1. MCA Contents
  2. TITLE 80
  3. CHAPTER 12
  4. Part 2
  5. 80-12-203 Qualifications of applicants

Montana Code Annotated 2019

TITLE 80. AGRICULTURE

CHAPTER 12. MONTANA AGRICULTURAL LOAN AUTHORITY ACT

Part 2. Loans

Qualifications Of Applicants

80-12-203. Qualifications of applicants. (1) To be eligible for a loan approved by the authority for issuance of a bond, an applicant:

(a) shall declare the intention to maintain the applicant's residence in Montana during the length of the loan;

(b) must have been approved by a financial institution; and

(c) must have a net worth not to exceed $450,000.

(2) Applications for loans to be approved by the authority for issuance of bonds may be submitted by individuals, partnerships, associations, or joint ventures. All persons involved in the application must meet the requirements of subsection (1). Corporations[, as defined in 35-1-113,] may not apply. (Bracketed language deleted effective June 1, 2020--sec. 274, Ch. 271, L. 2019.)

History: En. Sec. 7, Ch. 580, L. 1983; amd. Sec. 1, Ch. 542, L. 1985; amd. Sec. 214, Ch. 368, L. 1991; amd. Sec. 1, Ch. 18, L. 2009; amd. Sec. 2619, Ch. 56, L. 2009; amd. Sec. 267, Ch. 271, L. 2019.