Kentucky Statutes 247.978 – Debt limitation for qualified applicant
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The total amount of principal which a qualified applicant may owe to the corporation at any one (1) time shall not exceed:
(1) Two-hundred fifty thousand dollars ($250,000) for first time farmers as defined by the United States Department of Agriculture, Farm Service Agency; or
(2) One million dollars ($1,000,000) for other applicants.
Effective: July 13, 2004
History: Amended 2004 Ky. Acts ch. 41, sec. 6, effective July 13, 2004. — Amended
1990 Ky. Acts ch. 440, sec. 12, effective July 13, 1990. — Created 1984 Ky. Acts ch.
374, sec. 20, effective April 11, 1984.
(1) Two-hundred fifty thousand dollars ($250,000) for first time farmers as defined by the United States Department of Agriculture, Farm Service Agency; or
Terms Used In Kentucky Statutes 247.978
- Department: means the Department of Agriculture. See Kentucky Statutes 247.010
(2) One million dollars ($1,000,000) for other applicants.
Effective: July 13, 2004
History: Amended 2004 Ky. Acts ch. 41, sec. 6, effective July 13, 2004. — Amended
1990 Ky. Acts ch. 440, sec. 12, effective July 13, 1990. — Created 1984 Ky. Acts ch.
374, sec. 20, effective April 11, 1984.