8.97.2009 DETERMINATION OF LOAN AMOUNT
(1) Loans made under the CRP program will bear the interest rate necessary to pay interest on the board's bonds to fully amortize up front financing and loan origination costs, net of the borrower's application and commitment fees, and to pay annual CRP program-related costs.
(2) The dollar amount that a borrower will receive under the program will be the discounted value (present value) of the annual payments remaining on his CRP contract at the interest rate borne by the loan. The actual dollar amount received by a borrower will be the loan amount (plus the application and commitment fees previously received) less application processing fees, loan origination fees, charges for title reports and insurance, recording and filing fees, cover escrow (if applicable) , and any other costs and expenses incurred in connection with processing and closing the borrower's loan.
History: Sec. 17-5-1504, 17-5-1521, MCA; IMP, Sec. 17-5-1504, 17-5-1505, 17-5-1521, MCA; NEW, 1989 MAR p. 2204, Eff. 12/22/89.