Section 11.39.680. Cessation of agricultural activity.

Latest version.

If, after an application for restructuring is approved, the borrower substantially ceases agricultural activity, the board may increase the interest rate on the outstanding balance of the restructured loan to the commercial interest rate for non-agricultural loans. The board shall establish the commercial interest rate required by this section after consideration of  
		(1) representative sample of interest rates charged for similar loans by financial institutions in this state;  
		(2) the type of loan being restructured; and  
		(3) the length of time for repayment for the restructured loan.

Authorities

03.09.040;03.10.020;03.10.030;03.10.033

Notes

Authority
 AS 03.09.040  
AS 03.10.020  
AS 03.10.030  
AS 03.10.033  
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History Eff. 10/23/88, Register 108; am 6/1/2001, Register 158

                    
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