Section 41-14-50 Short title; legislative intent. This article shall be known as the Linked Deposit Program of 2007. The purpose of this article is to enhance the George Wallace, Jr., Plan for Linked Deposits of 1988 and further stimulate growth and development in agricultural and small business operations, and to provide disaster relief funds to […]
Section 41-14-51 Definitions. When used in this article, the following words and phrases have the following meanings: (1) AGRICULTURE and AGRICULTURAL. Those activities, land, buildings, and machinery relating to any of the following: a. The raising, harvesting, rotation, selling, or marketing of crops or products of the soil planted, served, or saved including cereals, vegetables, […]
Section 41-14-52 Creation and administration of program. (a) The Linked Deposit Program of 2007 is created and the Treasurer shall administer the program. (b) The Treasurer shall establish procedures, guidelines, forms, and other requirements to carry out this article. The Treasurer may disseminate program information to interested parties. (c) The maximum amount that the Treasurer […]
Section 41-14-53 Applications for loans; linked deposit package. (a) An eligible lending institution shall accept and review applications for linked deposit loans from eligible borrowers. The lending institution shall apply all usual lending standards to determine the credit worthiness of eligible borrowers. (b) The eligible lending institution shall forward to the Treasurer a linked deposit […]
Section 41-14-54 Terms of linked deposits. (a) Only one linked deposit shall be made and be outstanding at any one time to any one eligible borrower. (b) The linked deposit amount shall not exceed seven hundred fifty thousand dollars ($750,000) per eligible borrower. (c) The initial linked deposit term shall be two years. (d) The […]
Section 41-14-55 Loan rates. (a) The linked deposit fixed rate paid by the eligible lending institution shall be two percent below the two-year constant maturity treasury rate. (b) The minimum linked deposit rate shall be one percent. (c) The linked deposit loan rate to the eligible borrower shall be set by the eligible lending institution […]
Section 41-14-56 Liability of state and Treasurer ; delays in payments. (a) Neither the state nor the Treasurer shall be liable to any eligible lending institution in any manner for payment of the principal or interest on the linked deposit loan to an eligible borrower. (b) Any delay in payments or any default on the […]
