2025 Session Last amended: 2015 session

§ 41B.06 — Rural Finance Authority Revolving Loan Account

Plain-Language Summary

This law creates a revolving loan account for the Rural Finance Authority. The account holds money for several loan programs, including livestock equipment, methane digester, disaster recovery, value-added products, agroforestry, microloan, and farm opportunity loans. All loan repayments go back into this account to fund future loans.

41B.06 RURAL FINANCE AUTHORITY REVOLVING LOAN ACCOUNT.

There is established in the rural finance administration fund a Rural Finance Authority revolving loan account that is eligible to receive appropriations and the transfer of loan funds from other programs. All repayments of financial assistance granted from this account, including principal and interest, must be deposited into this account. Interest earned on money in the account accrues to the account, and the money in the account is appropriated to the commissioner of agriculture for purposes of the Rural Finance Authority livestock equipment, methane digester, disaster recovery, value-added agricultural product, agroforestry, agricultural microloan, and farm opportunity loan programs, including costs incurred by the authority to establish and administer the programs.

History:

1Sp2005 c 1 art 1 s 77; 2007 c 45 art 1 s 54; 2012 c 244 art 1 s 49; 1Sp2015 c 4 art 2 s 77

History: History: 1Sp2005 c 1 art 1 s 77; 2007 c 45 art 1 s 54; 2012 c 244 art 1 s 49; 1Sp2015 c 4 art 2 s 77

Practical Notes

The revolving nature of this account means that as farmers repay their loans, the money becomes available for new loans to other farmers. Interest earned on the account also stays in the account, keeping the fund self-sustaining. This is the funding source for most of the authority’s smaller specialty loan programs.

Source: Minnesota Office of the Revisor of Statutes