Michigan Laws 286.434 – Actions by state treasurer; approval of legal form of documents by attorney general; duties of qualified institution; forwarding and destruction of affidavits; program as valid public purpose
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Terms Used In Michigan Laws 286.434
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Financial institution: means a state or national bank, a state or federally chartered savings and loan association, a state or federally chartered savings bank, a state or federally chartered credit union, or other regulated lending institution that maintains a principal office or branch office in this state under the laws of this state or the United States, including, but not limited to, an entity of the federally chartered farm credit system. See Michigan Laws 286.432
- Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 286.432
- Program: means the qualified agricultural loan origination program established under this act. See Michigan Laws 286.432
- Qualified agricultural loan: means a loan that is issued under the program and that meets all of the following conditions:
(i) The loan is made to 1 of the following:
(A) A person that is engaged in and intending to remain engaged in this state as an owner or operator of a farm in the production of agricultural goods that suffered a qualified loss of 25% or more in major enterprises or a qualified loss of 50% or more in production of any 1 crop on a farm located within this state. See Michigan Laws 286.432Qualified financial institution: means a financial institution that has a physical location in this state or whose principal office is located in this state, or both. See Michigan Laws 286.432 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) The state treasurer may take any necessary action to ensure the successful operation of the program, including, but not limited to, entering into agreements with qualified financial institutions related to the operation of the program and the issuance of qualified agricultural loans.
(2) The attorney general shall approve, as to legal form, all documents relating to the payment of a loan origination fee by this state.
(3) Each qualified financial institution participating in the program shall do both of the following:
(a) Report to the state treasurer the principal amount of loans made under the program by June 30, 2020 and June 30 for each year after any subsequent appropriation.
(b) File an affidavit with the state treasurer signed by a senior executive officer of the qualified financial institution stating that the qualified financial institution is in compliance with the program and this act.
(4) Upon request by the state treasurer, a qualified financial institution shall forward a copy of any affidavits executed by a person receiving a loan under this act to the state treasurer. The qualified financial institution and the state treasurer shall destroy the affidavit or its copy after the qualified agricultural loan is repaid.
(5) The program is found and declared to be for a valid public purpose.