Minnesota Session Laws - 1992, Regular Session

  

                         Laws of Minnesota 1992 

                        CHAPTER 532-S.F.No. 2257 
           An act relating to agricultural development; changing 
          certain loan participation limits; redefining 
          "agricultural business enterprise" and "farming" for 
          purposes of the Minnesota agricultural development 
          act; amending Minnesota Statutes 1990, sections 
          41B.039, subdivision 2; and 41B.042, subdivision 4; 
          Minnesota Statutes 1991 Supplement, section 41C.02, 
          subdivisions 2 and 10. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
     Section 1.  Minnesota Statutes 1990, section 41B.039, 
subdivision 2, is amended to read: 
    Subd. 2.  [STATE PARTICIPATION.] The state may participate 
in a new real estate loan with an eligible lender to a beginning 
farmer to the extent of 35 45 percent of the principal amount of 
the loan or $50,000, whichever is less.  The interest rates and 
repayment terms of the authority's participation interest may be 
different than the interest rates and repayment terms of the 
lender's retained portion of the loan. 
    Sec. 2.  Minnesota Statutes 1990, section 41B.042, 
subdivision 4, is amended to read: 
    Subd. 4.  [PARTICIPATION LIMIT; INTEREST.] The authority 
may participate in new seller-sponsored loans to the extent of 
35 45 percent of the principal amount of the loan or $50,000, 
whichever is less.  The interest rates and repayment terms of 
the authority's participation interest may be different than the 
interest rates and repayment terms of the seller's retained 
portion of the loan.  
    Sec. 3.  Minnesota Statutes 1991 Supplement, section 
41C.02, subdivision 2, is amended to read: 
    Subd. 2.  [AGRICULTURAL BUSINESS ENTERPRISE.] "Agricultural 
business enterprise" means an individual or partnership with a 
low or moderate net worth who a small business, as defined in 
section 645.445, subdivision 2, which owns or plans to own 
properties, real or personal, used or useful in connection with 
the general processing of agricultural products or in the 
manufacturing, assembly, or fabrication of agricultural or 
agriculture-related equipment.  "Agricultural business 
enterprise" does not include an operation that involves the 
breeding or raising of livestock. 
    Sec. 4.  Minnesota Statutes 1991 Supplement, section 
41C.02, subdivision 10, is amended to read: 
    Subd. 10.  [FARMING.] "Farming" means the cultivation of 
land for the production of agricultural crops, the raising of 
poultry, the production of eggs, the production of milk, the 
production of fruit or other horticultural crops, grazing, the 
production of livestock, aquaculture, hydroponics, or the 
production of forest products, or other activities designated by 
the authority by rules. 
    Sec. 5.  [EFFECTIVE DATE.] 
    Section 3 is effective the day following final enactment. 
    Presented to the governor April 17, 1992 
    Signed by the governor April 27, 1992, 1:52 p.m.