{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-90.6","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-90.6","heading":"Funding of loans - Percentage rate - Administrative costs","body":"- Certification of compliance - Forwarding of payments - State\n\nliability.\n\nA. Loans made pursuant to applications approved by the Oklahoma\n\nDepartment of Agriculture, Food, and Forestry shall be subject to\n\nthe availability of funds pledged to the Rural Economic Development\n\nLoan Revolving Fund, and if a loan is not funded for such reason, it\n\nshall be funded in the order of the priority given each loan\n\napplication by the Department.\n\nB. Upon acceptance of the loan or any portion thereof, the\n\nDepartment shall notify the participating financial institution and\n\nthe applicant. The participating financial institution shall fund\n\nthe loan to the approved applicant to the extent of its unencumbered\n\npledge to the Rural Economic Development Loan Revolving Fund, not to\n\nexceed the amount of the loan accepted. If the amount of the\n\nparticipating financial institution's unencumbered pledge is less\n\nthan the amount of the loan as accepted, the Department shall notify\n\nall other participating financial institutions with an unencumbered\n\npledge to the fund and shall require each such institution to\n\ntransfer an amount to the Rural Economic Development Loan Revolving\n\nFund. Such amount shall be equal to the amount of the remainder of\n\nthe loan multiplied by the percentage of the institution's\n\nunencumbered pledge of all unencumbered pledges. The Department\n\nshall transfer such amounts to the participating financial\n\ninstitution making the loan.\n\nC. The percentage rate of the loan shall be reduced compared to\n\nthe rate imposed with respect to other loans made by the financial\n\ninstitution to similar recipients for similar purposes in an amount\n\ndetermined by the financial institution making the loan.\n\nD. The Department may retain in the Rural Economic Development\n\nLoan Fund an amount not to exceed two percent (2%) of the total\n\namount of a loan. Amounts retained pursuant to the provisions of\n\nthis subsection may be expended by the Department for costs\n\nassociated with administration of this act and may be paid by the\n\nState Treasurer to a development company certified by the U.S. Small\n\nBusiness Administration or a political subdivision of this state or\n\nagency thereof for costs associated with developing a loan package\n\nif all loans in the package are approved pursuant to the provisions\n\nof this act.\n\nE. A certification of compliance with this section in the form\n\nand manner as prescribed by the Department shall be required of the\n\nparticipating financial institution.\n\nF. The participating financial institution making the loan\n\nshall, within three (3) business days of receipt, forward all\n\npayments received for repayment of the loan to the Department for\n\nimmediate deposit to the Rural Economic Development Loan Revolving\n\nFund, until the amount deposited is equal to the amount transferred\n\nby other participating financial institutions in connection with the\n\nloan together with interest at the rate applied to the loan. The\n\nDepartment shall forward such payments to such other participating\n\nfinancial institutions in proportion to the amounts transferred in\n\nconnection with the loan. Remaining payments received for repayment\n\nof the loan shall be retained by the participating financial\n\ninstitution making the loan.\n\nG. Neither the State of Oklahoma nor the Department shall be\n\nliable to any participating financial institution in any manner for\n\npayment of the principal or interest on a rural economic development\n\nloan.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"d6ef8ed60c3026101e67291933cb0f763431972b2147b552699f6c3141c08635","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-90.5","next":"us-ok/okla.-stat.-tit.-62-62-90.7"},"notice":"GroundRules: Original legal text. Not legal advice."}