☰ Revisor of Missouri


Chapter 348

< > Effective - 28 Aug 2013, 2 histories    bottom

  348.521.  Authority to issue certificates of guaranty — eligible lender defined — fee authorized — limit on outstanding guaranteed loans. — 1.  The authority may issue certificates of guaranty covering a first loss guarantee up to but not more than fifty percent of the loan on a declining principal basis for loans to individuals executing a note or other evidence of a loan made for livestock feed and crop input, but not to exceed the amount of one hundred thousand dollars for any one individual and to pay from the livestock feed and crop input loan guarantee fund to an eligible lender up to fifty percent of the amount on a declining principal basis of any loss on any guaranteed loan made under the provisions of sections 348.515 to 348.533, in the event of default on the loan.  Upon payment of the loan, the authority shall be subrogated to all the rights of the eligible lender.

  2.  As used in sections 348.515 to 348.533, the term "eligible lender" means those entities defined as lenders under subdivision (8) of section 348.015.

  3.  The authority shall charge for each guaranteed loan a one-time participation fee of fifty dollars which shall be collected by the lender at the time of closing and paid to the authority.  In addition, the authority may charge a special loan guarantee fee of up to one percent per annum of the outstanding principal which shall be collected from the borrower by the lender and paid to the authority.  Amounts so collected shall be deposited in the livestock feed and crop input loan program fund and used, upon appropriation, to pay the costs of administering the program.

  4.  All moneys paid to satisfy a defaulted guaranteed loan shall only be paid out of the livestock feed and crop input loan guarantee fund established by sections 348.515 to 348.533.

  5.  The total outstanding guaranteed loans shall at no time exceed an amount which, according to sound actuarial judgment, would allow immediate redemption of twenty percent of the outstanding loans guaranteed by the fund at any one time.


(L. 2008 S.B. 931, A.L. 2013 H.B. 542)

---- end of effective  28 Aug 2013 ----

use this link to bookmark section  348.521

 - All versions
Effective End
348.521 8/28/2013
348.521 8/28/2008 8/28/2013

Click here for the Reorganization Act of 1974 - or - Concurrent Resolutions Having Force & Effect of Law
In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions End Report

Site changes Pictures Contact

Other Links
Legislative Research Oversight MOLIS
Library MO WebMasters
Missouri Senate
State of Missouri
Missouri House