Montana Code 76-15-547. Rules for loan program
76-15-547. Rules for loan program. The district shall adopt rules:
Terms Used In Montana Code 76-15-547
- 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
(1)prescribing the form and content of applications for loans and plans for the resource conservation practice;
(2)governing the application of the criteria and preferences for awarding loans;
(3)providing for the servicing of loans, including arrangements for obtaining security interests and the establishment of reasonable fees or charges;
(4)providing for the confidentiality of financial statements submitted;
(5)prescribing the conditions for making loans;
(6)establishing the interest rate, if any, for the loans; and
(7)determining the type and amount of security interest in real estate that will be accepted and any conditions to be made upon the security interest.