MI HB5717

Establishes a qualified agricultural loan origination program administered by the state treasurer to provide loans to agricultural producers and businesses that suffered losses from governor-recognized agricultural disasters after January 1, 2012.

Authorizes loans to farm operators with 25% or greater loss in major enterprises or 50% or greater loss in any single crop, agricultural businesses with 50% or greater loss in commodity volume, and farm retail businesses with 50% or greater reduction in sales volume, capped at $400,000 for crop losses and $800,000 per facility or $1,000,000 per person for other agricultural businesses.

Sets loan terms with interest rates of either 1% or the 5-year U.S. Treasury note plus 0.25%, maximum 5-year term, and no principal payments required for the first 24 months after issuance.

Authorizes the state to pay qualified financial institutions 5% loan origination fees for administrative costs in equal installments through September 30, 2017, with total appropriation not to exceed $15,000,000 and no more than $3,000,000 for non-farm business loans.

Requires qualified financial institutions to make loans before March 31, 2013, and automatically repeals the act effective February 15, 2018.