SEC. 69-2-17. Repayment of interest loans from Emerging Crops Fund.
(1) Repayment of the interest loan from the fund shall be deferred for a period of time not more than five (5) years or the time when the emerging crop should reach maturity. The schedule for repayment of the interest loan shall be a period of time equal to two (2) times the period that interest is paid on the loan for that emerging crop from the fund. No interest shall be charged on interest loans from the fund, and only the amount actually loaned from the fund shall be required to be repaid.
(2) Repayment of interest loans from the fund shall be made to the lender, which shall remit the amounts collected to the department for deposit into the fund. However, if the repayment period for an interest loan exceeds the time for repayment of the principal loan amount to the lender, when the final principal payment is made to the lender all subsequent interest loan payments shall be made by the farmer, directly to the department to be deposited into the fund.
(3) The lender shall notify the department, as soon as possible, of any change in the principal loan status, release of collateral or any other matter that may adversely affect the security of the state's loan.
SOURCES: Laws, 1987, ch. 482, Sec. 9; 1988, ch. 356, Sec. 3, eff from and after passage (approved April 15, 1988).