Members elect a chair and a vice-chair.
The board may adopt regulations to carry out its duties. The board may make recommendations to the Commissioner of DNR regarding identification and disposal of agricultural land. Section 3 amends existing statute, changing the interest rate on farm development, chattel, or irrigation loans from eight percent to five percent. Section 5 amends existing statute, authorizing the new board, in place of DNR and Division of Agriculture, to assess delinquency and penalties on loans. Section 6 amends existing statute, changing the interest on farm product processing loans from eight percent to five percent.