Revisor Home

Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 348

previous next Effective - 28 Aug 2011bottom

  348.412.  Use of loan proceeds — eligibility — rules. — 1.  Eligible borrowers:

  (1)  Shall use the proceeds of the agricultural business development loan to acquire agricultural property or for the expansion, acquisition, construction, improvement, or rehabilitation of a qualifying agribusiness; and

  (2)  May not finance more than ninety percent of the anticipated cost of the project through the agricultural business development loan.

  2.  The project shall have opportunities to succeed in the development, expansion and operation of businesses involved in adding value to, marketing, exporting, processing, or manufacturing agricultural products that will benefit the state economically and socially through direct or indirect job creation or job retention.

  3.  The authority shall promulgate rules establishing eligibility pursuant to the provisions of sections 348.400 to 348.415, taking into consideration:

  (1)  The eligible borrower's ability to repay the agricultural business development loan;

  (2)  The general economic conditions of the area in which the agricultural property will be located;

  (3)  The prospect of success of the particular project for which the loan is sought; and

  (4)  Such other factors as the authority may establish.

  4.  The authority may promulgate rules to provide for:

  (1)  The requirement or nonrequirement of security or endorsement and the nature thereof;

  (2)  The manner and time or repayment of the principal and interest;

  (3)  The maximum rate of interest;

  (4)  The right of the eligible borrower to accelerate payments without penalty;

  (5)  The amount of the guaranty charge;

  (6)  The effective period of the guaranty;

  (7)  The percent of the agricultural business development loan, not to exceed fifty percent, covered by the guaranty;

  (8)  The assignability of agricultural business development loans by the eligible lender;

  (9)  Procedures in the event of default on an agricultural business development loan;

  (10)  The due diligence effort on the part of eligible lenders for collection of guaranteed loans;

  (11)  Collection assistance to be provided to eligible lenders; and

  (12)  The extension of the guaranty in consideration of duty in the Armed Forces, unemployment, natural disasters, or other hardships.

­­--------

(L. 1997 H.B. 557, A.L. 2004 S.B. 740, et al., A.L. 2011 S.B. 161)

CROSS REFERENCE:

Rulemaking authority, effective when, null and void, when, 348.426


---- end of effective   28 Aug 2011 ----

use this link to bookmark section  348.412


In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions

Site changes Contact
Other Links
Oversight Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House

@11:51:27.0 28