HB 415 Summary

• Increases the maximum amount the Treasurer of State may invest in agricultural linked deposits from $125 million to $165 million under the Agricultural Linked Deposit Program

• Raises the maximum individual loan amount from $100,000 to $150,000 for eligible agricultural businesses

• Modifies the interest rate calculation methodology so loans are made at the present borrowing rate minus the difference between market rate and the actual rate of the state's investment, rather than using a percentage rate reduction approach

• Restructures the agricultural linked deposit agreement requirements to explicitly list specific conditions including interest rate provisions and reflection of market conditions in the lending institution's area