Minn. R. agency 109, ch. 1650, BASIC BEGINNING FARMER LOAN PARTICIPATION PROGRAM, pt. 1650.0071
At any time during the term of a basic beginning farmer first mortgage loan, the RFA or the state legislative auditor may inspect the books, records, documents, and accounting practices of the lender relative to the loan to determine compliance with the terms and conditions of the loan and the participation agreement. Inspections must be during the lender's normal business hours. The lender must allow the RFA to copy any documents relating to the first mortgage loan and the RFA participation.
The lender and the RFA may physically inspect the collateral securing the first mortgage loan upon notice to the borrower. An inspection must be conducted at a reasonable time.
Minn. R. agency 109, ch. 1650, BASIC BEGINNING FARMER LOAN PARTICIPATION PROGRAM, pt. 1650.0071
Statutory Authority: MS s 41B.07