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, the Agricultural Advisory Board executive committee created in Sectionshall approve: (5) 4-2-108 loans and renewals; the methods of repayment; and the interest rates charged.
(3) In fixing interest rates, the Agricultural Advisory Board executive committee shall consider: the current applicable interest rate or rates being charged by the USDA Farm Service Agency on similar loans; the current prime rate charged by leading lending institutions; and 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.