316,26
Section
26. 234.905 (5) of the statutes is amended to read:
234.905 (5) Interest reduction. The authority shall may pay, from the moneys in the Wisconsin development reserve fund, to each participating lender an amount equal to 3.5% that is no more than 3.5 percent of the principal amount of any guaranteed loan to reduce interest payments on the guaranteed loan paid by a farmer, except that the authority shall make interest reduction payments for no more than 3 years of the repayment term of any guaranteed loan.
316,27
Section
27. 234.907 (2) (c) of the statutes is amended to read:
234.907 (2) (c) Subject to par. (cm), the total
principal guarantee amount of all loans to the borrower that are guaranteed under this section will not exceed $750,000.
316,28
Section
28. 234.907 (2) (cm) of the statutes is amended to read:
234.907 (2) (cm) The total principal guarantee amount extended of all loans to the borrower for loans that are guaranteed under this section and that are made for working capital or an item necessary to, or used to, commercially harvest whitefish from Lake Superior will not exceed $100,000.
316,29
Section
29. 234.907 (2) (f) of the statutes is amended to read:
234.907 (2) (f) The loan term
does not extend beyond of the authority's guarantee under this section is not longer than 15 years after the date that the participating lender disburses the loan unless the loan is extended by the authority. This paragraph does not apply to a loan that is part of a loan workout agreement.
316,30
Section
30. 234.907 (3) of the statutes is amended to read:
234.907 (3) Guarantee of collection. The authority shall may guarantee collection of a percentage, not exceeding 90%, up to 90 percent of the principal of any loan eligible for a guarantee under sub. (2). The authority shall establish the percentage of the unpaid principal of an eligible loan that will be guaranteed, using the procedures described in the guarantee agreement under s. 234.93 (2) (a). The authority may establish a single percentage for all guaranteed loans or establish different percentages for eligible loans on an individual basis.
316,31
Section
31. 234.91 (2) (c) of the statutes is amended to read:
234.91 (2) (c) The total outstanding guaranteed principal guarantee amount of all loans made to the borrower that are guaranteed under this section will not exceed $200,000, or $100,000 if any of the loans is affected by any other state or federal credit assistance program.
316,32
Section
32. 234.91 (3) (a) (intro.) of the statutes is amended to read:
234.91 (3) (a) (intro.) The farmer is either any of the following:
316,33
Section
33. 234.91 (3) (a) 3. of the statutes is created to read:
234.91 (3) (a) 3. A person who intends to operate farm premises and maintain the family farmstead on the farm premises and who has previous experience with the operation of the specific farm premises.
316,34
Section
34. 234.91 (3) (b) of the statutes is amended to read:
234.91 (3) (b) The amount of the farmer's debts related to the agricultural assets, including the loan, is at least 40 percent and does not exceed 85%
85 percent of the farmer's assets, including the value of the agricultural assets to be acquired, or the improvements to be made, with the proceeds of the loan. The authority shall consider only the farmer's debts and assets that are related to the agricultural assets that are the subject of the loan.
316,35
Section
35. 234.91 (4) of the statutes is amended to read:
234.91 (4) Origination fees. The authority shall may charge a guarantee origination fee on every loan guaranteed under this section. The amount of the fee shall be 1% may not exceed 1.5 percent of a loan's guaranteed principal. The participating lender shall collect the fee and remit it to the authority. The authority shall deposit all fees received under this subsection in the Wisconsin development reserve fund to be used to guarantee loans under this section.
316,36
Section
36. 234.91 (5) (a) of the statutes is amended to read:
234.91 (5) (a) The authority shall may guarantee collection of a percentage of the principal of a loan eligible for a guarantee under sub. (2). The principal
total guarantee amount of an eligible loan that the authority may guarantee all loans to the farmer that are guaranteed under this section may not exceed the borrower's net worth or 25% 25 percent of the total loan amount, whichever is less, calculated at the time the loan is made.
316,37
Section
37. 234.91 (5) (b) of the statutes is amended to read:
234.91 (5) (b) The term of a
the authority's loan guarantee under this section may not exceed is not longer than 10 years. This paragraph does not apply to a guarantee of a loan that is part of a loan workout agreement.
316,38
Section
38. 234.93 (1) (d) of the statutes is amended to read:
234.93 (1) (d) To be used for guaranteeing loans under s. 234.91, fees Fees collected under s. 234.91 (4).
316,39
Section
39.
Initial applicability.
(1) Agricultural production disaster assistance loan guarantees. The treatment of section 234.905 (title), (1) (b) (intro.), 1., 2., and 3., (cm), (e), and (f), (2) (intro.), (a), (b), (c), (d), (e), (f), and (g), (3) (a), (b), and (e), (3m), (4) (a), (b), and (bn), and (5) of the statutes first applies to a loan guarantee for which an application is made under section 234.905 of the statutes on the effective date of this subsection.
(2) Agricultural production, agricultural development, and farm assets reinvestment management loan guarantees. The treatment of sections 234.90 (2) (b) and (h), (3) (b) and (c), (3g) (b), (3n) (b), (4), and (5), 234.907 (2) (c), (cm), and (f) and (3), 234.91 (2) (c), (3) (a) (intro.) and 3. and (b), (4), and (5) (a) and (b), and 234.93 (1) (d) of the statutes first applies to a loan guarantee for which an application is made under section 234.90, 234.907, or 234.91 of the statutes on the first day of the calendar year after the effective date of this subsection.
