As Amended
SEC. 69-2-43. Legislative intent concerning voluntary debt mediation program.
The Legislature finds that the agricultural sector of the economy of this state is under severe financial stress due to low farm commodity prices, continuing high interest rates, and reduced net farm income. The suffering agricultural economy adversely affects economic conditions for all other businesses in rural communities. Many of this state's farmers are unable to meet current payments of interest and principal on mortgages and other loan and land contracts, and are threatened by the loss of their farmland, equipment, crops and livestock through mortgage and lien foreclosures, forfeiture of real estate contracts, and other collection actions. The Legislature finds that individual farmers who are financially distressed as a result of the adverse conditions of agriculture in this state can be assisted by the establishment of a voluntary debt mediation program in the Department of Agriculture and Commerce.
SOURCES: Laws, 1987, ch. 482, Sec. 22; reenacted, 1988, ch. 425, Sec. 1; reenacted, 1990, ch. 496, Sec. 1, eff from and after July 1, 1990.