901:3-63-07 Interest rates.

(A) The interest rate on the non-guaranteed portion of any loan made pursuant to the family farm loan program shall be calculated by the lending institution and shall be agreed upon between the applicant and the lending institution.

(B) The interest rate on the guaranteed portion of any loan made pursuant to the family farm loan program shall not exceed five per cent simple interest on the entire amount of the guaranteed portion of the loan, and shall be subdivided and allotted as follows:

(1) No more than four per cent of said interest rate shall be attributed to simple interest on the loan; and

(2) A fixed amount of one per cent of said interest rate shall be attributed to interest earnings on deposit.

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, 901.80, 901.83

Prior Effective Dates: 8/7/98