Section 11-34-117 - Rates of interest; length of loan; amount(a) The rates of interest on all farm loans shall be equal to the yield on a United States treasury security of the same duration of the loan, whether the money is loaned upon the amortization plan or otherwise. The board may add an additional percentage not to exceed two percent (2%) as a risk premium to the interest rate established under this subsection. The rate of interest for all farm loans shall not be less than three percent (3%).(b) A farm loan to a beginning agriculture producer shall be equal to the yield on a United States treasury security of the same duration of the loan. This loan rate shall be fixed for a period of ten (10) years. At the end of the ten (10) year period the interest rate shall be the current rate for loans as established under subsection (a) of this section. The board may add an additional percentage not to exceed two percent (2%) as a risk premium to the interest rate established under this subsection. The rate of interest for all farm loans to beginning agricultural producers shall not be less than three percent (3%).(c) Repealed by Laws 2023, ch. 135,§ 2.(d) Repealed by Laws 2019, ch. 35, § 2.Amended by Laws 2023, ch. 135,§ 2, eff. 3/1/2023.Amended by Laws 2023, ch. 135,§ 1, eff. 3/1/2023.Amended by Laws 2019 , ch. 35, § 1, eff. 7/1/2019.Amended by Laws 2017 , ch. 55, § 1 and 2, eff. 7/1/2017.