SECTION 385:10-1-14. Loan terms

(a)   Term. No first mortgage agricultural land loan shall be made for a period of greater than thirty-three (33) years. Loans shall provide for annual or semi-annual installments of principal and interest sufficient to amortize the loan over the loan term.

(b)   Payment. The Commissioners shall permit payment of a loan in part or in whole as provided in 64 Okl.St.Ann.§52.

(c)   Information provided. Applicant shall provide such information as shall be deemed necessary by the Commissioners of the Land Office.

(d)   Releases.

(1)   A release of a part of the land mortgaged as security for a loan which bears a variable rate of interest may be given at the discretion of the Commissioners; provided, that

(A)   repayment is made of money loaned on that tract to be released;

(B)   payments are current and the loan is in good standing;

(C)   appraised value of remainder of land is sufficient to meet legal requirements to secure loan balance; and

(D)   the Commissioners may at their discretion release up to a total of ten (10) acres without payment, if loan principal has been reduced a sufficient amount for loan to meet legal requirements.

(2)   Release of a part of the land mortgaged as security for a loan which does not bear a variable rate of interest will not be given. Except, the Commissioners, at their discretion, may release not to exceed a total of ten (10) acres as provided. Provided, further, the Commissioners may, at their discretion, honor a commitment to release more than ten (10) acres of security from a fixed rate loan where commitment was made prior to adoption of these rules and regulations upon repayment of amount loaned on tract to be released.

(e)   Initiation and origination fees and points. The Commission may in their discretion charge initiation and/or origination fee and/or points in order to obtain a farm loan from the School Land Commission.