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HI HB1248
Bill
Status
Enrolled
4/12/2011
Primary Sponsor
Mark Nakashima
Click for details
AI Summary
- Reduces the interest rate on Class F loans (new farmer program loans) from 6% to 1.5% below the prime rate or 6% per year, whichever is less
- Increases the maximum loan amount for initial new farmer program loans from $100,000 to $250,000
- Reduces credit denial requirements for new farmer program loans from two denials to one denial, with the requirement waivable by the board of agriculture for emergency loans
- Expands the definition of "new farmer" to include persons with ability, experience, and training likely to successfully operate a farm, including specific categories like displaced agricultural workers, agriculture graduates, and part-time farmers
- Appropriates funds from general revenues and the agricultural loan revolving fund for fiscal year 2011-2012 to support the new farmer program
Legislative Description
Agricultural Loans; New Farmer Program; Appropriation
Last Action
(H) Received notice of Senate conferees (Sen. Com. No. 644).
4/18/2011
Committee Referrals
Finance2/8/2011
Agriculture1/26/2011
Full Bill Text
No bill text available