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SF 3662 Senate Long Description

Requiring the commissioner of agriculture to establish and implement an agroforestry loan program to provide interest free financing during the growing period through cooperatives to farmers converting land to agroforestry; requiring the commissioner to prescribe forms and establish an application process; providing for payments by the commissioner to agroforestry cooperatives; specifying loan amounts; providing for the authority of agroforestry cooperatives; specifying certain borrower eligibility, lender agreement, repayment and annual reporting requirements, authorizing commissioner rescission under certain conditions; classifying certain data on applicants or borrowers; requiring establishment of the agroforestry revolving fund for the payments; prohibiting agroforestry cooperatives from assessing fees or interest on loan repayments, specifying certain principal account creation requirements; requiring commissioner biennial reports to the legislature, specifying certain report content requirements; creating a lien against project property in favor of the cooperative and providing for loan security; appropriating money to the agroforestry revolving loan account (ra)