§ 535.12

535.12 Loans by agricultural credit corporation. 1. An agricultural credit corporation may lend money pursuant to a written promissory note or other writing evidencing the loan obligation, at a rate of interest which is not morethan four percentage points above the lending rate in effect at the farm credit bank of Omaha,Nebraska, for the month during which the writing evidencing the loan obligation is made,provided that the loan is for an agricultural production purpose and further provided that theloan would, but for this section, be subject to the maximum rate of interest prescribed bysection 535.2, subsection 3, paragraph 'a'. 2. On or prior to the first day of each calendar month following June 13, 1980, the superintendent of banking shall determine the maximum rate of interest which may becharged pursuant to subsection 1 of this section on loans made by an agricultural creditcorporation during that month, and shall cause the maximum rate to be published as soonafter determination as possible, as a notice in the Iowa administrative bulletin or as a legalnotice in a newspaper of general circulation published in Polk county.

aximum rate to be published as soonafter determination as possible, as a notice in the Iowa administrative bulletin or as a legalnotice in a newspaper of general circulation published in Polk county. The maximum rateso determined shall be effective as provided in subsection 1 of this section regardless ofthe date of publication of the notice, except that no agricultural credit corporation shall befound in violation of this chapter solely on account of having made a loan on or prior to theday on which a notice of a maximum rate is published as provided in this subsection, if theloan would have been lawful if made during the preceding calendar month. 3. This section does not prohibit an agricultural credit corporation from lending money as otherwise permitted by law. 4. As used in this section:a. 'Agricultural credit corporation' means a corporation which has been designated by the farm credit bank of Omaha, Nebraska, as an agricultural credit corporation eligible to sell ordiscount loans to that bank pursuant to 12 U.S.C. §2075. b. 'Agricultural production purpose' means a purpose related to the production of agricultural products. c.

dit corporation eligible to sell ordiscount loans to that bank pursuant to 12 U.S.C. §2075. b. 'Agricultural production purpose' means a purpose related to the production of agricultural products. c. 'Agricultural products' includes agricultural, horticultural, viticultural, and dairy products, livestock, wildlife, poultry, bees, forest products thereof, and any and all productsproduced on farms. [C81, §535.12]89 Acts, ch 257, §26; 2014 Acts, ch 1092, §190; 2016 Acts, ch 1011, §104, 105Referred to in §524.103 Sat Dec 23 01:37:33 2023 Iowa Code 2024, Section 535.12 (21, 0)