80-12-202. Immediate repayment
80-12-202. Immediate repayment. If an applicant who has obtained the approval of the authority for the issuance of a bond to fund the applicant’s loan for the acquisition of farm or ranch land sells the land for which the loan was made to any person, firm, or corporation other than the applicant’s spouse, children, or corporation […]
80-12-203. Qualifications of applicants
80-12-203. Qualifications of applicants. (1) To be eligible for a loan approved by the authority for issuance of a bond, an applicant: (a) shall declare the intention to maintain the applicant’s residence in Montana during the length of the loan; (b) must have been approved by a financial institution; and (c) must have a net worth not to exceed […]
80-12-204. Evaluation of applicants
80-12-204. Evaluation of applicants. (1) The authority shall by rule establish: (a) procedures and standards for evaluating applications for loans to be approved by the authority for issuance of bonds; and (b) a system for evaluating the applicants, considering the following criteria: (i) the applicant’s net worth; (ii) the applicant’s access to livestock and machinery; (iii) the applicant’s training and experience […]
80-12-205. Purchase of loans
80-12-205. Purchase of loans. The authority may purchase loans and make advance commitments to purchase loans from a financial institution at prices and upon terms and conditions established pursuant to 80-12-201 through 80-12-204 and rules promulgated by the authority. History: En. Sec. 9, Ch. 580, L. 1983.
80-12-206. through 80-12-210 reserved
80-12-206 through 80-12-210 reserved.
80-12-211. Income tax deduction for land sale to beginning farmers
80-12-211. Income tax deduction for land sale to beginning farmers. A landowner who sells land consisting of 80 acres or more to a beginning farmer at 9% or less interest on a long-term contract is entitled to a reduction in the landowner’s taxable income in an amount equal to 100% of any income or capital gain, […]
80-12-102. Definitions
80-12-102. Definitions. (1) As used in this chapter, the following definitions apply: (a) ”Agricultural land” means land actively devoted to agricultural use as defined in 15-7-202. (b) ”Authority” means the department of agriculture provided for in 2-15-3001. (c) ”Bonds” means bonds or bond anticipation notes issued by the authority under the provisions of this chapter. (2) References to the authority’s […]
80-12-103. Agricultural loan authority — general powers
80-12-103. Agricultural loan authority — general powers. The authority may: (1) retain professional consultants and advisers; (2) adopt rules governing its procedures; (3) purchase agricultural loans made by financial institutions; (4) issue bonds, in accordance with 80-12-301, necessary to provide funds for implementing this chapter; (5) invest any funds generated by sale of bonds in the permissible investments outlined in 17-6-211 […]
80-12-104. Powers to be interpreted broadly
80-12-104. Powers to be interpreted broadly. The powers enumerated in this chapter must be interpreted broadly to effectuate the purposes of the authority and may not be construed as a limitation of powers. History: En. Sec. 27, Ch. 580, L. 1983.
80-12-201. Loan agreements — general provisions
80-12-201. Loan agreements — general provisions. (1) Each loan approved by the authority for issuance of a bond must include a loan agreement providing a payment schedule that may not exceed 30 years. (2) The agreement must specify a reasonable rate of interest, which rate may be a variable rate provided the method of determination is contained […]