Minnesota Administrative Rules

1655.0101 REVIEW OF LOAN AND COLLATERAL.

Subpart 1.

Inspection.

At any time during the term of a livestock expansion mortgage loan, the RFA or the state legislative auditor may inspect the books, records, documents, and accounting practices of the lender relative to the loan to determine compliance with the terms and conditions of the loan and the participation agreement. Inspections must be during the lender's normal business hours. The lender must allow the RFA to copy any documents relating to the mortgage loan and the RFA participation.

Subp. 2.

Collateral.

The lender and the RFA may physically inspect the collateral securing the mortgage loan upon notice to the borrower. Inspections must be conducted at reasonable times.

Statutory Authority:

MS s 41B.07

History:

20 SR 2427

Published Electronically:

September 10, 2007