Loan application.

CFR · 2024-01-01 · US · Title 7

(a) A loan application must be submitted in the name of the actual operator of the farm. Two or more applicants applying jointly will be considered an entity applicant. The Agency will consider tax filing status and other business dealings as indicators of the operator of the farm. (b) A complete loan application, except as provided in paragraphs (c) through (f) of this section, will include: (1) The completed Agency application form; (2) If the applicant is an entity: (i) A complete list of entity members showing the address, citizenship, principal occupation, and the number of shares and percentage of ownership or stock held in the entity by each member, or the percentage of interest in the entity held by each member; (ii) A current financial statement from each member of the entity; (iii) A current financial statement from the entity itself; (iv) A copy of the entity's charter or any entity agreement, any articles of incorporation and bylaws, any certificate or evidence of current registration (good standing), and a resolution adopted by the Board of Directors or entity members authorizing specified officers of the entity to apply for and obtain the desired loan and execute required debt, security and other loan instruments and agreements; (v) In the form of married couples applying as a joint operation, items (i) and (iv) will not be required. The Agency may request copies of the marriage license, prenuptial agreement or similar documents as needed to verify loan eligibil

official document · source cfr-2024 · id 7:§ 764.51