§ 11-34-117 — Rates of interest; length of loan; amount

(a) The rates of interest on all farm loans shall be equal
to the yield on a United States treasury security of the same
duration of the loan, whether the money is loaned upon the
amortization plan or otherwise. The board may add an additional
percentage not to exceed two percent (2%) as a risk premium to
the interest rate established under this subsection. The rate of
interest for all farm loans shall not be less than three percent
(3%).
(b) A farm loan to a beginning agriculture producer shall
be equal to the yield on a United States treasury security of
the same duration of the loan. This loan rate shall be fixed for
a period of ten (10) years. At the end of the ten (10) year
period the interest rate shall be the current rate for loans as
established under subsection (a) of this section. The board may
add an additional percentage not to exceed two percent (2%) as a
risk premium to the interest rate established under this
subsection. The rate of interest for all farm loans to beginning
agricultural producers shall not be less than three percent
(3%).
(c) Repealed by Laws 2023, ch. 135, § 2.
(d) Repealed by Laws 2019, ch. 35, § 2.