(a) Prior to commencing any proceeding prohibited by this section, § 2-7-302, and §§ 2-7-304 -- 2-7-306 without first obtaining a release, a creditor shall serve a notice on the farmer that the farmer may request mandatory mediation of the farm indebtedness.
(1) The notice shall be in a form and contain the information as required by rule.
(2) The Director of the Arkansas Farm Mediation Program shall make forms available in each county recorder's office.
(b) The notice shall contain, at a minimum, the following information:
(1) The name and address of the farmer;
(2) The name, address, and telephone number of the creditor;
(3) A description of the debt and the amount currently owed;
(4) A description of the agricultural property securing the debt;
(5) A description of the proceeding the creditor intends to commence or continue or the action the creditor intends to take;
(6) A statement that the farmer has the right to request mandatory mediation which could result in restructuring the debt;
(7) The address and telephone number of the director;
(8) A statement that a request for mandatory mediation must be served on the director within fourteen (14) days after service of the notice on the farmer; and
(9) The location of the office of the recorder of the county in which the farmer resides where an application form for requesting mandatory mediation may be obtained.
(c) A creditor shall also serve a copy of such mediation notice on the director within five (5) days after the mediation notice has been served on the farmer by the creditor.
Section: Previous 2-7-302 2-7-303 2-7-304 2-7-305 2-7-306 2-7-307 2-7-308 2-7-309 2-7-310 NextLast modified: November 15, 2016