80-12-212. through 80-12-214 reserved
80-12-212 through 80-12-214 reserved.
80-12-215. Loan guaranty program
80-12-215. Loan guaranty program. (1) The authority may guarantee and make commitments to guarantee payment required by a loan funded under this chapter or any other agricultural loan for which a guaranty has been approved by the authority upon such terms and conditions as the authority may prescribe in accordance with this chapter. In administering the […]
80-12-216. Agricultural loan guaranty fund
80-12-216. Agricultural loan guaranty fund. (1) The authority shall create an agricultural loan guaranty fund. The fund must be held by a trustee or other fiduciary designated by the authority. There must be deposited into the fund amounts, insurance fees, premiums, and such other revenues and assets as the authority considers necessary to comply with any […]
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 […]
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, […]