§ 31.35.010. Findings -- Intent
The legislature finds and declares that nondepository agricultural lenders can enhance their access to working capital for the purpose of financing agricultural borrowers by using the United States farmers home administration loan guaranty program. The farmers home administration loan guaranty program provides financing to agricultural borrowers needing working capital and longer term financing for the purchase of real estate, agricultural production expenses, debt refinancing, equipment, and the purchase of other fixed assets. Loans can be made to agricultural borrowers by nondepository lenders and guaranteed by the farmers home administration only if the state provides an ongoing opportunity for examination of such entities to confirm good lending practices and solvency.
It is the intent of the legislature to empower the director of financial institutions to examine nondepository agricultural lenders for the purpose of allowing such lenders to qualify for participation in the farmers home administration loan guaranty program.
[1994 c 92 § 251; 1990 c 134 § 1.]
Sections: 31.35.010 31.35.020 31.35.030 31.35.040 31.35.050 31.35.060 31.35.070 31.35.080 31.35.090 31.35.100 31.35.105 31.35.900 NextLast modified: April 7, 2009