901:3-63-05 Fees and charges for loan guarantees.

(A) The following fees and charges shall apply to the family farm loan program:

(1) For each loan granted under the family farm loan program, the lending institution shall pay the DOD a fee of one per cent per annum simple interest on earnings on the guaranteed portion of the loan. Such payment shall be made to the DOD on the anniversary date of the closing of the loan each year, and shall be prorated as necessary on a monthly basis for the first and last years of the term of the guaranteed portion of the loan. The DOD shall continue to service the guaranteed portion of the loan for the entire term of the guaranteed portion of the loan, or until the date constituting the tenth anniversary of the granting of the guaranteed portion of the loan, whichever comes first.

R.C. 119.032 review dates: 08/13/2003 and 08/13/2008

Promulgated Under: 119.03

Statutory Authority: 901.82

Rule Amplifies: 122.011, 901.82

Prior Effective Dates: 8/7/89