Utah Code 4-19-104. Loans — Not to exceed period of 10 years — Agricultural Advisory Board executive committee to approve loans and renewals, methods of payments, and interest rates — Guidelines in fixing interest rates declared

(1)	The department may not make a loan authorized under this chapter for a period to exceed 10 years, but the loan is renewable.

Department: means the Department of Agriculture and Food created in Chapter 2, Administration. See Utah Code 4-1-109
Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}

(2)

Except as provided in Subsection (5), the Agricultural Advisory Board executive committee created in Section 4-2-108 shall approve:

(a)	loans and renewals;

(b)	the methods of repayment; and

(c)	the interest rates charged.

(3)

In fixing interest rates, the Agricultural Advisory Board executive committee shall consider:

(a)	the current applicable interest rate or rates being charged by the USDA Farm Service Agency on similar loans;

(b)	the current prime rate charged by leading lending institutions; and

(c)	any other pertinent economic data.

(4)	The interest rates established shall be compatible with guidelines stated in this section.

(5)	The Agricultural Advisory Board executive committee may create a subcommittee from the Agricultural Advisory Board membership to approve a loan or renewal under this section.

Amended by Chapter 126, 2021 General Session