CHAPTER 168
H.P. 1049 - L.D. 1430
An Act To Improve Farmer Participation in the Agricultural Marketing Loan Fund
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 7 MRSA §435, sub-§2, ¶¶A and B, as enacted by PL 1995, c. 658, §1, are amended to read:
A. An agricultural marketing loan for any project under this subchapter, the total cost of which exceeds $50,000 $100,000, may not exceed 45% 75% of the project cost. A loan from the fund may not be provided for such a project unless the applicant demonstrates a commitment of private funds of at least 10% 5% of the total cost of the project; except that, in order to encourage the undertaking of cooperative projects by 2 or more agricultural enterprises, an agricultural marketing loan may not be provided unless the cooperating agricultural enterprises as a group demonstrate a commitment of private funds of at least 5% of the total cost of the project.
B. An agricultural marketing loan for any project under this subchapter, the total cost of which is $50,000 $100,000 or less, may not exceed 55% 90% of the total cost of the project.
Sec. 2. 7 MRSA §435, sub-§2, ¶I is enacted to read:
I. The commissioner shall make available a minimum of $1,000,000 from the Agricultural Marketing Loan Fund for the purpose of providing loans to agricultural enterprises that are engaged primarily in direct marketing as defined in section 434, subsection 2. Eligibility criteria for an agricultural marketing loan under this paragraph must allow agricultural enterprises that are engaged primarily in direct marketing to apply for loans for traditional equipment and other capital expenses as provided in Title 10, section 1023-J. Notwithstanding paragraphs A and B, an agricultural loan for a project under this paragraph may not exceed $100,000. This paragraph is repealed December 31, 2004.
Sec. 3. 7 MRSA §435, sub-§4, as enacted by PL 1995, c. 658, §1, is amended to read:
4. Administrative costs. The commissioner may establish, by rule, a fee for administrative costs on loans in excess of $50,000 $100,000. This fee may not exceed 1% of the loan. The commissioner may contract with the Finance Authority of Maine to assist in the administration of this subchapter.
Effective September 13, 2003, unless otherwise indicated.
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