348.403. Authority to develop program--rules--reject application, when. - Missouri Statutes

Authority to develop program--rules--reject application, when.

348.403. 1. In addition to the duties and powers established insections 348.005 to 348.225, the authority shall develop and implement anagricultural business development loan guarantee program as provided insections 348.400 to 348.415. The authority shall promulgate only thoserules that are necessary to carry out the stated purposes of sections348.400 to 348.415. The rules promulgated pursuant to this section shallencourage maximum involvement and participation by lenders and financialinstitutions in the loan guarantee program. The authority shall implementthe loan guarantee program, and may employ such persons as necessary,within the limits of appropriations for that purpose, to administer theloan guarantee program.

2. Any rule or portion of a rule promulgated pursuant to theauthority of sections 348.400 to 348.415 shall become effective only if ithas been promulgated in compliance with the provisions of chapter 536,RSMo, as it may be amended from time to time.

3. The authority may reject any application for guaranty pursuant tosections 348.400 to 348.415.

(L. 1997 H.B. 557)

*Rulemaking authority, effective when, null and void, when, see RSMo 348.426.