11-49-103. Wyoming Food Freedom Act; purpose; exemptions; assumption of risk.
(a) The purpose of the Wyoming Food Freedom Act is to allow for a producer's production and sale of homemade food or drink products for an informed end consumer and to encourage the expansion of agricultural sales at farmers markets, ranches, farms and producers' homes by:
(i) Facilitating the purchase and consumption of fresh and local agricultural products;
(ii) Enhancing the agricultural economy;
(iii) Providing Wyoming citizens with unimpeded access to healthy food from known sources.
(b) Unless otherwise provided in this section, homemade food products produced, sold and consumed in compliance with the Wyoming Food Freedom Act shall be exempt from state licensure, permitting, inspection, packaging and labeling requirements.
(c) Transactions under this act shall:
(i) Be directly between the producer and the informed end consumer, except as otherwise provided by this act. A producer may utilize a designated agent to facilitate a transaction. The seller of eggs, dairy products or a homemade food product consisting of non-potentially hazardous food may be the producer of the item, a designated agent of the producer or a third party vendor including a retail shop or grocery store as long as the sale is made in compliance with this act. The seller of a homemade food item consisting of potentially hazardous food, except eggs and dairy products, shall be the producer of the item or a designated agent of the producer;
(ii) Repealed by Laws 2020, ch. 69, § 2.
(iii) Occur only in Wyoming;
(iv) Not involve interstate commerce;
(v) Not involve the sale of meat products, with the following exceptions:
(A) The sale of poultry and poultry products provided:
(I) The producer slaughters not more than one thousand (1,000) poultry of his own raising during any one (1) calendar year;
(II) The producer does not engage in buying or selling poultry products other than those produced from poultry of his own raising; and
(III) The poultry product is not adulterated or misbranded.
(B) The sale of live animals;
(C) The sale of portions of live animals before slaughter for future delivery;
(D) The sale of domestic rabbit meat;
(E) The sale of farm raised fish provided:
(I) The fish is raised in accordance with title 23 of the Wyoming statutes; and
(II) The fish is not catfish.
(F) The sale of meat pursuant to an animal share under W.S. 11-49-104;
(G) The sale of meat products under subsection
(n) of this section, subject to subsection (o) of this section.
(vi) Only occur at farmers markets, farms, ranches, producer's homes or offices, the retail location of the third party seller of non-potentially hazardous foods, eggs and dairy products or any location the producer and the informed end consumer agree to.
(d) Except for raw, unprocessed fruits and vegetables, food shall not be sold or used in any commercial food establishment unless the food has been labeled, licensed, packaged, regulated or inspected as required by law. Homemade or uninspected food shall not be served or utilized as an ingredient in a commercial food establishment. Nothing in this section shall prohibit the sale of homemade food from a retail space located at the ranch, farm or home where the food is produced or at the retail location of a third party seller for non-potentially hazardous food, eggs and dairy products. A retail space selling homemade food under this section shall inform the end consumer that the homemade food has not been inspected and shall display a sign indicating that the homemade food has not been inspected. If a retail space selling potentially hazardous food, except eggs and dairy products, is in any way associated with a commercial food establishment or offers for sale any inspected product, the retail space selling potentially hazardous homemade food shall comply with rules adopted by the department of agriculture which shall require:
(i) That the retail space be physically separated from the commercial food establishment with a separate door and separate cash register or point of sale;
(ii) That each separate space shall include signs or other markings clearly indicating which spaces are offering inspected items for sale and which spaces are uninspected;
(iii) Separation of coolers, freezers and warehouse or other storage areas to prohibit the intermingling of inspected and uninspected products;
(iv) Any other requirements specified by the department of agriculture to ensure the sale of homemade foods is made to an informed end consumer.
(e) The producer shall inform the end consumer that any food product or food sold at a farmers market or through ranch, farm or home based sales pursuant to this act is not certified, labeled, licensed, packaged, regulated or inspected. A third party seller offering non-potentially hazardous food, eggs or dairy products for sale pursuant to this act shall inform the end consumer that the homemade food is not certified, labeled, licensed, packaged, regulated or inspected.
(f) Repealed by Laws 2017, ch. 111, § 2.
(g) Nothing in this act shall be construed to impede the Wyoming department of health in any investigation of food borne illness.
(h) Nothing in this act shall be construed to change the requirements for brand inspection or animal health inspections.
(j) Nothing in this act shall preclude an agency from providing assistance, consultation or inspection, at the request of the producer.
(k) In addition to the requirements of this section, for sales of non-potentially hazardous food and dairy products at a retail location or grocery store the food shall not be displayed or offered for sale on the same shelf or display as food produced in a licensed establishment and shall be clearly and prominently labeled with "this food was made in a home kitchen, is not regulated or inspected and may contain allergens".
(m) In addition to the transactions permitted under this act, homemade food producers may sell homemade food and drink products, eggs or dairy products to the maximum extent permitted by federal law. The department of agriculture shall not promulgate any standard for food and health inspection that is applicable to this act that is more stringent than a standard established by the United States department of agriculture and nothing in this article shall be construed to be more restrictive than applicable federal requirements.
(n) Except as prohibited by federal law and subject to subsection (o) of this section, a producer may sell meat products from cattle, sheep, swine or goats raised by the producer that were slaughtered on the premises of the producer or at a custom slaughter facility, if all of the following conditions are met:
(i) The meat products are produced from animals that are raised, slaughtered, processed and sold in Wyoming;
(ii) The meat products are sold directly to an informed end consumer in Wyoming, whether for consumption on or off the premises of the producer;
(iii) A prominent written warning statement is delivered to the informed end consumer at the time of sale, or the warning is displayed on a label affixed to the meat product packaging. The warning required by this paragraph shall state:
(A) The meat product has not been inspected and is not regulated;
(B) An informed end consumer who obtains meat products under this act agrees not to sell, donate or commercially redistribute the meat;
(C) Information describing the standards used by the producer with respect to animal health and in the processing of meat from the animal.
(iv) The producer shall not publish any statement associated with the meat that implies or states the Wyoming department of agriculture's approval or endorsement of meat delivered under this subsection.
(o) Subsection (n) of this section shall be effective on the date that the governor, on advice of the attorney general, certifies to the secretary of state that the sale of meat products from cattle, sheep, swine or goats raised by the producer that were slaughtered on the premises of the producer or at a custom slaughter facility is legalized under federal law. Legalization under federal law shall constitute either the passage of a federal law that allows direct-to-consumer sales of uninspected meat products or the issuance of a final decision by a federal court with jurisdiction over this state that declares that the federal prohibition on direct-to-consumer sales is unconstitutional or otherwise invalid. Sales of meat products under subsection (n) of this section shall be allowed upon the governor's certification to the secretary of state that sales of uninspected meat products have been legalized under federal law.
(a) The acquisition of meat from animals by an informed end consumer shall not constitute the sale of meat products in contravention of this act and shall not be prohibited if all of the following conditions are met:
(i) The meat is delivered pursuant to an animal share and is:
(A) Received from the farm or ranch where an animal or herd subject to the animal share is located;
(B) Received by or on behalf of an owner of an animal share;
(C) Obtained from the particular animal or herd subject to the animal share.
(ii) Ownership of each animal is established prior to slaughter and the slaughter is conducted pursuant to W.S. 11-23-102(a), if applicable;
(iii) A prominent warning statement that the meat has not been inspected is delivered to the informed end consumer with the meat or is displayed on a label affixed to the meat packaging;
(iv) Information describing the standards used by the farm or ranch with respect to herd health, and in the processing of meat from the herd, is provided to the informed end consumer by the farmer or rancher.
(b) No person who obtains meat in accordance with this section shall sell, donate or commercially redistribute the meat.
(c) No farmer or rancher shall publish any statement that implies the department of agriculture's approval or endorsement of meat delivered pursuant to an animal share.
(a) As used in this act:
(i) "Commission" means the bean commission established under W.S. 11-50-102;
(ii) "Department" means the state department of agriculture;
(iii) "Director" means the director of the state department of agriculture or his designee;
(iv) "Dry edible beans" includes all market classes and varieties of dry edible beans produced in Wyoming including beans intended for use as seed;
(v) "Grower" means any person engaged in growing, or causing to be grown, dry edible beans on one (1) acre or more in Wyoming. "Grower" may include an owner and tenant jointly or a partnership, association, corporation, cooperative, trust, sharecropper or any other business unit, device or arrangement;
(vi) "Handler" means any person, no matter where the person is located, who is engaged in the operation of buying, selling, shipping or distributing dry beans grown in Wyoming which he has purchased or acquired from a grower or which he is shipping on behalf of a grower;
(vii) "This act" means W.S. 11-50-101 through 11-50-108.
appointment; term; removal; vacancies; reimbursement for expenses.
(a) There is created the Wyoming bean commission. For administrative purposes the commission shall be within the department of agriculture. The commission shall be composed of six (6) members initially appointed by the governor. The director or his designated representative shall serve ex officio without vote. The appointed commission members shall consist of four (4) growers residing in Wyoming with at least one (1) of the members residing in Laramie, Platte or Goshen County, Wyoming. Two (2) members shall be handlers with dry bean processing facilities located in Wyoming. The governor may remove any member he appoints as provided in W.S. 9-1-202.
(b) The terms of office for the initial appointments to the commission shall be two (2) terms of four (4) years and two (2) terms of two (2) years for the grower members. The initial terms of office for the handler members shall be one (1) term of four (4) years and one (1) term of two (2) years. Upon the expiration of each of these terms, the commission shall conduct by mail an election to fill the open membership. After initial terms, elected members shall serve for a term of four (4) years. Only growers and handlers who paid dry bean assessments in the previous two (2) calendar years shall be eligible to vote in or stand for election, which shall be conducted in March of each odd-numbered year. If a vacancy occurs, the governor shall appoint a person for the unexpired term.
(c) The governor shall declare the office of any appointed or elected member of the commission vacant when he finds that the member:
(i) Is no longer a grower or handler;
(ii) Is unable to perform his duties; or
(iii) Has become a resident of another state.
(d) Members of the commission shall serve without compensation but shall receive mileage and per diem as provided by law for state employees.
(a) The commission shall:
(i) Receive and disburse funds under the provisions of this act to be used in administering the provisions of this act;
(ii) Annually elect a chairman and vice chairman from among its members. No chairman shall succeed himself more than once;
(iii) Meet not less than two (2) times each year in conjunction with the crop research foundation of Wyoming and at such other times as called by the chairman or when requested by three (3) or more members of the commission;
(iv) Keep a permanent record of its proceedings and report annually to the governor and the joint agriculture, state and public lands and water resources interim committee respecting its activities as provided in W.S. 9-2-1014;
(v) If the commission determines that it is advisable to implement a research, promotion or market program, prepare and submit a proposed program to the director together with a budget and cash flow statement. Funds shall only be dispersed to the crop research foundation in accordance with the submitted budget and cash flow statement.
(b) The commission may:
(i) Conduct or contract for scientific research to discover and develop improved varieties, production techniques and end-use products;
(ii) Conduct or contract for programs of consumer education and market development;
(iii) Disseminate information on dry edible beans based on scientific research;
(iv) Study state and federal legislation with respect to matters concerning the dry edible bean industry;
(v) Sue and be sued as a commission, without individual liability, for acts of the commission within the scope of the powers and duties conferred upon it by this act;
(vi) Enter into contracts to carry out the purpose of the commission as provided in this act;
(vii) Appoint advisory groups composed of representatives from organizations, institutions or business related to or interested in the welfare of the dry edible bean industry;
(viii) Make grants to research agencies for financing special or emergency studies, or for purchase or acquisition of facilities necessary to carry out the purposes of the commission;
(ix) Appoint subordinate officers and employees of the commission, prescribe their duties and fix their compensation;
(x) Cooperate with any local, state or nationwide organization or agency engaged in work or activities similar to or related to those of the commission, and enter into contracts with those organizations or agencies for carrying on joint programs;
(xi) Adopt rules and regulations necessary to carry out the provisions of this act;
(xii) Adopt, rescind, modify or amend all proper regulations, orders and resolutions for the exercise of its powers and duties.
The commission may accept grants, donations, contributions or gifts from any source for expenditures for any purpose consistent with the powers and duties conferred on the commission.
11-50-106. Dry bean commission account; assessment rate; collection and payment of assessment.
(a) All monies received by the commission shall be deposited in the state treasury. The state treasurer shall deposit the monies to the credit of the dry bean commission account which is hereby created. Interest earned on monies in the account shall be deposited to the credit of the account. All monies in the account including earned interest shall be expended only for the purposes authorized by this act.
(b) Assessments collected by department under this section shall be deposited with the state treasurer to the credit of the account created by subsection (a) of this section. Monies received by the commission under this subsection shall be used to administer this act.
(c) The commission shall at the end of each quarter reimburse the department for collection and administrative costs incurred by the department in collecting the assessment under subsection (b) of this section. The amount reimbursed shall equal one percent (1%) of the assessments collected during the quarter and shall be deposited with the state treasurer.
(d) The amount of the assessment collected under this section shall be as follows:
(i) For growers, thirty-four hundredths percent (0.34%) of the value of the settlement to the grower;
(ii) For handlers, seventeen hundredths percent (0.17%) of the value of the settlement to the grower;
(iii) After July 1, 2017, the commission by rule may change the assessment levied under this section provided that the proportion shall be two-thirds (2/3) on the grower and one-third (1/3) on the handler and the total levy shall not exceed one percent (1%) of the value of the settlement to the grower.
(e) The assessment rate as determined under subsection (d) of this section shall be paid by the respective grower and handler who are primarily liable. The first handler of beans sold or contracted in a commercial channel shall collect the required assessment from the grower and shall remit the assessment from the grower and the handler to the department not later than the fifteenth day of the month immediately following the quarter in which the beans were sold or contracted. The first time each year that a handler submits assessments under this section, the handler shall also submit a list of the name and address of all growers that the handler collected assessments from in the immediately preceding year.
(f) If dry beans are mortgaged or pledged as security for a loan from a governmental agency, the assessment under this section shall be deducted from the proceeds of the loan at the time of the disbursement of the loan. If there is an overage of dry beans at the time of settlement of the loan, the over payment shall be credited to the account of the grower.
(g) Dry beans stored in private or public storage within the state shall not be liable for an assessment under this section until a sale of the beans is made.
(h) A grower who through his activities also qualifies as a handler under this act or a grower who ships, sells or otherwise disposes of beans to a handler or for storage outside of the jurisdiction of this act shall remit to the department the full amount of the assessment due under this section. Dry beans which originate from any other state that collects a similar assessment and the state bases the assessment on the location of the first sale shall be treated as if they were grown within Wyoming if the beans are handled first by a Wyoming handler. Not later than November 1 each year, the commission shall determine any states that collect a similar assessment as provided under this section and shall notify all handlers of those states.
(a) Any person who has paid any assessment as provided in this act is entitled to a prompt refund of the contribution from the commission upon request. A claim for a refund shall be made to the commission not less than thirty (30) nor more than ninety (90) days from the date of the sale upon which the assessment was based. The claim shall be made on a form prescribed and furnished by the commission. No assessment paid by a handler is refundable under this section unless the grower has also claimed a refund under this section for the matching portion of the assessment.
(b) Before processing any claim for refund under this section, the commission may require any additional information or affirmation under penalty of perjury it deems necessary to determine the validity of the claim.
11-50-108. Surety bond required to receive or disburse funds.
Any person authorized by the commission to receive or disburse funds, as provided by this act, shall post with the commission a surety bond in an amount the commission determines sufficient, for which the cost or premium shall be paid by the commission.
(a) As used in this chapter:
(i) "Corrective action plan" means a plan the department develops in consultation with a licensee to correct any violation of this chapter;
(ii) "Disposal" means activities to alter or treat hemp or hemp products that contain an amount of THC in excess of the amount authorized in this chapter to ensure that the THC is reduced to bring the hemp or hemp product into compliance with this chapter or, if compliance is not attainable, that the THC is rendered inaccessible;
(iii) "Hemp" or "hemp product" means all parts, seeds and varieties of the plant cannabis sativa l., whether growing or not, or a product, derivative, extract, cannabinoid, isomer, acid, salt or salt of isomer made from that plant with no synthetic substance and with a THC concentration of not more than three-tenths of one percent (0.3%) on a dry weight basis when using post-decarboxylation or another similarly reliable testing method;
(iv) "Licensee" means a person licensed under this chapter to produce, process or test hemp;
(v) "Produce" means all acts necessary to produce and market hemp including, without limitation, planting, cultivating, harvesting, cloning, producing seeds, handling, transporting and selling;
(vi) "Process" means converting hemp into another product that contains no synthetic substance and that contains no more than three-tenths of one percent (0.3%) THC on a dry weight basis when using post-decarboxylation or another similarly reliable testing method;
(vii) "THC" means:
(A) Tetrahydrocannabinol, the psychoactive component of the cannabis plant, with the scientific name trans-delta 9-tetrahydrocannabinol;
(B) Psychoactive analogs of tetrahydrocannabinol as defined by W.S. 14-3-301(a)(xi);
(C) Any psychoactive structural, optical or geometric isomers of tetrahydrocannabinol.
(viii) "Synthetic substance" means any synthetic THC, synthetic cannabinoid or any other drug or psychoactive substance.
11-51-102. Hemp as agricultural crop; use of hemp.
(a) Hemp is an agricultural crop in this state. Upon meeting the requirements of this chapter, a person may produce or process hemp.
(b) Notwithstanding the requirements of this chapter, the possession, purchase, sale, transportation and use of hemp and hemp products by any person is allowable except as provided in W.S. 11-51-103(f) and 14-3-310.
(a) No person shall produce or process hemp unless the person has obtained a license from the department on a form provided by the department.
(b) The application for a license under this section shall include:
(i) The name and address of the applicant;
(ii) The physical address and legal description of all land and property where the production or processing will occur;
(iii) A statement that the applicant has not been convicted of or pled nolo contendre to a controlled substance felony within the past ten (10) years, or in the event the applicant is not an individual, a statement that no member, principal, officer or director of the applicant has been convicted of or pled nolo contendre to a controlled substance felony;
(iv) Authorization for reasonable access by the department for inspections and verifications related to production or processing activities for which a licensee shall be assessed fees under W.S. 11-51-104(a); and
(v) Verification that the applicant is a business entity organized under the laws of Wyoming or a Wyoming resident, as defined by rule of the department.
(c) The department shall issue a license, or renewal thereof, which is valid for one (1) year if:
(i) The requirements of subsection (b) of this section are met including that the applicant has not been convicted of or pled nolo contendre to a controlled substance felony within the past ten (10) years; and
(ii) Seven hundred fifty dollars ($750.00) is received for each annual license or renewal application. This fee shall be reduced to five hundred dollars ($500.00) for a nonprofit or educational organization.
(d) Licenses under this section may authorize producing hemp and processing hemp products at more than one (1) location for the same licensee.
(e) Any person possessing hemp or hemp products only for the purpose of testing THC levels may, but shall not be required to, obtain a license under this chapter.
(f) No person or licensee shall:
(i) Produce, process or sell hemp or hemp products containing more than three-tenths of one percent (0.3%) THC on a dry weight basis when using post-decarboxylation or another similarly reliable testing method;
(ii) Add, alter, insert or otherwise include any synthetic substance into hemp or hemp products produced, processed or sold in accordance with this chapter.
(a) The department shall perform inspections and provide chemical sampling and analysis of production or processing activities by licensees to determine compliance with this chapter. The department may require verification of effective disposal by licensees of hemp or hemp products that contain synthetic substances or that contain in excess of three-tenths of one percent (0.3%) THC on a dry weight basis. For any sample, analysis or verification conducted under this subsection, the department shall assess the licensee fees as established by rule of the department, not to exceed the following:
(i) Two hundred dollars ($200.00) per sample conducted by the department;
(ii) Two hundred dollars ($200.00) per analysis conducted by the department;
(iii) Two hundred fifty dollars ($250.00) for verification of effective disposal of hemp or hemp products that contain synthetic substances or that contain in excess of three-tenths of one percent (0.3%) THC on a dry weight basis.
(b) Except as provided in subsection (e) of this section, any licensee who violates any provision of this chapter or any regulation promulgated pursuant to this chapter shall be subject to a corrective action plan. The corrective action plan may include reporting requirements, additional inspections, suspension of a license, steps necessary to restore a license, requirements related to disposal of hemp or hemp products that contain in excess of three-tenths of one percent (0.3%) THC on a dry weight basis or providing notice of the violation to the licensee's known creditors. The plan may require rendering THC inaccessible by using hemp or hemp products as a soil amendment material or by destruction of the hemp or hemp product as authorized by rule of the department.
(c) Any person who intentionally violates this chapter is guilty of a misdemeanor punishable by a fine of not more than seven hundred fifty dollars ($750.00), imprisonment for not more than six (6) months, or both.
(d) If any person has three (3) or more violations of this chapter or any regulation promulgated pursuant to this chapter within five (5) years, the department shall revoke the license and the person shall be ineligible for licensure under this chapter for five (5) years.
(e) Any person who violates this chapter by producing, processing or selling hemp or hemp products containing any synthetic substance shall be ineligible for licensure under this chapter.
11-51-105. Rules; agreements; research activities.
(a) The department shall adopt rules necessary to implement the provisions of this chapter.
(b) The department may enter into agreements with tribal governments related to hemp production and the processing of hemp products.
(c) The department, the University of Wyoming and Wyoming community colleges may produce or process hemp for research purposes.
All fees collected under this chapter shall be deposited with the state treasurer in a separate account which is continuously appropriated to the department for the administration of this chapter.
11-51-107. Exception if this chapter is not implemented.
Nothing in this chapter shall preclude any person from applying for and receiving authorization to produce and process hemp from another authorized entity if the department does not receive authority to do so or is otherwise not implementing this chapter.
(a) As used in this chapter:
(i) "Office" means the office of state lands and investments;
(ii) "Financial institution" means a bank or credit union having a place of business within this state and that is chartered under state or federal law;
(iii) "Program" means the small business emergency bridge loan program created in this chapter;
(iv) "Director" means the director of the office of state lands and investments.
11-52-102. Small business emergency bridge loan program; eligibility; requirements; account.
(a) The small business emergency bridge loan program is hereby created to provide short-term bridge loans to Wyoming businesses after declared natural disasters.
(b) The office of state lands and investments shall administer the program. The state loan and investment board shall:
(i) Promulgate any rules necessary to implement the program;
(ii) Establish a process by which financial institutions may register to administer and process emergency bridge loans issued under the program;
(iii) Develop an application for emergency bridge loans, including specifying the documentation required to apply, and provide applications to participating financial institutions for distribution;
(iv) Review all applications and recommendations from financial institutions to ensure that emergency bridge loans are approved and made in accordance with this chapter;
(v) Oversee the disbursement and repayment of funds from emergency bridge loans.
(c) Subject to available funding, small business emergency bridge loans shall be made and disbursed in accordance with all of the following:
(i) Before bridge loans shall be available under this chapter, the governor shall declare that a natural disaster has occurred and shall designate the counties in which the natural disaster has occurred. For purposes of this paragraph, the governor may declare a natural disaster for purposes of making loans available under this section upon the failure of infrastructure, including but not limited to roads, bridges, dams and irrigation infrastructure. Upon this declaration, businesses located in the designated counties in which the natural disaster has been declared may apply for emergency bridge loans under this chapter;
(ii) Emergency bridge loans shall be made only to businesses that:
(A) Are physically located and doing business in Wyoming and are physically located within the area in which the governor has declared that a natural disaster has occurred;
(B) Were established and in operation before the declared natural disaster occurred;
(C) Have one (1) or more persons who own not less than fifty percent (50%) of the business, who can apply for the loan and who shall serve as guarantor for the loan. Any person or persons applying for a loan under this chapter for a business shall have a credit score of not less than five hundred fifty (550) and shall not be on probation or parole at the time of application;
(D) Not be engaged in the business of loan packaging, offering or providing short-term rentals, speculation, multi-sales distribution, gaming, investment or lending or any activity that violates state or federal law.
(iii) Applications for emergency bridge loans shall be filed with a financial institution registered with the office to participate in the program. Upon receipt of a complete application and all required documentation, the financial institution shall review the application and documentation to determine whether the business qualifies for an emergency bridge loan under this chapter and shall forward a recommendation to the office whether to approve or reject the loan and any terms or conditions that should be included for the loan;
(iv) Upon receipt of a recommendation from a financial institution, the office shall, not later than five (5) business days after receiving the recommendation, review the recommendation and ensure that the applicant qualifies for a loan. Upon determining that an applicant qualifies under this chapter, the director may approve the application and, if approved, shall disburse funds from the account created in subsection (f) of this section to the financial institution for disbursement to the loan applicant or, if requested by the loan applicant or if the financial institution is unable to accept the funds, for disbursement directly to the loan applicant, and specify any terms and conditions that shall be included as part of the loan agreement. Loans approved by the director shall not require subsequent approval by the state loan and investment board.
(d) Emergency bridge loans issued under this chapter shall:
(i) Require an origination fee of two percent (2%) of the loan amount, to be distributed to the financial institution for processing the loan. The office shall pay one percent (1%) of the origination fee from funds available in the account created in subsection (f) of this section. The loan applicant shall pay the remaining one percent (1%) of the origination fee from loan proceeds. For purposes of this paragraph, the office may require an additional origination fee to be paid by the applicant for deposit in the account created by subsection (f) of this section if the additional fee is necessary to account for a decreased amount of investment earnings as a result of the emergency bridge loan program;
(ii) Not exceed seven hundred fifty thousand dollars ($750,000.00) for each business applying under this chapter;
(iii) Be secured by insurance proceeds or other anticipated funds that the business will receive as a result of the natural disaster or other land, equipment or assets owned by the business;
(iv) Be expended only for any business purposes, which may include, but not limited to, fencing repair, the replacement of livestock, the replacement of buildings or shelters, business vehicles, inventory replacement, equipment damaged or destroyed in the natural disaster, the leasing of land for business purposes, necessary trucking and transportation expenses and temporary facilities for the business to operate;
(v) Not be expended to expand the business's operations or to purchase additional property or equipment that the business did not have before the natural disaster;
(vi) Contain repayment terms, provided that:
(A) Full repayment shall occur not later than three (3) years after the issuance of the loan;
(B) Interest shall be charged on the loan at a rate not to exceed zero percent (0%) plus the interest rate earned on pooled fund investments in the previous fiscal year. The interest rate specified in this subparagraph shall be reduced to account for investment earnings and the rate of return on investments of the small business emergency bridge loan account created in subsection (f) of this section.
(e) Each business receiving a loan under this chapter shall make repayments to the office. Upon receiving payments, the office shall deposit the funds received, including interest, in the small business emergency bridge loan account created in subsection (f) of this section.
(f) There is created the small business emergency bridge loan account. Funds within the account shall be used only to provide emergency bridge loans under this chapter, origination fees specified in this chapter and any administrative costs associated with operating the program. The state treasurer shall invest funds within the account in accordance with law, and all earnings from the account shall be deposited in the account. The office may accept grants, gifts or other funds for deposit in the account. Any grants, gifts or other funds accepted under this subsection shall first be expended to reduce, on a pro rata basis, the interest that applicants are required to pay under this section. Funds in the account are continuously appropriated to the office to be expended only in accordance with this chapter.
(g) Not later than October 1 of each year, the office shall annually review the program and report to the joint appropriations committee, the joint agriculture, state and public lands and water resources interim committee and the state loan and investment board on the loans made under the program, all outstanding loan commitments, repayments received and the balance of the account created in subsection (f) of this section.
(h) The director of the office of state lands and investments, with approval from the governor, is authorized to borrow from the legislative stabilization reserve account up to twenty-five million dollars ($25,000,000.00) as necessary to meet funding requirements for qualifying loans under this section. Any loan proceeds shall be deposited into the small business emergency bridge loan account. Interest charged on the amounts borrowed shall be zero percent (0%). The director of the office of state lands and investments shall report to the joint appropriations committee, the president of the senate and the speaker of the house of representatives immediately upon exercise of this loan authority. The director of the office of state lands and investments, after consultation with the state auditor, shall include an appropriation request in each biennial budget and supplemental budget request in an amount equal to the lesser of twenty-five million dollars ($25,000,000.00) or the outstanding loan balance until all loans from the legislative stabilization reserve account to the emergency bridge loan account are repaid in full.