Amendment AA3-ASA1-AB56

LRBa0414/1

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1995 - 1996 LEGISLATURE

ASSEMBLY AMENDMENT 3, To ASSEMBLY SUBSTITUTE AMENDMENT 1, To 1995 ASSEMBLY BILL 56

February 28, 1995 - Offered by Representatives Freese, Gronemus, Coleman, Baldus, Harsdorf, Brandemuehl, Otte and Springer.

AB56-ASA1-AA3,1,1 At the locations indicated, amend the substitute amendment as follows:

AB56-ASA1-AA3,1,2 1. Page 1, line 4: substitute "changing" for "eliminating".

AB56-ASA1-AA3,1,3 2. Page 1, line 7: delete that line and substitute:

AB56-ASA1-AA3,1,4 " Section 1. 234.90 (2) (d) of the statutes is amended to read:

AB56-ASA1-AA3,1,8 234.90 (2) (d) The If the rate of interest on the loan equals or exceeds 10%, the rate of interest on the loan for which the borrower is obligated, including any origination fees or other charges relating to the loan, does not exceed the rate determined under par. (c), minus 2%.".

AB56-ASA1-AA3,1,9 3. Page 2, line 6: delete that line and substitute:

AB56-ASA1-AA3,1,10 " Section 5. 234.90 (5) of the statutes is amended to read:

AB56-ASA1-AA3,2,2 234.90 (5) Interest reduction. The If the rate of interest on a guaranteed loan at the time of origination or extension equals or exceeds 10%, the authority shall pay, from the moneys in the Wisconsin development reserve fund, to each the participating lender making the loan, an amount equal to 2% of the principal amount of any agricultural production the loan guaranteed under sub. (4).".

AB56-ASA1-AA3,2,3 (End)