Certificate of guaranty may be issued, conditions--eligible lender,defined--participation fee, amount--limitation of amount.
348.195. 1. The authority may issue certificates of guarantycovering a first loss guarantee up to but not more than fifty percent ofthe loan on a declining principal basis for loans to individuals executinga note or other evidence of a loan made for livestock production or othersingle-purpose animal facility, including animal waste systems or livestockpurchase, but not to exceed the amount of two hundred fifty thousanddollars for any one individual and to pay from the single-purpose animalfacilities loan guarantee fund to an eligible lender up to fifty percent ofthe amount on a declining principal basis of any loss on any guaranteedloan made under the provisions of sections 348.185 to 348.225, in the eventof default on the loan. Upon payment of the loan, the authority shall besubrogated to all the rights of the eligible lender.
2. As used in sections 348.185 to 348.225, the term "eligible lender"means those entities defined as "lenders" under subdivision (8) of section348.015.
3. The authority shall charge for each guaranteed loan a one-timeparticipation fee of one percent which shall be collected by the lender atthe time of closing and paid to the authority. In addition, the authoritymay charge a special loan guarantee fee of up to one percent per annum ofthe outstanding principal which shall be collected from the borrower by thelender and paid to the authority. Amounts so collected shall be depositedin the single-purpose animal facilities loan program fund and used, uponappropriation, to pay the costs of administering the program.
4. All moneys paid to satisfy a defaulted guaranteed loan shall onlybe paid out of the single-purpose animal facilities loan guarantee fundestablished by sections 348.185 to 348.225.
5. The total outstanding guaranteed loans shall at no time exceed anamount which, according to sound actuarial judgment, would allow immediateredemption of twenty percent of the outstanding loans guaranteed by thefund at any one time.
Certificate of guaranty may be issued, conditions--eligible lender,defined--participation fee, amount--limitation of amount.
348.195. 1. The authority may issue certificates of guarantycovering a first loss guarantee up to but not more than fifty percent ofthe loan on a declining principal basis for loans to individuals executinga note or other evidence of a loan made for livestock production or othersingle-purpose animal facility, including animal waste systems or livestockpurchase, but not to exceed the amount of two hundred fifty thousanddollars for any one individual and to pay from the single-purpose animalfacilities loan guarantee fund to an eligible lender up to fifty percent ofthe amount on a declining principal basis of any loss on any guaranteedloan made under the provisions of sections 348.185 to 348.225, in the eventof default on the loan. Upon payment of the loan, the authority shall besubrogated to all the rights of the eligible lender.
2. As used in sections 348.185 to 348.225, the term "eligible lender"means those entities defined as "lenders" under subdivision (8) of section348.015.
3. The authority shall charge for each guaranteed loan a one-timeparticipation fee of one percent which shall be collected by the lender atthe time of closing and paid to the authority. In addition, the authoritymay charge a special loan guarantee fee of up to one percent per annum ofthe outstanding principal which shall be collected from the borrower by thelender and paid to the authority. Amounts so collected shall be depositedin the single-purpose animal facilities loan program fund and used, uponappropriation, to pay the costs of administering the program.
4. All moneys paid to satisfy a defaulted guaranteed loan shall onlybe paid out of the single-purpose animal facilities loan guarantee fundestablished by sections 348.185 to 348.225.
5. The total outstanding guaranteed loans shall at no time exceed anamount which, according to sound actuarial judgment, would allow immediateredemption of twenty percent of the outstanding loans guaranteed by thefund at any one time.
Certificate of guaranty may be issued, conditions--eligible lender,defined--participation fee, amount--limitation of amount.
348.195. 1. The authority may issue certificates of guarantycovering a first loss guarantee up to but not more than fifty percent ofthe loan on a declining principal basis for loans to individuals executinga note or other evidence of a loan made for livestock production or othersingle-purpose animal facility, including animal waste systems or livestockpurchase, but not to exceed the amount of two hundred fifty thousanddollars for any one individual and to pay from the single-purpose animalfacilities loan guarantee fund to an eligible lender up to fifty percent ofthe amount on a declining principal basis of any loss on any guaranteedloan made under the provisions of sections 348.185 to 348.225, in the eventof default on the loan. Upon payment of the loan, the authority shall besubrogated to all the rights of the eligible lender.
2. As used in sections 348.185 to 348.225, the term "eligible lender"means those entities defined as "lenders" under subdivision (8) of section348.015.
3. The authority shall charge for each guaranteed loan a one-timeparticipation fee of one percent which shall be collected by the lender atthe time of closing and paid to the authority. In addition, the authoritymay charge a special loan guarantee fee of up to one percent per annum ofthe outstanding principal which shall be collected from the borrower by thelender and paid to the authority. Amounts so collected shall be depositedin the single-purpose animal facilities loan program fund and used, uponappropriation, to pay the costs of administering the program.
4. All moneys paid to satisfy a defaulted guaranteed loan shall onlybe paid out of the single-purpose animal facilities loan guarantee fundestablished by sections 348.185 to 348.225.
5. The total outstanding guaranteed loans shall at no time exceed anamount which, according to sound actuarial judgment, would allow immediateredemption of twenty percent of the outstanding loans guaranteed by thefund at any one time.
