Section 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: (b) the methods of repayment; and(c) the interest rates charged.(3) In fixing interest rates, the Agricultural Advisory Board executive committee shall consider: (a) the current applicable interest rate or rates being charged by the USDA Farm Service Agency on similar loans;(b) the current prime rate charged by leading lending institutions; and(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 ,§ 6, eff. 5/5/2021.Renumbered from § 4-19-3 and amended by Chapter 345, 2017 General Session ,§ 211, eff. 7/1/2017.Amended by Chapter 179, 2007 General Session.