1. As used in this section, unless the context otherwise requires:
a. "Farm operation" means the same as defined in section 352.2.
b. "Livestock" means cattle or swine.
c. "Livestock operation" means an animal feeding operation as defined in section 455B.161 in which livestock is provided care and feeding, or any other area which is used for raising crops or other vegetation and upon which livestock is fed or allowed to graze.
d. "Traditional livestock producer" means a person who is the owner and operator of livestock subject to care and feeding at a livestock operation in which the person holds a legal interest. The person may own the livestock or own the livestock jointly with another person. The person must be actively engaged in the livestock operation by making management decisions and performing physical work relating to the care and feeding of the livestock on a regular, continuous, and substantial basis in a manner that is essential to the success of the livestock operation.
2. The treasurer of state shall adopt rules as provided in section 12.34 to implement a traditional livestock producers linked investment loan program. The purpose of the program is to increase the availability of lower cost loans to traditional livestock producers.
3. In order to qualify for a loan in accordance with an investment agreement under this division, all of the following requirements must be satisfied:
a. In order to be an eligible borrower, all of the following must apply:
(1) The borrower must be a traditional livestock producer.
(2) The borrower must be a resident of this state who is at least eighteen years of age.
(3) The borrower must not be any of the following:
(a) A party to a pending legal or administrative action, including a contested case proceeding under chapter 17A, relating to an alleged violation involving an animal feeding operation as regulated by the department of natural resources, regardless of whether the pending action is brought by the department or the attorney general.
(b) Classified as a habitual violator for a violation of state law involving an animal feeding operation as regulated by the department of natural resources.
b. The livestock operation must be located in this state.
c. The gross income earned by the borrower's farm operation must be more than fifty thousand dollars but not more than five hundred thousand dollars for the borrower's last tax year.
d. At least fifty percent of the average annual gross income earned by the borrower's farm operation derives from livestock owned and sold by the borrower. The average annual gross income shall be computed as the average of the gross income earned by the farm operation in the three preceding tax years.
4. An investment agreement shall not be for a loan of more than one hundred thousand dollars.
5. A borrower is not eligible to receive a loan as part of a linked investment loan package under this program if the borrower has received three loans pursuant to a linked investment loan package under this program approved by the treasurer of state within the last ten years. For purposes of this subsection, a loan provided as part of a renewed certificate of deposit shall be deemed to be a new loan.
99 Acts, ch 177, §4, 9; 2000 Acts, ch 1172, §2, 3
Referred to in §12.31, 12.32, 12.34
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