Utah Code Ann. § 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.
(2) Except as provided in Subsection (5), the Agricultural Advisory Board executive committee created in Section 4-2-108 shall approve:
1. (a) loans and renewals;
2. (b) the methods of repayment; and
3. (c) the interest rates charged.
(3) In fixing interest rates, the Agricultural Advisory Board executive committee shall consider:
1. (a) the current applicable interest rate or rates being charged by the USDA Farm Service Agency on similar loans;
2. (b) the current prime rate charged by leading lending institutions; and
3. (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