Section 41B.036 — General Powers Of The Authority.
41B.036 GENERAL POWERS OF THE AUTHORITY. For the purpose of exercising the specific powers granted in section 41B.04 and effectuating the other purposes of sections 41B.01 to 41B.23 the authority has the general powers granted in this section. (a) It may sue and be sued. (b) It may have a seal and alter the seal. […]
Section 41B.037 — Homestead Redemption Program.
41B.037 HOMESTEAD REDEMPTION PROGRAM. The authority may establish and implement a homestead redemption program under sections 41B.01 to 41B.23. The purpose of the program is to assist persons who have lost their farms due to foreclosure, granting a deed in lieu of foreclosure, or other actions necessary to settle their agricultural debts, and who are […]
Section 41B.038 — Programs For Commitments To Other Entities.
41B.038 PROGRAMS FOR COMMITMENTS TO OTHER ENTITIES. The authority may establish programs to make or purchase and enter into commitments to make or purchase qualified agricultural loans or portions of the loans issued to persons described in section 41B.03, subdivision 1. The agricultural loans must be insured or guaranteed by the United States Department of […]
Section 41B.039 — Beginning Farmer Program.
41B.039 BEGINNING FARMER PROGRAM. Subdivision 1. Establishment. The authority may establish, develop criteria, and implement a beginning farmer program. Subd. 2. State participation. The state may participate in a new real estate loan with an eligible lender to a beginning farmer to the extent of 45 percent of the principal amount of the loan or […]
Section 41B.0391 — Beginning Farmer Program; Tax Credits.
41B.0391 BEGINNING FARMER PROGRAM; TAX CREDITS. Subdivision 1. Definitions. (a) For purposes of this section, the following terms have the meanings given. (b) “Agricultural assets” means agricultural land, livestock, facilities, buildings, and machinery used for farming in Minnesota. (c) “Beginning farmer” means an individual who: (1) is a resident of Minnesota; (2) is seeking entry, […]
Section 41B.04 — Loan Restructuring Program.
41B.04 LOAN RESTRUCTURING PROGRAM. Subdivision 1. Restructuring authority. The authority may enter into agreements or programs with eligible agricultural lenders for the restructuring of mortgage loans on real property located in Minnesota which is farmed by Minnesota residents, on such terms and conditions as the authority determines are not inconsistent with sections 41B.01 to 41B.23. […]
Section 41B.042 — Seller-sponsored Program.
41B.042 SELLER-SPONSORED PROGRAM. Subdivision 1. Establishment. The authority must, within 120 days after August 1, 1989, establish, develop criteria, and implement a seller-sponsored loan participation program to assist persons entering or reentering farming. The authority must conduct a study on the feasibility of implementing a program for assistance to persons entering or reentering farming through […]
Section 41B.043 — Agricultural Improvement Loan Program.
41B.043 AGRICULTURAL IMPROVEMENT LOAN PROGRAM. Subdivision 1. Establishment. The authority may establish, adopt rules for, and implement an agricultural improvement loan program to finance agricultural improvements. Subd. 1a. [Repealed, 2007 c 45 art 1 s 66] Subd. 1b. Loan participation. The authority may participate in an agricultural improvement loan with an eligible lender to a […]
Section 41B.01 — Citation; Purpose.
41B.01 CITATION; PURPOSE. Subdivision 1. Citation. Sections 41B.01 to 41B.23 shall be known as and may be cited as the “Minnesota Rural Finance Authority Act of 1986.” Subd. 2. Purpose. Sections 41B.01 to 41B.23 create and establish the Minnesota Rural Finance Authority and establish a program under which state bonds are authorized to be issued […]
Section 41B.02 — Definitions.
41B.02 DEFINITIONS. Subdivision 1. Scope. For the purposes of sections 41B.01 to 41B.23, the terms defined in this section have the meanings given them. Subd. 1a. Amortized restructured loan. “Amortized restructured loan” means a loan after it has been modified pursuant to section 41B.04, subdivision 9, paragraph (d). Subd. 2. Authority. “Authority” means the Minnesota […]