Foster Swift Agricultural Law Update
On June 26, 2012, Governor Snyder signed the Agricultural Disaster Loan Origination Program Act of 2012 into law. The law requires a one-time $15-million appropriation to cover some costs for banks that offer agricultural loans to farmers and processors affected by the severe weather this spring. "This is the worst natural disaster to strike Michigan's agricultural industry in more than 50 years," Governor Snyder said. "Agriculture is a key component of our economy, and these loans will help keep our fruit farmers afloat until next season," said Snyder.