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3167
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MARVIN MANDEL, Governor
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THE DEPARTMENT OF AGRICULTURE FOR THE PURPOSE OF MAKING
LOANS AT A PREFERRED RATE OF INTEREST TO ALLOW FARMERS TO
REBUILD, REPAIR, OR RECOVER THEIR FARMLANDS, BUILDINGS,
CROPS, OR LIVESTOCK DAMAGED OR DESTROYED BY A NATURAL
DISASTER. THE DEPARTMENT SHALL MANAGE AND SUPERVISE THE
PROGRAM.
2-602. POWER TO MAKE LOANS.
(A) THE DEPARTMENT MAY MAKE LOANS UNDER THE FARMER
DISASTER LOAN PROGRAM FROM FUNDS PROVIDED IN THE BUDGET.
(3) MONEY DERIVED FROM PAYMENT OF PRINCIPAL AND
INTEREST ON THE LOANS SHALL BE USED BY THE DEPARTMENT, AS
NEEDED, TO MAKE ADDITIONAL LOANS UNDER THE FARMER
DISASTER LOAN PROGRAM. IF ANY MONEY DERIVED FROM THE
PAYMENT OF PRINCIPAL AND INTEREST AS PROVIDED IN THIS
SUBSECTION EXCEEDS $200,000, THEN THAT EXCESS AMOUNT
SHALL REVERT TO THE GENERAL FUND OF THIS STATE.
2-603. LOANS; ELIGIBILITY; SPOUSES; DEPARTMENTAL POWERS.
(A) (1) THE DEPARTMENT MAY MAKE DIRECT LOANS NOT
EXCEEDING $15,000 TO QUALIFYING FARMERS AT AN INTEREST
RATE WHICH WILL MAKE THE PROGRAM SELF-SUPPORTING. IN
ESTABLISHING THE INTEREST RATE FROM TIME TO TIME, THE
DEPARTMENT SHALL TAKE INTO ACCOUNT ALL OF THE EXPENSES OF
THE PROGRAM INCLUDING ADMINISTRATIVE EXPENSES OF THE
PROGRAM, AND POSSIBLE LOSSES. THE INTEREST BATE MAY NOT
EXCEED 1 PERCENT ABOVE THE COST OF THE LOANS TO THE
STATE.
(2) THE DEPARTMENT MAY COLLECT A UNIFORM
APPLICATION FEE, AND RETAIN FROM IT ANY AMOUNTS NOT
EXPENDED FOR CREDIT REPORTS, APPRAISALS, AND OTHER
EXPENSES OF PROCESSING LOAN APPLICATIONS.
(3) LOANS MADE UNDER THIS SUBTITLE SHALL BE
SECURED BY A MORTGAGE OR LIEN ON THE PROPERTY PURCHASED
AND ANY IMPROVEMENTS AND FIXTURES, CROPS, AND LIVESTOCK
ON IT, OR WHATEVER THE SECRETARY OF AGRICULTURE MAY
REQUIRE.
(B) (1) TO BE ELIGIBLE FOR A LOAN, AN APPLICANT
SHALL MEET ALL OF THE FOLLOWING CONDITIONS OF
ELIGIBILITY;
(I) THE GOVERNOR SHALL HAVE DECLARED A
STATE OF EMERGENCY BECAUSE OF A NATURAL DISASTER MAKING
THE APPLICANTS FARM ELIGIBLE FOR AID;
(II) THE APPLICANT MUST HAVE BEEN THE
ONE TO HAVE SUFFERED THE ACTUAL LOSS AS A RESULT OF THE
NATURAL DISASTER;
(III) THE APPLICANT MUST BE UNABLE TO
QUALIFY SHALL HAVE APPLIED FOR A FARM LOAN FROM ANY
AGENCY OF THE FEDERAL GOVERNMENT; AND
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