(a) To facilitate the development of commercial fisheries and commercial agriculture in geographic areas in which factors such as geographic considerations, uncertainties of communication, or limited demands do not encourage normal lending activities, the bank may make small loans to qualified borrowers who are not members of the bank.
(b) The provisions of this chapter apply to loans authorized by this section except that
(1) the borrower is not required to be a member of the bank at the time the loan is approved; and
(2) the principal amount of the portion of the loan made by the bank may not exceed $50,000.
(c) The total amount of money that may be loaned under this section may not exceed 25 percent of the total capital of the bank.
(d) To service loans made under this section, the bank may contract or make other arrangements with a public agency or with a legal entity that the bank determines to be responsible and competent to administer the loan.
Section: Previous 44.81.160 44.81.170 44.81.190 44.81.200 44.81.210 44.81.215 44.81.220 44.81.225 44.81.230 44.81.231 44.81.235 44.81.236 44.81.240 44.81.241 44.81.243 NextLast modified: November 15, 2016