Loans -- Not to exceed period of 10 years -- Agricultural Advisory Board executive committee to approve loans and renewals, methods of payments, and interest rates -- Guidelines in fixing interest rates declared.

(1) The department may not make a loan authorized under this chapter for a period to exceed 10 years, but the loan is renewable. (2) Except as provided in Subsection (5), the Agricultural Advisory Board executive committee created in Section 4-2-108 shall approve: (a) loans and renewals; (b) the methods of repayment; and (c) the interest rates charged. (3) In fixing interest rates, the Agricultural Advisory Board executive committee shall consider: (a) the current applicable interest rate or rates being charged by the USDA Farm Service Agency on similar loans; (b) the current prime rate charged by leading lending institutions; and (c) any other pertinent economic data. (4) The interest rates established shall be compatible with guidelines stated in this section. (5) The Agricultural Advisory Board executive committee may create a subcommittee from the Agricultural Advisory Board membership to approve a loan or renewal under this section.