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MO HB412
Bill
Status
3/27/2013
Primary Sponsor
Bill Reiboldt
Click for details
AI Summary
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Increases the maximum loan guarantee amount from $40,000 to $100,000 per individual for livestock feed and crop input loans.
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Authority may issue certificates of guaranty covering up to 50% of the loan on a declining principal basis and pay up to 50% of losses to eligible lenders upon default.
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Lenders must charge a one-time participation fee of $50 at closing and may charge an annual special loan guarantee fee of up to 1% of outstanding principal.
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All fees collected are deposited in the livestock feed and crop input loan program fund for program administration costs.
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Outstanding guaranteed loans cannot exceed an amount that would allow immediate redemption of 20% of all guaranteed loans at any given time.
Legislative Description
Increases the maximum amount of certificates of guaranty that the Missouri Agricultural and Small Business Development Authority may issue on a loan for livestock feed and crop input
Last Action
Second read and referred: Senate Agriculture, Food Production, and Outdoor Resources(S)
4/4/2013