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HI SB1153
Bill
Status
Passed
7/5/2011
Primary Sponsor
Clarence Nishihara
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AI Summary
- Reduces the new farmer program loan interest rate from 6% to 1.5% below prime rate or 6% annually, whichever is less
- Increases the maximum loan limit for new farmer program initial loans from $100,000 to $250,000
- Reduces the credit denial requirement for new farmer program loans from two denials to one denial, with waiver authority for emergency loans
- Expands the definition of "new farmer" to include individuals who meet eligibility requirements and have ability, experience, and training to successfully operate a farm
- Changes "Future Farmer of America" reference to "National FFA Organization" and becomes effective July 1, 2011
Legislative Description
Agricultural Loans; New Farmer Program; Appropriation
Last Action
(H) Act 184, on 7/5/2011 (Gov. Msg. No. 1288).
7/5/2011
Committee Referrals
Ways and Means2/11/2011
Agriculture1/26/2011
Full Bill Text
No bill text available