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[Utah Code Table of Contents]
[TITLE 4. Table of Contents]
4-19-1 Department responsible for conduct and administration of rural rehabilitation program.
The department through its Agricultural Development Division
is responsible for the conduct and administration of the
rural rehabilitation program within the state in accordance
with that certain use agreement entered into January 1975,
between the United States of America through its Farm Home
Administration and the state of Utah through its commissioner
of agriculture and food.
1997
4-19-2 Department authorized to approve and make loans, acquire property, or lease or operate property.
The Division of Agricultural Development in conjunction with the administration of the rural rehabilitation program is authorized to:
(1) approve and make farm loans subject to Section 4-19-3 , take security for such loans through mortgages, trust deeds, pledges, or other security devices; purchase promissory notes, real estate contracts, mortgages, trust deeds, or other instruments or evidences of indebtedness; and collect, compromise, cancel, or adjust claims and obligations arising out of the administration of the rural rehabilitation program;
(2) purchase or otherwise obtain property in which the division has acquired an interest on account of any mortgage, trust deed, lien, pledge, assignment, judgment, or other means at any execution or foreclosure sale;
(3) operate or lease, if necessary to protect its investment,
any property in which it has an interest or sell or otherwise
dispose of such property.
1979
4-19-3 Loans - Not to exceed period of ten years - Agricultural Advisory Board to approve loans and renewals, methods of payments, and interest rates - Guidelines in fixing interest rates declared.
No loan shall be made under this chapter for a period
to exceed ten years but any such a loan is renewable. The
Agricultural Advisory Board shall approve all loans and renewals,
the methods of repayment, and the interest rates charged.
In fixing interest rates, the Agricultural Advisory Board
shall consider the current applicable interest rate or rates
being charged by the Farm Home Administration on similar
loans, the current prime rate charged by leading lending
institutions, and any other pertinent economic data. The
interest rates established shall be compatible with guidelines
stated in this section.
1979
4-19-4 Utah Rural Rehabilitation Fund created - State treasurer to maintain fund - Income from rural rehabilitation program to be deposited in fund.
All income generated from the administration of the rural
rehabilitation program shall be deposited in a separate fund
known as the "Utah Rural Rehabilitation Fund." The state
treasurer shall maintain the Utah Rural Rehabilitation Fund
and record all debits and credits made to the fund by the
division.
1979
