Administrative Rule Review Report  #AR08-067

Legislative Service Office

13-Aug-08

AGENCY: Office of State Lands and Investments.

DATE SUBMITTED: August 11, 2008.

SUBJECT: Chapter 5, Small Water Development Project Loans; Chapter 7, Farm Loans; and Chapter 14, Fees for Administrative Services and Interest Rates.

NATURE OF RULES:                     Legislative, Procedural

STATUTORY AUTHORITY:         W.S. 11-34-103(a) and 11-34-302(b)

DETERMINATION OF PROCEDURAL COMPLIANCE BASED UPON INFORMATION

SUBMITTED BY THE AGENCY TO LSO:  Apparently complete to date.  Notice of the proposed adoption of new rules was provided by the LSO as required by W.S. 28‑9‑103(d).  No comments have been received to date.

SUMMARY OF RULES:  Generally, these new rules explain changes to farm loans pursuant to 2008 Wyoming Session Laws, Chapter 42.  More specifically:  Chapter 5 moves the loan fee to Chapter 14 and limits small water development project loans from being reamortized.

Chapter 7 deletes breeding livestock replacement loans, defines loans for enhancing or restoring livestock numbers, increase the farm loan limit from $600,000 to $800,000, limits the base of loan amounts, limits loans for enhancing or restoring livestock numbers to seven years, moves the loan fees to Chapter 14 and limits the percent of loan based on appraisal value.

Chapter 14 sets out the loan fees moved from Chapters 5 and 7, provides for an application fee and provides for interest rates.

FINDINGS:  The rules appear to be within the scope of statutory authority and legislative intent.

STAFF RECOMMENDATION:  That the rules be placed on the Consent List and be approved by the Council as submitted by the Agency.

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Maxine R. Weaver

Staff Attorney

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Dan J. Pauli

Director

MRW/