{"data":{"id":"us-ok/okla.-stat.-tit.-2-2-5-86","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 2, § 2-5-86","heading":"Agricultural linked deposit loan packages - Completion by","body":"borrower - Acceptance and review by lending institutions -\n\nCertification of proposed use - Priority for economic needs of area\n\n- Submission of package to State Treasurer - Approval or rejection.\n\nA. The State Treasurer is authorized to disseminate information\n\nand provide agricultural linked deposit loan packages to the lending\n\ninstitutions eligible for participation in the Oklahoma Agricultural\n\nLinked Deposit Program.\n\nB. The agricultural linked deposit loan package shall be\n\ncompleted by the borrower before being forwarded to the lending\n\ninstitution for consideration. Any technical assistance in\n\ncompleting the agricultural loan package shall be provided by the\n\nOklahoma Department of Agriculture, Food, and Forestry.\n\nC. 1. An eligible lending institution that desires to receive\n\nan agricultural linked deposit shall accept and review applications\n\nfor loans from eligible agricultural businesses. The lending\n\ninstitution shall apply all usual lending standards to determine the\n\ncredit worthiness of each eligible agricultural business. No single\n\nlinked deposit for an alternative agricultural product shall exceed\n\nOne Million Dollars ($1,000,000.00). No single linked deposit for\n\nan at-risk farm or ranch operation shall exceed One Million Dollars\n\n($1,000,000.00). No single linked deposit for a healthy corner\n\nstore shall exceed Three Hundred Fifty Thousand Dollars\n\n($350,000.00).\n\n2. Only one linked deposit loan shall be made and be\n\noutstanding at any one time to any eligible agriculture business.\n\nHowever, the linked deposit loan may be refinanced.\n\n3. No loan shall be made to any officer or director of the\n\nlending institution making the loan.\n\nD. An eligible agricultural business shall certify on its loan\n\napplication that the reduced rate loan will be used exclusively for\n\nthe purposes outlined in paragraph 6 of Section 5-82 of this title.\n\nE. In considering which eligible agricultural businesses to\n\ninclude in the agricultural linked deposit loan package for reduced\n\nrate loans, the eligible lending institution shall give priority to\n\nthe economic and health needs of the area in which the business is\n\nlocated and other factors it considers appropriate to determine the\n\nrelative financial need of the business.\n\nF. 1. The eligible lending institution shall forward to the\n\nState Treasurer an agricultural linked deposit loan package in the\n\nform and manner prescribed and approved by the State Treasurer. The\n\npackage shall include information regarding the amount of the loan\n\nrequested by each eligible agricultural business and any other\n\ninformation regarding each business the State Treasurer and the\n\nState Board of Agriculture requires. The institution shall certify\n\nthat each applicant is an eligible agricultural business, and shall,\n\nfor each business, certify the present borrowing rate applicable to\n\neach specific eligible agricultural business.\n\n2. The institution and applicant shall certify that each\n\napplicant is an eligible agricultural business and that the values\n\nused to calculate the ratios of debt to assets have not been changed\n\nor manipulated in order to qualify the applicant for the program.\n\n3. Whoever knowingly makes a false statement concerning a\n\nlinked deposit loan application shall be prohibited from\n\nparticipating in the linked deposit loan program.\n\nG. Upon receipt of a completed agricultural linked deposit loan\n\npackage, the State Treasurer may review or audit the information\n\ncontained in the completed agricultural linked deposit loan package,\n\nincluding, but not limited to, a review or audit of the values used\n\nto calculate the ratios of debts to assets as provided by the\n\napplicant and the institution. The State Treasurer shall forward\n\nthe completed agricultural linked deposit loan package to the Board.\n\nThe Board or its designee shall review the agricultural linked\n\ndeposit loan package to determine if the package qualifies under\ne,\n\nincluding, but not limited to, a review or audit of the values used\n\nto calculate the ratios of debts to assets as provided by the\n\napplicant and the institution. The State Treasurer shall forward\n\nthe completed agricultural linked deposit loan package to the Board.\n\nThe Board or its designee shall review the agricultural linked\n\ndeposit loan package to determine if the package qualifies under\n\nthis program. The Board or its designee shall return the package to\n\nthe State Treasurer with a written recommendation of approval or\n\nrejection within ten (10) business days. If the Board or its\n\ndesignee recommends rejection, the written recommendation shall\n\ninclude reasons for the rejection. The Board or its designee shall\n\nforward a copy of the rejection notice to the lending institution\n\nand the borrower. The State Treasurer shall keep a chronological\n\nlist of all application recommendations received.","path":["OK Code","Title 2"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os2.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"9d0156bad1d7d601a0aa3ee14a613185b8279a9ef02ccea19c0175aa9b8f4cd9","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-2-2-5-85","next":"us-ok/okla.-stat.-tit.-2-2-5-87"},"notice":"GroundRules: Original legal text. Not legal advice."}