Minnesota Administrative Rules

1653.0061 LENDER ELIGIBILITY.

Subpart 1.

Statutory eligibility.

Any bank, credit union, or savings association chartered by the state or federal government, a subdivision of the farm credit system (Agri Bank), the Federal Deposit Insurance Corporation, or any insurance company, fund, or other financial institution doing business as an agricultural lender within the state may apply to the RFA for certification as an approved lender.

Subp. 2.

Approval.

If a lender demonstrates its ability to originate and service agricultural real estate loans, the RFA shall designate the lender as an approved lender for purposes of RFA programs.

Subp. 3.

Participation agreement.

Before offering first mortgage loans to the RFA for participation, each approved lender must enter into an RFA master participation agreement specifying the relationship between the parties and the terms and conditions of first mortgage loans to be made by the lender under the restructure participation program and offered to the RFA for participation.

Statutory Authority:

MS s 41B.07

History:

20 SR 2427

Published Electronically:

October 26, 2005