Media Contact: Catherine Dehdashti, U of M Extension (612) 625-0237, ced@umn.edu

New law changes forms used for Farmer Lender Mediation

ST. PAUL, Minn. (6/15/2009) — The Minnesota Legislature has renewed the Farmer-Lender Mediation program for another four years and also updated the forms lenders use to request mediation. The updated forms will provide policy makers additional information about the amount of debt that triggers the first mediation notice.
 
The additional information the forms require will be needed on all mediations requested after July 1, 2009. The sample letters and a packet of information about the state statute is part of the University of Minnesota Extension website www.extension.umn.edu and can be accessed at http://www.extension.umn.edu/Community/Mediation. The information is also available by contacting the University of Minnesota Extension Farmer Lender Mediation office via email preis002@umn.edu or phone (218) 935-5785. 

The Minnesota Farmer-Lender Mediation program is part of USDA's Certified State Agricultural Mediation Program that provides farmers and their creditors the opportunity to renegotiate, restructure, or resolve farm debt. The law requires that a creditor with a secured debt of more than $5,000 against an agricultural property offer mediation before proceeding with foreclosure, repossession, cancellation of contract, or collection of a judgment. A team of mediators, financial analysts and other University of Minnesota Extension professionals manage the program.

Source: Mary Nell Preisler, U of M Extension

URL: http:// www.extension.umn.edu/extensionnews/2009/farmer-lender-forms.html  This page was updated June 15, 2009 .
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