Lending institution receiving linked deposits, requirements andlimitations--false statements as to use for loan,penalty--eligible student borrowers--eligibility, student renewalloans, repayment method--priority for reduced-rate loans.
30.756. 1. An eligible lending institution that desires to receive alinked deposit shall accept and review applications for linked depositloans from eligible multitenant enterprises, eligible farming operations,eligible alternative energy consumers, eligible alternative energyoperations, eligible locally owned businesses, eligible small businesses,eligible job enhancement businesses, eligible marketing enterprises,eligible agribusinesses, eligible beginning farmers, eligible livestockoperations, eligible residential property developers, eligible residentialproperty owners, eligible governmental entities, eligible studentborrowers, eligible facility borrowers, and eligible water supply systems.An eligible residential property owner shall certify on his or her loanapplication that the reduced rate loan will be used exclusively topurchase, develop or rehabilitate a multifamily residential property. Thelending institution shall apply all usual lending standards to determinethe creditworthiness of each eligible multitenant enterprise, eligiblefarming operation, eligible alternative energy operation, eligiblealternative energy consumer, eligible locally owned business, eligiblesmall business, eligible job enhancement business, eligible marketingenterprise, eligible residential property developer, eligible residentialproperty owner, eligible governmental entities, eligible agribusiness,eligible beginning farmer, eligible livestock operation, eligible studentborrower, eligible facility borrower, or eligible water supply system. Nolinked deposit loan made to any eligible multitenant developmententerprise, eligible farming operation, eligible alternative energyoperation, eligible alternative energy consumer, eligible locally ownedbusiness, eligible livestock operation, eligible agribusiness, eligiblebeginning farmer, eligible job enhancement business, eligible marketingenterprise, eligible residential property developer, eligible residentialproperty owner, eligible governmental entity, eligible student borrower,eligible water supply system, or eligible small business shall exceed adollar limit determined by the state treasurer in the state treasurer'sbest judgment, except as otherwise limited. Any link deposit loan made toan eligible facility borrower shall be in accordance with the loan amountand loan term requirements in section 30.860.
2. An eligible farming operation, small business or job enhancementbusiness shall certify on its loan application that the reduced rate loanwill be used exclusively for necessary production expenses or the expenseslisted in subsection 2 of section 30.753 or the refinancing of an existingloan for production expenses or the expenses listed in subsection 2 ofsection 30.753 of an eligible farming operation, small business or jobenhancement business. Whoever knowingly makes a false statement concerningsuch application is guilty of a class A misdemeanor. An eligible watersupply system shall certify on its loan application that the reduced rateloan shall be used exclusively to pay the costs of upgrading or repairingan existing water system, constructing a new water system, or making othercapital improvements to a water system which are necessary to improve theservice capacity of the system.
3. In considering which eligible farming operations should receivereduced-rate loans, the eligible lending institution shall give priority tothose farming operations which have suffered reduced yields due to droughtor other natural disasters and for which the receipt of a reduced-rate loanwill make a significant contribution to the continued operation of therecipient farming operation.
4. The eligible financial institution shall forward to the statetreasurer a linked deposit loan package, in the form and manner asprescribed by the state treasurer. The package shall include suchinformation as required by the state treasurer, including the amount ofeach loan requested. The institution shall certify that each applicant isan eligible multitenant development enterprise, eligible farming operation,eligible alternative energy operation, eligible alternative energyconsumer, eligible locally owned business, eligible small business,eligible job enhancement business, eligible marketing enterprise, eligibleresidential property developer, eligible residential property owner,eligible governmental entity, eligible agribusiness, eligible beginningfarmer, eligible livestock operation, eligible student borrower, eligiblefacility borrower, or eligible water supply system, and shall, for eacheligible multitenant development enterprise, eligible farming operation,eligible alternative energy operation, eligible alternative energyconsumer, eligible small business, eligible job enhancement business,eligible marketing enterprise, eligible residential property developer,eligible residential property owner, eligible governmental entity, eligibleagribusiness, eligible beginning farmer, eligible livestock operation,eligible student borrower, eligible facility borrower, or eligible watersupply system, certify the present borrowing rate applicable.
5. The eligible lending institution shall be responsible fordetermining if a student borrower is an eligible student borrower. Astudent borrower shall be eligible for an initial or renewal reduced-rateloan only if, at the time of the application for the loan, the student is acitizen or permanent resident of the United States, a resident of the stateof Missouri as defined by the coordinating board for higher education, isenrolled or has been accepted for enrollment in an eligible highereducation institution, and establishes that the student has financial need. In considering which eligible student borrowers may receive reduced-rateloans, the eligible lending institution may give priority to those eligiblestudent borrowers whose income, or whose family income, if the eligiblestudent borrower is a dependent, is such that the eligible student borrowerdoes not qualify for need-based student financial aid pursuant to 20 U.S.C.1078, as amended (the Higher Education Amendments of 1986). The eligiblelending institution shall require the eligible student borrower to documentthat the student has applied for and has obtained all need-based studentfinancial aid for which the student is eligible prior to application for areduced-rate loan pursuant to this section. In no case shall thecombination of all financial aid awarded to any student in any particularenrollment period exceed the total cost of attendance at the institution inwhich the student is enrolled. No eligible lending institution shallcharge any additional fees, including but not limited to an origination,service or insurance fee on any loan agreement under the provisions ofsections 30.750 to 30.765.
6. The eligible lending institution making an initial loan to aneligible student borrower may make a renewal loan or loans to the student.The total of such reduced-rate loans from eligible lending institutionsmade pursuant to this section to any individual student shall not exceedthe cumulative totals established by 20 U.S.C. 1078, as amended. Aneligible student borrower shall certify on his or her loan application thatthe reduced-rate loan shall be used exclusively to pay the costs oftuition, incidental fees, books and academic supplies, room and board andother fees directly related to enrollment in an eligible higher educationinstitution. The eligible lending institution shall make the loan payableto the eligible student borrower and the eligible higher educationinstitution as co-payees. The method of repayment of the loan shall be thesame as for repayment of loans made pursuant to sections 173.095 to173.186, RSMo.
7. Beginning August 28, 2005, in considering which eligiblemultitenant enterprise, eligible farming operation, eligible alternativeenergy operation, eligible alternative energy consumer, eligible locallyowned business, eligible small business, eligible job enhancement business,eligible marketing enterprise, eligible residential property developer,eligible residential property owner, eligible governmental entity, eligibleagribusiness, eligible beginning farmer, eligible livestock operation,eligible student borrower, eligible facility borrower, or eligible watersupply system should receive reduced-rate loans, the eligible lendinginstitution shall give priority to an eligible multitenant enterprise,eligible farming operation, eligible alternative energy operation, eligiblealternative energy consumer, eligible locally owned business, eligiblesmall business, eligible job enhancement business, eligible marketingenterprise, eligible residential property developer, eligible residentialproperty owner, eligible governmental entity, eligible agribusiness,eligible beginning farmer, eligible livestock operation, eligible studentborrower, eligible facility borrower, or eligible water supply system thathas not previously received a reduced-rate loan through the linked depositprogram. However, nothing shall prohibit an eligible lending institutionfrom making a reduced-rate loan to any entity that previously has receivedsuch a loan, if such entity otherwise qualifies for such a reduced-rateloan.
Lending institution receiving linked deposits, requirements andlimitations--false statements as to use for loan,penalty--eligible student borrowers--eligibility, student renewalloans, repayment method--priority for reduced-rate loans.
30.756. 1. An eligible lending institution that desires to receive alinked deposit shall accept and review applications for linked depositloans from eligible multitenant enterprises, eligible farming operations,eligible alternative energy consumers, eligible alternative energyoperations, eligible locally owned businesses, eligible small businesses,eligible job enhancement businesses, eligible marketing enterprises,eligible agribusinesses, eligible beginning farmers, eligible livestockoperations, eligible residential property developers, eligible residentialproperty owners, eligible governmental entities, eligible studentborrowers, eligible facility borrowers, and eligible water supply systems.An eligible residential property owner shall certify on his or her loanapplication that the reduced rate loan will be used exclusively topurchase, develop or rehabilitate a multifamily residential property. Thelending institution shall apply all usual lending standards to determinethe creditworthiness of each eligible multitenant enterprise, eligiblefarming operation, eligible alternative energy operation, eligiblealternative energy consumer, eligible locally owned business, eligiblesmall business, eligible job enhancement business, eligible marketingenterprise, eligible residential property developer, eligible residentialproperty owner, eligible governmental entities, eligible agribusiness,eligible beginning farmer, eligible livestock operation, eligible studentborrower, eligible facility borrower, or eligible water supply system. Nolinked deposit loan made to any eligible multitenant developmententerprise, eligible farming operation, eligible alternative energyoperation, eligible alternative energy consumer, eligible locally ownedbusiness, eligible livestock operation, eligible agribusiness, eligiblebeginning farmer, eligible job enhancement business, eligible marketingenterprise, eligible residential property developer, eligible residentialproperty owner, eligible governmental entity, eligible student borrower,eligible water supply system, or eligible small business shall exceed adollar limit determined by the state treasurer in the state treasurer'sbest judgment, except as otherwise limited. Any link deposit loan made toan eligible facility borrower shall be in accordance with the loan amountand loan term requirements in section 30.860.
2. An eligible farming operation, small business or job enhancementbusiness shall certify on its loan application that the reduced rate loanwill be used exclusively for necessary production expenses or the expenseslisted in subsection 2 of section 30.753 or the refinancing of an existingloan for production expenses or the expenses listed in subsection 2 ofsection 30.753 of an eligible farming operation, small business or jobenhancement business. Whoever knowingly makes a false statement concerningsuch application is guilty of a class A misdemeanor. An eligible watersupply system shall certify on its loan application that the reduced rateloan shall be used exclusively to pay the costs of upgrading or repairingan existing water system, constructing a new water system, or making othercapital improvements to a water system which are necessary to improve theservice capacity of the system.
3. In considering which eligible farming operations should receivereduced-rate loans, the eligible lending institution shall give priority tothose farming operations which have suffered reduced yields due to droughtor other natural disasters and for which the receipt of a reduced-rate loanwill make a significant contribution to the continued operation of therecipient farming operation.
4. The eligible financial institution shall forward to the statetreasurer a linked deposit loan package, in the form and manner asprescribed by the state treasurer. The package shall include suchinformation as required by the state treasurer, including the amount ofeach loan requested. The institution shall certify that each applicant isan eligible multitenant development enterprise, eligible farming operation,eligible alternative energy operation, eligible alternative energyconsumer, eligible locally owned business, eligible small business,eligible job enhancement business, eligible marketing enterprise, eligibleresidential property developer, eligible residential property owner,eligible governmental entity, eligible agribusiness, eligible beginningfarmer, eligible livestock operation, eligible student borrower, eligiblefacility borrower, or eligible water supply system, and shall, for eacheligible multitenant development enterprise, eligible farming operation,eligible alternative energy operation, eligible alternative energyconsumer, eligible small business, eligible job enhancement business,eligible marketing enterprise, eligible residential property developer,eligible residential property owner, eligible governmental entity, eligibleagribusiness, eligible beginning farmer, eligible livestock operation,eligible student borrower, eligible facility borrower, or eligible watersupply system, certify the present borrowing rate applicable.
5. The eligible lending institution shall be responsible fordetermining if a student borrower is an eligible student borrower. Astudent borrower shall be eligible for an initial or renewal reduced-rateloan only if, at the time of the application for the loan, the student is acitizen or permanent resident of the United States, a resident of the stateof Missouri as defined by the coordinating board for higher education, isenrolled or has been accepted for enrollment in an eligible highereducation institution, and establishes that the student has financial need. In considering which eligible student borrowers may receive reduced-rateloans, the eligible lending institution may give priority to those eligiblestudent borrowers whose income, or whose family income, if the eligiblestudent borrower is a dependent, is such that the eligible student borrowerdoes not qualify for need-based student financial aid pursuant to 20 U.S.C.1078, as amended (the Higher Education Amendments of 1986). The eligiblelending institution shall require the eligible student borrower to documentthat the student has applied for and has obtained all need-based studentfinancial aid for which the student is eligible prior to application for areduced-rate loan pursuant to this section. In no case shall thecombination of all financial aid awarded to any student in any particularenrollment period exceed the total cost of attendance at the institution inwhich the student is enrolled. No eligible lending institution shallcharge any additional fees, including but not limited to an origination,service or insurance fee on any loan agreement under the provisions ofsections 30.750 to 30.765.
6. The eligible lending institution making an initial loan to aneligible student borrower may make a renewal loan or loans to the student.The total of such reduced-rate loans from eligible lending institutionsmade pursuant to this section to any individual student shall not exceedthe cumulative totals established by 20 U.S.C. 1078, as amended. Aneligible student borrower shall certify on his or her loan application thatthe reduced-rate loan shall be used exclusively to pay the costs oftuition, incidental fees, books and academic supplies, room and board andother fees directly related to enrollment in an eligible higher educationinstitution. The eligible lending institution shall make the loan payableto the eligible student borrower and the eligible higher educationinstitution as co-payees. The method of repayment of the loan shall be thesame as for repayment of loans made pursuant to sections 173.095 to173.186, RSMo.
7. Beginning August 28, 2005, in considering which eligiblemultitenant enterprise, eligible farming operation, eligible alternativeenergy operation, eligible alternative energy consumer, eligible locallyowned business, eligible small business, eligible job enhancement business,eligible marketing enterprise, eligible residential property developer,eligible residential property owner, eligible governmental entity, eligibleagribusiness, eligible beginning farmer, eligible livestock operation,eligible student borrower, eligible facility borrower, or eligible watersupply system should receive reduced-rate loans, the eligible lendinginstitution shall give priority to an eligible multitenant enterprise,eligible farming operation, eligible alternative energy operation, eligiblealternative energy consumer, eligible locally owned business, eligiblesmall business, eligible job enhancement business, eligible marketingenterprise, eligible residential property developer, eligible residentialproperty owner, eligible governmental entity, eligible agribusiness,eligible beginning farmer, eligible livestock operation, eligible studentborrower, eligible facility borrower, or eligible water supply system thathas not previously received a reduced-rate loan through the linked depositprogram. However, nothing shall prohibit an eligible lending institutionfrom making a reduced-rate loan to any entity that previously has receivedsuch a loan, if such entity otherwise qualifies for such a reduced-rateloan.
Lending institution receiving linked deposits, requirements andlimitations--false statements as to use for loan,penalty--eligible student borrowers--eligibility, student renewalloans, repayment method--priority for reduced-rate loans.
30.756. 1. An eligible lending institution that desires to receive alinked deposit shall accept and review applications for linked depositloans from eligible multitenant enterprises, eligible farming operations,eligible alternative energy consumers, eligible alternative energyoperations, eligible locally owned businesses, eligible small businesses,eligible job enhancement businesses, eligible marketing enterprises,eligible agribusinesses, eligible beginning farmers, eligible livestockoperations, eligible residential property developers, eligible residentialproperty owners, eligible governmental entities, eligible studentborrowers, eligible facility borrowers, and eligible water supply systems.An eligible residential property owner shall certify on his or her loanapplication that the reduced rate loan will be used exclusively topurchase, develop or rehabilitate a multifamily residential property. Thelending institution shall apply all usual lending standards to determinethe creditworthiness of each eligible multitenant enterprise, eligiblefarming operation, eligible alternative energy operation, eligiblealternative energy consumer, eligible locally owned business, eligiblesmall business, eligible job enhancement business, eligible marketingenterprise, eligible residential property developer, eligible residentialproperty owner, eligible governmental entities, eligible agribusiness,eligible beginning farmer, eligible livestock operation, eligible studentborrower, eligible facility borrower, or eligible water supply system. Nolinked deposit loan made to any eligible multitenant developmententerprise, eligible farming operation, eligible alternative energyoperation, eligible alternative energy consumer, eligible locally ownedbusiness, eligible livestock operation, eligible agribusiness, eligiblebeginning farmer, eligible job enhancement business, eligible marketingenterprise, eligible residential property developer, eligible residentialproperty owner, eligible governmental entity, eligible student borrower,eligible water supply system, or eligible small business shall exceed adollar limit determined by the state treasurer in the state treasurer'sbest judgment, except as otherwise limited. Any link deposit loan made toan eligible facility borrower shall be in accordance with the loan amountand loan term requirements in section 30.860.
2. An eligible farming operation, small business or job enhancementbusiness shall certify on its loan application that the reduced rate loanwill be used exclusively for necessary production expenses or the expenseslisted in subsection 2 of section 30.753 or the refinancing of an existingloan for production expenses or the expenses listed in subsection 2 ofsection 30.753 of an eligible farming operation, small business or jobenhancement business. Whoever knowingly makes a false statement concerningsuch application is guilty of a class A misdemeanor. An eligible watersupply system shall certify on its loan application that the reduced rateloan shall be used exclusively to pay the costs of upgrading or repairingan existing water system, constructing a new water system, or making othercapital improvements to a water system which are necessary to improve theservice capacity of the system.
3. In considering which eligible farming operations should receivereduced-rate loans, the eligible lending institution shall give priority tothose farming operations which have suffered reduced yields due to droughtor other natural disasters and for which the receipt of a reduced-rate loanwill make a significant contribution to the continued operation of therecipient farming operation.
4. The eligible financial institution shall forward to the statetreasurer a linked deposit loan package, in the form and manner asprescribed by the state treasurer. The package shall include suchinformation as required by the state treasurer, including the amount ofeach loan requested. The institution shall certify that each applicant isan eligible multitenant development enterprise, eligible farming operation,eligible alternative energy operation, eligible alternative energyconsumer, eligible locally owned business, eligible small business,eligible job enhancement business, eligible marketing enterprise, eligibleresidential property developer, eligible residential property owner,eligible governmental entity, eligible agribusiness, eligible beginningfarmer, eligible livestock operation, eligible student borrower, eligiblefacility borrower, or eligible water supply system, and shall, for eacheligible multitenant development enterprise, eligible farming operation,eligible alternative energy operation, eligible alternative energyconsumer, eligible small business, eligible job enhancement business,eligible marketing enterprise, eligible residential property developer,eligible residential property owner, eligible governmental entity, eligibleagribusiness, eligible beginning farmer, eligible livestock operation,eligible student borrower, eligible facility borrower, or eligible watersupply system, certify the present borrowing rate applicable.
5. The eligible lending institution shall be responsible fordetermining if a student borrower is an eligible student borrower. Astudent borrower shall be eligible for an initial or renewal reduced-rateloan only if, at the time of the application for the loan, the student is acitizen or permanent resident of the United States, a resident of the stateof Missouri as defined by the coordinating board for higher education, isenrolled or has been accepted for enrollment in an eligible highereducation institution, and establishes that the student has financial need. In considering which eligible student borrowers may receive reduced-rateloans, the eligible lending institution may give priority to those eligiblestudent borrowers whose income, or whose family income, if the eligiblestudent borrower is a dependent, is such that the eligible student borrowerdoes not qualify for need-based student financial aid pursuant to 20 U.S.C.1078, as amended (the Higher Education Amendments of 1986). The eligiblelending institution shall require the eligible student borrower to documentthat the student has applied for and has obtained all need-based studentfinancial aid for which the student is eligible prior to application for areduced-rate loan pursuant to this section. In no case shall thecombination of all financial aid awarded to any student in any particularenrollment period exceed the total cost of attendance at the institution inwhich the student is enrolled. No eligible lending institution shallcharge any additional fees, including but not limited to an origination,service or insurance fee on any loan agreement under the provisions ofsections 30.750 to 30.765.
6. The eligible lending institution making an initial loan to aneligible student borrower may make a renewal loan or loans to the student.The total of such reduced-rate loans from eligible lending institutionsmade pursuant to this section to any individual student shall not exceedthe cumulative totals established by 20 U.S.C. 1078, as amended. Aneligible student borrower shall certify on his or her loan application thatthe reduced-rate loan shall be used exclusively to pay the costs oftuition, incidental fees, books and academic supplies, room and board andother fees directly related to enrollment in an eligible higher educationinstitution. The eligible lending institution shall make the loan payableto the eligible student borrower and the eligible higher educationinstitution as co-payees. The method of repayment of the loan shall be thesame as for repayment of loans made pursuant to sections 173.095 to173.186, RSMo.
7. Beginning August 28, 2005, in considering which eligiblemultitenant enterprise, eligible farming operation, eligible alternativeenergy operation, eligible alternative energy consumer, eligible locallyowned business, eligible small business, eligible job enhancement business,eligible marketing enterprise, eligible residential property developer,eligible residential property owner, eligible governmental entity, eligibleagribusiness, eligible beginning farmer, eligible livestock operation,eligible student borrower, eligible facility borrower, or eligible watersupply system should receive reduced-rate loans, the eligible lendinginstitution shall give priority to an eligible multitenant enterprise,eligible farming operation, eligible alternative energy operation, eligiblealternative energy consumer, eligible locally owned business, eligiblesmall business, eligible job enhancement business, eligible marketingenterprise, eligible residential property developer, eligible residentialproperty owner, eligible governmental entity, eligible agribusiness,eligible beginning farmer, eligible livestock operation, eligible studentborrower, eligible facility borrower, or eligible water supply system thathas not previously received a reduced-rate loan through the linked depositprogram. However, nothing shall prohibit an eligible lending institutionfrom making a reduced-rate loan to any entity that previously has receivedsuch a loan, if such entity otherwise qualifies for such a reduced-rateloan.
