(1) The department may not make a loan authorized under this chapter for a period to exceed 10 years, but the loan is renewable.

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Terms Used In Utah Code 4-19-104

  • Department: means the Department of Agriculture and Food created in Chapter 2, Administration. See Utah Code 4-1-109
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(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.