Idaho Administrative Code
Title IDAPA 60 - Soil and Water Conservation Commission, Idaho State
Rule 60.05.01 - RULES OF THE IDAHO STATE SOIL AND WATER CONSERVATION COMMISSION
Subchapter A - RULES FOR ADMINISTRATION OF THE IDAHO RESOURCE CONSERVATION AND RANGELAND DEVELOPMENT PROGRAM
Section 60.05.01.102 - LOAN CLOSURE AND ADMINISTRATION

01. Servicing and Documentation. All loans must be assigned to a loan officer (Commission employee) who must be responsible for servicing the loan. (3-31-22)

02. Loan Securing Documents. Following approval of the application, the Commission, must prepare all necessary loan securing documents. (3-31-22)

03. Loan Note and Security Agreement. The loan must be secured by utilizing a promissory note and security document listing the parties and the collateral, as well as terms and conditions of the loan. A mortgage or deed of trust must be executed and recorded with the county recorder where the collateral is located if the collateral is real property. A security agreement and any other necessary documents must be executed if the collateral is not real property. Appropriate financing statements must be executed and filed with the Secretary of State on all collateral consisting of personal property. (3-31-22)

04. Fund Obligation. Funds must be obligated when all loan conditions established by the Commission have been met and when all necessary loan securing documents are in order and appropriately signed by the applicant. Funds will then be obligated. Upon notification of fund obligation, the applicant who is now the contractee, may complete implementation of the project. (3-31-22)

05. Cost Incurred. The applicant is required to cover all costs incurred for loan closure, title insurance, and recording fees. (3-31-22)