Posted: Friday, 15 February 2013 11:52AM
The Minnesota House has passed a bill to extend the Farmer-Lender Mediation law by four years to June 30th, of 2017.
The legislation was first enacted in 1986 in response to a severe farm credit crisis and the bill's author, DFLer Jeanne Poppe of Austin, says it's meant to give peace of mind to families and individuals in rural Minnesota.
The law requires a bank or other creditor to offer mediation to a farmer before enforcing a debt secured by ag property, such as land, livestock, or crops. To qualify for mediation the farmer's debt must exceed $5,000.