HF 819

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to agriculture; changing limits for 
  1.3             agricultural improvement loans; appropriating money; 
  1.4             amending Minnesota Statutes 1994, section 41B.043, 
  1.5             subdivisions 2 and 3. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1994, section 41B.043, 
  1.8   subdivision 2, is amended to read: 
  1.9      Subd. 2.  [SPECIFICATIONS.] No direct loan may exceed 
  1.10  $35,000 or $50,000 $100,000 for a loan participation or be made 
  1.11  to refinance an existing debt.  Each direct loan and 
  1.12  participation must be secured by a mortgage on real property and 
  1.13  such other security as the authority may require. 
  1.14     Sec. 2.  Minnesota Statutes 1994, section 41B.043, 
  1.15  subdivision 3, is amended to read: 
  1.16     Subd. 3.  [APPLICATION AND ORIGINATION FEE.] The authority 
  1.17  may impose a reasonable nonrefundable application fee for each 
  1.18  application for a direct loan or participation and an 
  1.19  origination fee for each direct loan issued under the 
  1.20  agricultural improvement loan program.  The origination fee 
  1.21  initially shall be set at 1.5 percent and the application fee at 
  1.22  $50.  The authority may review the fees annually and make 
  1.23  adjustments as necessary.  The fees must be deposited in the 
  1.24  state treasury and credited to an account in the special revenue 
  1.25  fund.  Money in this account is appropriated to the commissioner 
  2.1   for administrative expenses of the agricultural improvement loan 
  2.2   program. 
  2.3      Sec. 3.  [EFFECTIVE DATE.] 
  2.4      This act is effective the day following final enactment.