Oklahoma § 74-5063.23 - Borrower eligibility criteria

§ 74-5063.23. Borrower eligibility criteria

To be eligible for the Beginning Agricultural Producer Pool

provided for in Section 695.24 of Title 62 of the Oklahoma Statutes,

a borrower must:

1. Be a resident of Oklahoma;

2. Be, or one of the borrowers must be, the principal operator

of the farm;

3. Have sufficient education, training or experience in the

type of farming for which the loan is desired;

4. Have a total net worth, including total assets minus total

liabilities of the borrower's spouse and dependents, of less than

Two Hundred Thousand Dollars ($200,000.00) in 1992 and an amount in

subsequent years determined by multiplying Two Hundred Thousand

Dollars ($200,000.00) by the cumulative inflation rate in years

subsequent to 1992 as determined by the United States All-Items

Consumer Price Index;

5. Demonstrate a need for the loan;

6. Demonstrate an ability to repay the loan;

7. Certify that the agricultural land to be purchased will be

used by the borrower for agricultural purposes;

8. Certify that farming will be the principal occupation of the

borrower;

9. Agree to participate in a farm management program approved

by the Commissioner of Agriculture for at least the first five (5)

years of the loan, if an approved program is available within fortyfive (45) miles from the borrower's residence;

Oklahoma Statutes - Title 74. State Government

10. Agree to file an approved soil and water conservation plan

with the soil conservation service office in the county where the

land is located;

11. Agree that the original principal amount of funding

pursuant to this act shall not exceed Two Hundred Fifty Thousand

Dollars ($250,000.00); and

12. Meet such other requirements as deemed necessary by the

Oklahoma Development Finance Authority.

Added by Laws 1993, c. 233, § 3, eff. July 1, 1993.