Current through Register Vol. XLI, No. 48, November 27, 2024
Section 61-33-2 - Definitions2.1. "Agricultural or related purpose" means to use for starting, purchasing, or expanding a farm operation; to assist farmers who have suffered financial setbacks from natural disasters, or who need additional resources with which to redirect or maintain profitable farming operations; or for any other agricultural purpose determined important by the Commissioner.2.2. "Application" means a request form for a loan submitted to the West Virginia Department of Agriculture Rural Rehabilitation Loan Committee.2.3. "Application for restructuring" means a written request from a borrower for the restructuring of a distressed loan in accordance with a preliminary restructuring plan proposed by the borrower, accompanied by sufficient financial information and repayment projections to support a sound credit decision.2.4. "Collateral" means security that is pledged for a loan.2.5. "Collection proceedings" means proceedings to demand payment of a loan.2.6. "Commissioner" means the Commissioner of the West Virginia Department of Agriculture or his or her designee.2.7. "Delinquency" and "Delinquencies" mean a failure to pay back a loan; neglecting to pay back a loan in a timely manner.2.8. "Department employee" means a person who is currently employed by the West Virginia Department of Agriculture.2.9. "Distressed loan" means a loan that the borrower does not have the financial capacity to pay according to its terms, that presents a high probability of loss to the Rural Rehabilitation Loan Program, and that exhibits one or both of the following characteristics: 2.9.a. The borrower is experiencing documented financial adversity; or2.9.b. The loan is delinquent or past due under the terms of the loan contract.2.10. "Immediate family" means a spouse, parent, grandparent, child, grandchild, sibling, and similarly related in-laws, adopted, half and step members of families.2.11. "Loan" means the lending of money secured by collateral, that may be in the form of a traditional loan with an interest rate attached to the terms of the loan, a guarantee of a loan, or a portion of a loan to assist with agricultural or related purposes.2.12. "Refinance" and "refinancing" mean to renew, modify, replace, reschedule or reorganize the terms of an existing loan in good standing under the Rural Rehabilitation Loan Program. "Refinance" and "refinancing" do not include restructuring of distressed loans.2.13. "Restructure" and "restructuring" include rescheduling, reamortization, renewal, deferral of principal or interest, monetary concessions, and/or the taking of any other action to modify the terms of, or forbear on, a loan in any way that will make it probable that the operations of the borrower will become financially viable.2.14. "Rural Rehabilitation Loan Committee" or the "Committee" is a committee appointed by the Commissioner of Agriculture.2.15. "Rural Rehabilitation Loan Program" or "Program" is a loan program, administered by the West Virginia Department of Agriculture, to promote investment in the agriculture industry in the state.2.16. "Significant financial contributions" means the expenditure of an applicant's monetary resources toward the real or personal property purchased with the loan in an amount large enough relative to the loan request to indicate a sincere interest in the purpose of the loan. In judging the significance of financial contributions, the Rural Rehabilitation Loan Committee shall consider, among other factors, the total amount of the loan request, the financial resources of the applicant, and industry standards and expectations. For purposes of this definition, a contribution of one hundred dollars ($100.00) or less shall never be significant and a contribution of ten thousand dollars ($10,000.00) or more shall always be significant.2.17. "Wall Street Journal prime rate" means a measure of the U.S. prime rate that is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks.