Authority - rules and regulations

(1) Prior to exercising its authority under section 35-75-108 (1), the authority shall promulgate rules and regulations governing its activities authorized under this article, including, but not limited to: (a) Procedures for the submission of requests or invitations and proposals for making loans to lenders and procedures for the investment in, purchase, assignment, and sale of loans; (b) Procedures for reinvestment by lenders of the proceeds, or an equivalent amount, from any loan to lenders and procedures for the investment in or purchase by the authority of loans or the assignment or sale to the authority of loans to finance agricultural enterprises; (c) The number of agricultural projects, location of the projects, and other characteristics of agricultural enterprises to be financed directly or indirectly by the authority pursuant to section 35-75-108 (1), including, to the extent reasonably possible, assurance that the agricultural enterprises to be financed by an issue of bonds or series of issues will improve employment conditions or otherwise enhance the welfare of persons in the agricultural sector; (d) Rates, fees, charges, and other terms and conditions of originating or servicing loans in order to protect against an excessive financial return or benefit by the originator or servicer; (e) The type and amount of collateral or security to be provided to assure repayment of loans made by the authority; (f) The type of collateral, payment bonds, performance bonds, or other security to be provided for any loans made by a lender for construction loans; (g) The nature and amount of fees to be charged by the authority to provide for expenses and reserves of the authority; (h) Standards and requirements for the allocation of available money among lenders and the determination of the maturities, terms, conditions, and interest rates for loans made, purchased, sold, assigned, or committed pursuant to this article; (i) Commitment requirements for agricultural financing by lenders involving money provided directly or indirectly by the authority; or (j) Any other matters related to the duties or exercise of the authority's powers or duties under this article.