultural or aquacultural operations or capital improvements. [L 2008, c 233, §8; am L 2025, c 236, §§17, 18]