Minn. R. agency 109, ch. 1650, BASIC BEGINNING FARMER LOAN PARTICIPATION PROGRAM, pt. 1650.0056

Current through Register Vol. 49, No. 19, November 4, 2024

Part 1650.0056 - RFA REVIEW, NOTICE, APPEAL

Subpart 1.RFA review.

The RFA shall accept or reject a lender's offer to participate in the loan within 30 business days after receipt of the lender's offer. If the documentation is not sufficient to make a determination, the RFA may request additional information to establish creditworthiness and eligibility of the applicant.

Subp. 2.RFA acceptance.

The RFA shall accept an offer if:

A. the applicant is eligible in accordance with parts 1650.0011 to 1650.0071 and Minnesota Statutes, section 41B.03, subdivisions 1 and 3;

B. the applicant demonstrates an ability to repay the first mortgage loan and other obligations based on the financial information submitted under part 1650.0046;

C. the sale price of the property is not substantially in excess of its fair market value; and

D. the RFA has sufficient funds available to purchase a participation in the loan.

Subp. 3.RFA notice.

The RFA shall promptly notify the lender in writing whether or not the offer is accepted. If the offer is not accepted, the notice must state the reasons.

Subp. 4.Administrative appeal.

If an offer is rejected, either the lender or the applicant may petition for RFA reconsideration. The petition must be in writing and must be sent within 30 working days of the date of the RFA notice. The petition must state the grounds for the appeal, and may include additional relevant information. Within 15 working days of receiving the petition, the executive director shall send a written response to the petitioner upholding or reversing the original decision and giving the reasons for the decision.

Subp. 5.Formal appeal.

After administrative appeal, a petitioner may appeal the executive director's decision directly to the RFA board by written notice to the executive director within 15 days of receiving the executive director's reconsideration decision. The decision of the board is final.

Minn. R. agency 109, ch. 1650, BASIC BEGINNING FARMER LOAN PARTICIPATION PROGRAM, pt. 1650.0056

20 SR 2251(NO. 42); 30 SR 372

Statutory Authority: MS s 41B.07; 41C.13