LRB-3124/1
MPG:kjf&wlj:jf
September 2011 Special Session
2011 - 2012 LEGISLATURE
October 18, 2011 - Introduced by
Committee on Senate Organization, by request
of Governor Scott Walker, Senator Schultz, and Representative Nerison.
Referred to Committee on Agriculture, Forestry, and Higher Education.
SB20,1,4
1An Act to repeal 234.90 (3m); and
to amend 234.90 (2) (b) and 234.90 (2) (h)
2of the statutes;
relating to: changes to agricultural production loan
3guarantees administered by the Wisconsin Housing and Economic
4Development Authority.
Analysis by the Legislative Reference Bureau
Under current law, the Wisconsin Housing and Economic Development
Authority (WHEDA) administers loan guarantees for agricultural production loans
that meet certain conditions (agricultural production loan guarantees). Annually,
WHEDA establishes the maximum loan principal amount for which a borrower may
receive agricultural production loan guarantees. Currently, WHEDA may set that
maximum amount at not less than $30,000 nor more than $100,000. This bill
changes that range to not less than $2,000 nor more than $150,000.
Also under current law, the term of a loan eligible for an agricultural production
loan guarantee may not extend past March 31 of the calendar year following the year
in which the loan was made, subject to an extension until June 30 of the calendar
year following the year in which the loan was made. The bill deletes those specific
date limitations and provides that the term of a loan eligible for an agricultural
production loan guarantee may not extend beyond 12 months after the date the loan
is made.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB20, s. 1
1Section
1. 234.90 (2) (b) of the statutes is amended to read:
SB20,2,92
234.90
(2) (b) In order to maximize the benefits of the program under this
3section, the total outstanding principal amount of all loans to the borrower that are
4guaranteed under this section will not exceed an amount set annually, no later than
5December 1, by the authority that is not less than
$30,000 $2,000 nor more than
6$100,000 $150,000. For purposes of adjusting the total outstanding principal
7amount of all loans to a borrower under this paragraph, the authority shall consider
8changes in the index of prices paid by farmers published by the federal department
9of agriculture.
SB20, s. 2
10Section
2. 234.90 (2) (h) of the statutes is amended to read:
SB20,2,1311
234.90
(2) (h) The term of the loan does not extend
beyond 12 months after
12March 31 of the calendar year following the calendar year in the date on which the
13participating lender granted the loan.
SB20, s. 3
14Section
3. 234.90 (3m) of the statutes is repealed.
