A family farm security loan approval may be granted if the following criteria are satisfied:
(a) that the applicant is a resident of the state of Minnesota;
(b) that the applicant has sufficient education, training, or experience in the type of farming for which the loan is desired and participation in a farm management program approved by the commissioner;
(c) that the applicant and the applicant's dependents and spouse have total net worth valued at less than $75,000 and have demonstrated a need for the loan;
(d) that the applicant intends to purchase farm land to be used by the applicant for agricultural purposes;
(e) that the applicant is credit worthy according to standards prescribed by the commissioner.
Official Publication of the State of Minnesota
Revisor of Statutes