(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.