Text: SF00458 Text: SF00460 Text: SF00400 - SF00499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 SENATE FILE 459 1 2 1 3 AN ACT 1 4 RELATING TO IOWA AGRICULTURAL INDUSTRY FINANCE CORPORATIONS, 1 5 BY PROVIDING FOR THE ASSIGNMENT OF AN IOWA AGRICULTURAL 1 6 INDUSTRY FINANCE LOAN, AND PROVIDING AN EFFECTIVE DATE. 1 7 1 8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 1 9 1 10 Section 1. Section 15E.208, subsection 3, paragraph b, 1 11 Code 2003, is amended to read as follows: 1 12 b. The Iowa agricultural industry finance loan shall be 1 13 repayable upon terms and conditions negotiated by the parties. 1 14 (1) The repayment period shall begin six years following 1 15 the date when the Iowa agricultural industry finance loan is 1 16 awarded and end twenty-five years after the date that the 1 17 repayment period begins. 1 18 (2) At least four percent of the amount of the Iowa 1 19 agricultural industry finance loan due shall be paid each year 1 20 to the department. However, the department may accept an 1 21 assignment of a loan made by the corporation providing 1 22 financing to an eligible person pursuant to section 15E.209. 1 23 The assigned loan shall grant to the department the 1 24 corporation's right to payment under the loan. Any such 1 25 assignment shall be made by an agreement executed by the 1 26 department and the corporation. The assignment agreement 1 27 shall be subject to all of the following: 1 28 (a) The period of assignment may be for any number of 1 29 years. The department shall apply to the amounts due under 1 30 the Iowa agricultural industry finance loan the principal, 1 31 interest, and fees which the eligible person is obligated to 1 32 pay under the assigned loan. The total amount of the 1 33 principal, interest, and fees that the eligible person is 1 34 obligated to pay to the department during the period of 1 35 assignment plus any other repayment of the Iowa agricultural 2 1 industry finance loan made by the corporation to the 2 2 department must equal the amount of the Iowa agricultural 2 3 industry finance loan that the corporation would otherwise be 2 4 obligated to repay the department during that same period. 2 5 However, the agreement may provide that during any year of the 2 6 assignment period the eligible person may pay more or less 2 7 than four percent of the amount of the Iowa agricultural 2 8 industry finance loan that the corporation would otherwise be 2 9 obligated to repay during that year. 2 10 (b) The assignment agreement shall contain conditions 2 11 relating to the right of payment assigned to the department 2 12 which may include securing the payment obligation in any 2 13 manner that allows the department to enforce a debt against 2 14 the property of the eligible person. The department shall not 2 15 have a right of recourse against the corporation for any 2 16 amount required to be applied from the assigned loan to the 2 17 Iowa agricultural industry finance loan. 2 18 (3) The corporation shall not be subject to a prepayment 2 19 penalty. 2 20 Sec. 2. EFFECTIVE DATE. This Act, being deemed of 2 21 immediate importance, takes effect upon enactment. 2 22 2 23 2 24 2 25 MARY E. KRAMER 2 26 President of the Senate 2 27 2 28 2 29 2 30 CHRISTOPHER C. RANTS 2 31 Speaker of the House 2 32 2 33 I hereby certify that this bill originated in the Senate and 2 34 is known as Senate File 459, Eightieth General Assembly. 2 35 3 1 3 2 3 3 MICHAEL E. MARSHALL 3 4 Secretary of the Senate 3 5 Approved , 2003 3 6 3 7 3 8 3 9 THOMAS J. VILSACK 3 10 Governor
Text: SF00458 Text: SF00460 Text: SF00400 - SF00499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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