Code of Maine Rules
01 - DEPARTMENT OF AGRICULTURE, CONSERVATION AND FORESTRY
001 - AGRICULTURE - GENERAL
Chapter 32 - RULES FOR OPERATION OF AGRICULTURAL MARKETING LOAN FUND
Section 001-32-V - Administration

Universal Citation: 01 ME Code Rules ยง 001-32-V

Current through 2024-38, September 18, 2024

A. Commissioner of the Department of Agriculture, Food and Rural Resources. The Commissioner shall:

1. provide overall supervision and policy oversight to the program;

2. make final decisions on participation by the AMLF in loans and grants;

3. assign employees of the Department of Agriculture, Food and Rural Resources and/or contract for services to advise and assist potential applicants in applying for funds and to work with other lenders in packaging loan proposals;

4. assign employees of the Department of Agriculture, Food and Rural Resources and/or contract for services to perform application review/loan analysis and recommend loan approval or rejection;

5. enter into agreements with the Finance Authority of Maine or other qualified individuals or organizations for the purposes of financial record keeping, to facilitate collection of funds owed to the AMLF, and to develop appropriate loan forms.

B. Credit Committee

1. Purpose

A Credit Committee shall be established for the special task of providing financial analysis of proposals seeking over $50,000 for funding through the Loan Program. The Credit Committee shall review all financial aspects of such proposal, as well as other information about each such project, and evaluate each project from a credit perspective. The Credit Committee will report its findings and recommendations on individual proposals directly to the Commissioner.

2. Membership

The Credit Committee shall consist of seven (7) members each of whom has commercial or agricultural lending experience, appointed by the Commissioner. The Credit Committee shall have membership, which is diverse, both geographically and agriculturally.

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