Utah § 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.

Utah Statutes

§ 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.

Utah·Title 4 Utah Agricultural Code·Ch. 4-19 Rural Rehabilitation

(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:

(2)(a) loans and renewals;

(2)(b) the methods of repayment; and

(2)(c) the interest rates charged.

(3)In fixing interest rates, the Agricultural Advisory Board executive committee shall consider:

(3)(a) the current applicable interest rate or rates being charged by the USDA Farm Service Agency on similar loans;

(3)(b) the current prime rate charged by leading lending institutions; and

(3)(c) any other pertinent economic data.

(4)The interest rates established shall be compatible with guidelines stated in this section.

(5)The

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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 executive committee created in Section 4-2-108 shall approve:

(2)(a) loans and renewals;
(2)(b) the methods of repayment; and
(2)(c) the interest rates charged.
(3) In fixing interest rates, the Agricultural Advisory Board executive committee shall consider:

(3)(a) the current applicable interest rate or rates being charged by the USDA Farm Service Agency on similar loans;
(3)(b) the current prime rate charged by leading lending institutions; and
(3)(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.

Utah § 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.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.