30.758. Loan package acceptance or rejection — loan agreement requirements — linked deposit at less than market interest rate authorized — market interest rate, when. — 1. The state treasurer may accept or reject a linked deposit loan package or any portion thereof.
2. Upon acceptance of the linked deposit loan package or any portion thereof, the state treasurer may place linked deposits with the eligible lending institution at up to three percent below current market rates, as determined and calculated by the state treasurer provided the deposit rate is not below two percent. When necessary, the treasurer may place linked deposits prior to acceptance of a linked deposit loan package.
3. The eligible lending institution shall enter into a deposit agreement with the state treasurer, which shall include requirements necessary to carry out the purposes of sections 30.750 to 30.765. Such requirements shall reflect the market conditions prevailing in the eligible lending institution's lending area. The deposit agreement shall specify the length of time for which the lending institution will lend funds upon receiving a linked deposit. The agreement shall also include provisions for the linked deposit of a linked deposit for an eligible multitenant enterprise, eligible farming operation, small business, eligible marketing enterprise, eligible residential property developer, eligible residential property owner, eligible agribusiness, eligible beginning farmer, eligible livestock operation, eligible student borrower or job enhancement business to mature within a period not to exceed one year. The state treasurer may renew such linked deposit for additional periods of time, each of which shall not exceed one year. The linked deposit of a linked deposit for an eligible property developer or residential property owner shall mature within a period not to exceed three years. The linked deposit of a linked deposit for an eligible water supply system shall mature within a period not to exceed three years and the state treasurer may renew such a linked deposit for additional periods of time, each of which shall not exceed three years. Interest shall be paid at the times determined by the state treasurer.
4. The period of time for which such linked deposit is placed with an eligible lending institution shall be neither longer nor shorter than the period of time for which the linked deposit is used to provide loans at reduced interest rates. The agreement shall further provide that the state shall receive market interest rates on any linked deposit or any portion thereof for any period of time for which there is no corresponding linked deposit loan outstanding to an eligible multitenant enterprise, eligible farming operation, eligible small business, eligible job enhancement business, eligible marketing enterprise, eligible residential property developer, eligible residential property owner, eligible agribusiness, eligible beginning farmer, eligible livestock operation, eligible student borrower or eligible water supply system.
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(L. 1986 H.B. 1107 § 4, A.L. 1987 H.B. 294, A.L. 1988 H.B. 1260, A.L. 1989 S.B. 444, A.L. 1991 H.B. 51, et al., A.L. 1992 S.B. 661 & 620, A.L. 1993 H.B. 566, A.L. 1994 H.B. 1248 & 1048 merged with H.B. 1681, A.L. 1997 H.B. 557, A.L. 2004 S.B. 1155)
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- All versions | ||||
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Effective | End | |||
30.758 | 8/28/2020 | |||
30.758 | 8/28/2011 | 8/28/2020 | ||
30.758 | 8/28/2009 | 8/28/2011 | ||
30.758 | 8/28/2008 | 8/28/2009 | ||
30.758 | 8/28/2007 | 8/28/2008 | ||
30.758 | 5/13/2005 | 8/28/2007 | ||
30.758 | 8/28/2004 | 5/13/2005 | ||
30.758 | 8/28/1997 | 8/28/2004 |
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