348.210. Eligibility for guarantees for loans--rules--terms, conditions.

MISSOURI STATUTES AND CODES

348.210. Eligibility for guarantees for loans--rules--terms, conditions.

Eligibility for guarantees for loans--rules--terms, conditions.

348.210. 1. Persons eligible for guarantees for loans under theprovisions of sections 348.185 to 348.225 are individuals engaged infarming operations as defined in section 348.015, who intend to use theproceeds from the loan to finance breeding or feeder livestock, includingthe purchase of additional or replacement livestock, land, buildings,facilities, equipment, machinery, and animal waste facilities used toproduce poultry, hogs, beef, or dairy cattle, or other animals and who areseeking a loan or loans to finance not more than ninety percent of theanticipated cost.

2. The authority shall adopt and promulgate regulations establishingeligibility under the provisions of sections 348.185 to 348.225, takinginto consideration the individual's ability to repay the loan, the generaleconomic conditions of the area in which the individual will be located,the prospect of success of the particular facility for which the loan issought and such other factors as the authority may establish. Theeligibility of any person for a loan guarantee under the provisions ofsections 348.185 to 348.225 shall not be determined or otherwise affectedby any consideration of that person's race, religion, sex, creed, color, orlocation of residence. The authority may also provide for:

(1) The requirement or nonrequirement of security or endorsement andthe nature thereof;

(2) The manner and time of repayment of the principal and interest;

(3) The maximum rate of interest;

(4) The right of the borrower to accelerate payments without penalty;

(5) The amount of the guaranty charge;

(6) The effective period of the guaranty;

(7) The percent of the loan, not to exceed fifty percent, covered bythe guaranty;

(8) The assignability of loans by the lender;

(9) Procedures in event of default by the borrower;

(10) The due diligence effort on the part of lenders for collectionof guaranteed loans;

(11) Collection assistance to be provided to lenders; and

(12) The extension of the guaranty in consideration of duty in thearmed forces, unemployment, natural disasters, or other hardships.