SB549,9,2119 234.905 (4) (bn) The term of the authority's loan guarantee under this section
20may not exceed 3 years, unless the guaranteed loan is included in a loan workout
21agreement.
SB549,26 22Section 26. 234.905 (5) of the statutes is amended to read:
SB549,9,2523 234.905 (5) Interest reduction. The authority shall may pay, from the moneys
24in the Wisconsin development reserve fund, to each participating lender an amount
25equal to 3.5% that is no more than 3.5 percent of the principal amount of any

1guaranteed loan to reduce interest payments on the guaranteed loan paid by a
2farmer, except that the authority shall make interest reduction payments for no more
3than 3 years of the repayment term of any guaranteed loan
.
SB549,27 4Section 27. 234.907 (2) (c) of the statutes is amended to read:
SB549,10,75 234.907 (2) (c) Subject to par. (cm), the total principal guarantee amount of all
6loans to the borrower that are guaranteed under this section will not exceed
7$750,000.
SB549,28 8Section 28. 234.907 (2) (cm) of the statutes is amended to read:
SB549,10,129 234.907 (2) (cm) The total principal guarantee amount extended of all loans to
10the borrower for loans that are guaranteed under this section and that are made for
11working capital or an item necessary to, or used to, commercially harvest whitefish
12from Lake Superior will not exceed $100,000.
SB549,29 13Section 29. 234.907 (2) (f) of the statutes is amended to read:
SB549,10,1714 234.907 (2) (f) The loan term does not extend beyond of the authority's
15guarantee under this section is not longer than
15 years after the date that the
16participating lender disburses the loan unless the loan is extended by the authority
.
17This paragraph does not apply to a loan that is part of a loan workout agreement.
SB549,30 18Section 30. 234.907 (3) of the statutes is amended to read:
SB549,10,2519 234.907 (3) Guarantee of collection. The authority shall may guarantee
20collection of a percentage, not exceeding 90%, up to 90 percent of the principal of any
21loan eligible for a guarantee under sub. (2). The authority shall establish the
22percentage of the unpaid principal of an eligible loan that will be guaranteed, using
23the procedures described in the guarantee agreement under s. 234.93 (2) (a). The
24authority may establish a single percentage for all guaranteed loans or establish
25different percentages for eligible loans on an individual basis.
SB549,31
1Section 31. 234.91 (2) (c) of the statutes is amended to read:
SB549,11,52 234.91 (2) (c) The total outstanding guaranteed principal guarantee amount
3of all loans made to the borrower that are guaranteed under this section will not
4exceed $200,000, or $100,000 if any of the loans is affected by any other state or
5federal credit assistance program.
SB549,32 6Section 32. 234.91 (3) (a) (intro.) of the statutes is amended to read:
SB549,11,77 234.91 (3) (a) (intro.) The farmer is either any of the following:
SB549,33 8Section 33. 234.91 (3) (a) 3. of the statutes is created to read:
SB549,11,119 234.91 (3) (a) 3. A person who intends to operate farm premises and maintain
10the family farmstead on the farm premises and who has previous experience with the
11operation of the specific farm premises.
SB549,34 12Section 34. 234.91 (3) (b) of the statutes is amended to read:
SB549,11,1813 234.91 (3) (b) The amount of the farmer's debts related to the agricultural
14assets
, including the loan, is at least 40 percent and does not exceed 85% 85 percent
15of the farmer's assets, including the value of the agricultural assets to be acquired,
16or the improvements to be made, with the proceeds of the loan. The authority shall
17consider only the farmer's debts and assets that are related to the agricultural assets
18that are the subject of the loan.
SB549,35 19Section 35. 234.91 (4) of the statutes is amended to read:
SB549,11,2520 234.91 (4) Origination fees. The authority shall may charge a guarantee
21origination fee on every loan guaranteed under this section. The amount of the fee
22shall be 1% may not exceed 1.5 percent of a loan's guaranteed principal. The
23participating lender shall collect the fee and remit it to the authority. The authority
24shall deposit all fees received under this subsection in the Wisconsin development
25reserve fund to be used to guarantee loans under this section.
SB549,36
1Section 36. 234.91 (5) (a) of the statutes is amended to read:
SB549,12,72 234.91 (5) (a) The authority shall may guarantee collection of a percentage of
3the principal of a loan eligible for a guarantee under sub. (2). The principal total
4guarantee
amount of an eligible loan that the authority may guarantee all loans to
5the farmer that are guaranteed under this section
may not exceed the borrower's net
6worth or 25% 25 percent of the total loan amount, whichever is less, calculated at the
7time the loan is made.
SB549,37 8Section 37. 234.91 (5) (b) of the statutes is amended to read:
SB549,12,119 234.91 (5) (b) The term of a the authority's loan guarantee under this section
10may not exceed is not longer than 10 years. This paragraph does not apply to a
11guarantee of a loan that is part of a loan workout agreement.
SB549,38 12Section 38. 234.93 (1) (d) of the statutes is amended to read:
SB549,12,1413 234.93 (1) (d) To be used for guaranteeing loans under s. 234.91, fees Fees
14collected under s. 234.91 (4).
SB549,39 15Section 39. Initial applicability.
SB549,12,2016 (1) Agricultural production disaster assistance loan guarantees. The
17treatment of section 234.905 (title), (1) (b) (intro.), 1., 2., and 3., (cm), (e), and (f), (2)
18(intro.), (a), (b), (c), (d), (e), (f), and (g), (3) (a), (b), and (e), (3m), (4) (a), (b), and (bn),
19and (5) of the statutes first applies to a loan guarantee for which an application is
20made under section 234.905 of the statutes on the effective date of this subsection.
SB549,13,221 (2) Agricultural production, agricultural development, and farm assets
22reinvestment management loan guarantees.
The treatment of sections 234.90 (2)
23(b) and (h), (3) (b) and (c), (3g) (b), (3n) (b), (4), and (5), 234.907 (2) (c), (cm), and (f)
24and (3), 234.91 (2) (c), (3) (a) (intro.) and 3. and (b), (4), and (5) (a) and (b), and 234.93
25(1) (d) of the statutes first applies to a loan guarantee for which an application is

1made under section 234.90, 234.907, or 234.91 of the statutes on the first day of the
2calendar year after the effective date of this subsection.
SB549,13,33 (End)
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