Mich. Comp. Laws § 286.431
Short title.
This act shall be known and may be cited as the "agricultural disaster loan origination program act".
Michigan Compiled Laws — AGRICULTURAL DISASTER LOAN ORIGINATION PROGRAM ACT (Act 111 of 2018)
Michigan · statute · 111 of 2018, Mich. Comp. Laws · 5 active provisions
Provisions
Mich. Comp. Laws § 286.432
Definitions.
As used in this act: (a) "Agricultural processing" means the enhancement or improvement of the overall value of an agricultural commodity or of an animal or plant product into a product of higher value, including, but not limited to, marketing, agricultural processing, transforming, or packaging. (b) "Facility" means a…
Mich. Comp. Laws § 286.433
Qualified agricultural loan origination program; establishment; requirements; use of work project funds appropriated.
(1) The state treasurer may establish a qualified agricultural loan origination program as provided in this act. (2) The program shall meet all of the following: (a) A person receiving a qualified agricultural loan shall pay an interest rate authorized under this act and established by the qualified financial instituti…
Mich. Comp. Laws § 286.434
Actions by state treasurer; approval of legal form of documents by attorney general; duties of qualified institution; forwarding and destruction of affidavits; program as valid public purpose.
(1) The state treasurer may take any necessary action to ensure the successful operation of the program, including, but not limited to, entering into agreements with qualified financial institutions related to the operation of the program and the issuance of qualified agricultural loans. (2) The attorney general shall…
Mich. Comp. Laws § 286.435
Appropriation.
(1) From the work project funds appropriated by 2019 PA 45, an amount sufficient to pay loan origination fees under section 3, not to exceed $15,000,000.00, shall be expended if it is appropriated to the department of treasury. Not more than $3,000,000.00 of the amount appropriated by 2019 PA 45 shall be used for loans…