Effective - 02 Jan 2023, 2 histories
348.500. Family farms act — definitions — loan program for livestock, qualifications — rulemaking authority. — 1. This section shall be known and may be cited as the "Family Farms Act".
2. As used in this section, "small farmer" means a farmer who is a Missouri resident and who has less than five hundred thousand dollars in gross sales per year.
3. The agricultural and small business development authority shall establish a family farm breeding livestock loan program for small farmers for the purchase of beef cattle, dairy cattle, sheep and goats, and swine only.
4. To participate in the loan program, a small farmer shall first obtain approval for a family farm livestock loan from a lender as defined in section 348.015.
5. The maximum amount of the family farm livestock loan for each type of livestock shall be as follows:
(1) One hundred fifty thousand dollars for beef cattle;
(2) One hundred fifty thousand dollars for dairy cattle;
(3) Seventy thousand dollars for swine; and
(4) Sixty thousand dollars for sheep and goats.
6. Eligible borrowers under the program:
(1) Shall use the proceeds of the family farm loan to acquire breeding livestock;
(2) Shall not finance more than ninety percent of the anticipated cost of the purchase of such livestock through the family farm livestock loan; and
(3) Shall not be charged interest by the lender, as defined in section 348.015, for the first year of the qualified family farm livestock loan.
7. Upon approval of the family farm livestock loan by a lender under subsection 4 of this section, the loan shall be submitted for approval by the agricultural and small business development authority. The authority shall promulgate rules establishing eligibility under this section, taking into consideration:
(1) The eligible borrower's ability to repay the family farm livestock loan;
(2) The general economic conditions of the area in which the farm is located;
(3) The prospect of a financial return for the small farmer for the type of livestock for which the family farm livestock loan is sought; and
(4) Such other factors as the authority may establish.
8. For eligible borrowers participating in the program, the authority shall be responsible for reviewing the purchase price of any livestock to be purchased by an eligible borrower under the program to determine whether the price to be paid is appropriate for the type of livestock purchased. The authority may impose a one-time loan review fee of one percent which shall be collected by the lender at the time of the loan and paid to the authority.
9. Nothing in this section shall preclude a small farmer from participating in any other agricultural program.
10. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536 and, if applicable, section 536.028. This section and chapter 536 are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536 to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2006, shall be invalid and void.
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(L. 2006 S.B. 1017, A.L. 2022 1st Ex. Sess. H.B. 3)
Effective 1-02-23
Structure Missouri Revised Statutes
Title XXIII - Corporations, Associations and Partnerships
Section 348.005 - Law, how cited.
Section 348.015 - Definitions.
Section 348.025 - Commission members, who may serve.
Section 348.030 - Commissioners' terms.
Section 348.035 - Bond required for commissioners, executive director and employees, cost.
Section 348.040 - Removal of commissioners from office, procedure.
Section 348.045 - Officers, terms.
Section 348.050 - Meetings, quorum — actions by resolution, requirements.
Section 348.055 - Expenses of commission, no compensation to be paid.
Section 348.065 - Secretary's duties
Section 348.070 - Powers of authority.
Section 348.075 - Rules and regulations, promulgation, procedure.
Section 348.080 - Duties of authority.
Section 348.085 - Cooperation with federal and state agencies.
Section 348.090 - Additional powers of authority.
Section 348.095 - Termination of authority, rights and property to vest in state — exceptions.
Section 348.100 - Loans, authority may purchase or participate, requirements.
Section 348.110 - Bond issues and notes authorized.
Section 348.120 - Note issue and renewal — bond issues and refunding authorized.
Section 348.125 - Notes and bond issues to be authorized by resolution containing terms.
Section 348.130 - Pledges of authority to be liens on all authority assets.
Section 348.135 - Facsimile signatures, validity.
Section 348.140 - Redemption of notes and bonds — powers — price.
Section 348.145 - Issuance of refunding obligations — terms, how determined.
Section 348.165 - Official person executing bonds and notes, no personal liability.
Section 348.175 - Investment powers and limitations of authority.
Section 348.180 - Annual report — audit.
Section 348.185 - Statement of purpose.
Section 348.190 - Loan guarantee program — rules, regulations, promulgation, procedure.
Section 348.200 - Single-purpose animal facilities loan guarantee fund established — administration.
Section 348.205 - Money not needed may be invested.
Section 348.210 - Eligibility for guarantees for loans — rules — terms, conditions.
Section 348.215 - Policy of collection and recovery.
Section 348.220 - Animal waste facilities loan program guarantees — priorities, limitations.
Section 348.225 - Single-purpose animal facilities loan program fund created — purpose.
Section 348.253 - Contracts with not-for-profit organizations, objectives.
Section 348.256 - Articles of incorporation, bylaws, content — members, qualifications.
Section 348.262 - Department may contract with corporations.
Section 348.262 - Department may contract with corporations.
Section 348.263 - Open meetings and sunshine law applicability — records, requirements.
Section 348.264 - Science and innovation reinvestment fund established — source of funds — purpose.
Section 348.264 - Technology investment fund established — source of funds — purpose.
Section 348.266 - Debts incurred not debt of the state — subject to not-for-profit corporation law.
Section 348.275 - Rulemaking authority, procedure.
Section 348.280 - Contingent effective date.
Section 348.300 - Definitions.
Section 348.300 - Definitions.
Section 348.304 - Certificates, how issued, limitations, exchanges.
Section 348.306 - Transfer of certificates, procedure, limitations.
Section 348.308 - Duties of director of economic development — issuance of certificates.
Section 348.312 - Construction of provisions.
Section 348.400 - Definitions.
Section 348.403 - Authority to develop program — rules — reject application, when.
Section 348.406 - Certificates of guaranty — fee — limitations.
Section 348.408 - Agricultural product utilization grant fund established — limitation on grants.
Section 348.409 - Agricultural product utilization and business loan guarantee fund established.
Section 348.412 - Use of loan proceeds — eligibility — rules.
Section 348.415 - Collections.
Section 348.426 - Rules, effective, when — rules invalid and void, when.
Section 348.434 - Limitations on credits issued.
Section 348.436 - Expiration date.
Section 348.438 - Departments to provide assistance.
Section 348.439 - Oversight and report on credits.
Section 348.505 - Tax credit for family farm livestock loan program, procedure.
Section 348.515 - Recognition of benefit of providing assistance to certain family farm operations.
Section 348.524 - Livestock feed and crop input loan guarantee fund established — use of moneys.
Section 348.527 - Investment of fund moneys.
Section 348.530 - Eligibility for loans — rulemaking authority.