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Statutes » Utah » Code » Chapter 4-19

Utah Code § 4-19-104

This is the official text of Utah Code § 4-19-104, part of Utah’s Code — part of the compiled statutory law of Utah, published by the state as "Code." Browse the sections below, each linked to its official government source.

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§ 4-19-104. Loans -- Not to exceed period of 10 years -- Agricultural Advisory Board executive committee to approve loans and renewals, methods of payments, and interest rates -- Guidelines in fixing interest rates declared.

Official statutory text

(1) The department may not make a loan authorized under this chapter for a period to exceed 10 years, but the loan is renewable. (2) Except as provided in Subsection (5), the Agricultural Advisory Board executive committee created in Section 4-2-108 shall approve: (a) loans and renewals; (b) the methods of repayment; and (c) the interest rates charged. (3) In fixing interest rates, the Agricultural Advisory Board executive committee shall consider: (a) the current applicable interest rate or rates being charged by the USDA Farm Service Agency on similar loans; (b) the current prime rate charged by leading lending institutions; and (c) any other pertinent economic data. (4) The interest rates established shall be compatible with guidelines stated in this section. (5) The Agricultural Advisory Board executive committee may create a subcommittee from the Agricultural Advisory Board membership to approve a loan or renewal under this section.

Status: in_force · Read it on the official government site

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