HB 1541: Agriculture Linked Deposits Program; definitions; procedures; deposit amounts; effective date; emergency. - Oklahoma

Floor (House) → Floor (Senate) · 5 edits

MODERATE

The Senate floor version of HB 1541 adds a new category of eligible businesses (healthy corner stores) and modifies the definition of 'at-risk farm or ranch business' to require a debt-to-asset ratio over 40%. It also updates the definition of 'eligible agricultural business' to include veterinary practices with large animal services and healthy corner stores, while removing the requirement for a production loan for at-risk businesses. These changes expand the program's reach to include retail food businesses and adjust financial criteria for farm eligibility.

Scope change

The bill now includes healthy corner stores as eligible recipients of agricultural linked deposits, broadening the program beyond traditional agricultural businesses and at-risk farms.

ELIGIBILITY

Added 'healthy corner stores' as a new eligible business category for the agricultural linked deposit program.

Modified the definition of 'at-risk farm or ranch business' to require a debt-to-asset ratio over 40% instead of the previous threshold.

Added veterinary practices with large animal services as a new eligible business category.

DEFINITION

Updated the definition of 'eligible agricultural business' to include the new categories of veterinary practices and healthy corner stores.

REQUIREMENT

Removed the requirement that at-risk farm or ranch businesses must seek a production loan, allowing them to qualify based on financial distress criteria alone.

House Committee Substitute → Floor (House) · 3 edits

MINOR

The bill text was reformatted from a House Committee Substitute version to a Floor version, with the main substantive change being the addition of a Senate sponsor (Frix) to the bill. The core legislative content regarding the Agriculture Linked Deposit Program remains unchanged, including definitions, eligibility criteria, and funding limits.

Scope change

None - the bill's scope and applicability remain the same; only the formatting and sponsorship information were updated.

TECHNICAL

Added Senate sponsor 'Frix of the Senate' to the bill header, indicating the bill has been amended by the Senate committee.

Changed the header from 'House Committee Substitute' to 'House of Representatives - Floor Version' to reflect the bill's current stage in the legislative process.

Removed page numbering and formatting markers from the original committee substitute version.

Enrolled (final version) → House Committee Substitute · 1 edit

MINOR

The bill text was reformatted from an enrolled version to a committee substitute version, with minor text adjustments and page numbering changes. The substantive policy content regarding the Agriculture Linked Deposit Program remains unchanged, including definitions of eligible businesses, deposit limits, and administrative procedures.

TECHNICAL

Text formatting and page numbering were updated to reflect committee substitute markup, but no substantive policy changes were made to the program's eligibility criteria, funding limits, or administrative requirements.

Introduced → Engrossed · 3 edits · May 6, 2025

MINOR

The bill was amended from its introduced version to its engrossed version, primarily updating the bill title to reflect Senate co-sponsorship and making minor text modifications to definitions and section headers. The substantive policy content regarding agricultural deposit programs remains largely unchanged.

Scope change

No substantive scope change; the bill continues to govern the Agriculture Linked Deposit Program with the same core provisions.

TECHNICAL

Bill header updated to indicate Senate co-sponsorship (Frix of the Senate) and changed status from 'AS INTRODUCED' to 'ENGROSSED HOUSE'.

Page headers changed from 'Req. No. 11226' to 'ENGR. H. B. NO. 1541' to reflect the engrossed status.

DEFINITION

Minor text adjustments to definition sections, including changing 'State Treasurer' to 'State Treasurer' in one instance and updating program references in the 'at-risk farm or ranch business' definition.

Engrossed → Enrolled (final version) · 5 edits · May 7, 2025

MODERATE

The bill transitioned from an Engrossed version to an Enrolled (final) version with substantive changes to the Agriculture Linked Deposit Program. The most significant change is the addition of a new priority consideration for lenders to give preference to businesses based on economic and health needs of their area. The bill also clarifies the definition of 'healthy corner store' and maintains the same deposit limits as the previous version.

Scope change

The scope of the program remains focused on the Agriculture Linked Deposit Program, but the final version adds specific guidance on how lenders should prioritize loan recipients based on community economic and health needs.

REQUIREMENT

Added a new provision requiring eligible lending institutions to give priority to businesses based on the economic and health needs of their area when considering loan applications for reduced rate loans.

Added a new certification requirement where eligible agricultural businesses must certify that reduced rate loans will be used exclusively for purposes outlined in Section 5-82.

Added a prohibition against making loans to officers or directors of the lending institution making the loan.

DEFINITION

The definition of 'healthy corner store' was expanded to include additional requirements about underserved geographical areas, though the core definition remained substantially the same.

TECHNICAL

Removed redundant language about deposit limits in Section 5-86, C, paragraph 1, which contained duplicate and conflicting limit amounts, and clarified the limits for different business types.

Agriculture Linked Deposits Program; definitions; procedures; deposit amounts; effective date; emergency.

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