SD: Farm Loan Mediation changes
The South Dakota Department of Agriculture (SDDA) recently made changes to its administrative rules for the Agricultural Mediation program. These rules become effective on Tuesday, Dec. 2, 2014.
In addition to promulgating rules for the new areas of federal lands and oil and gas mediation, changes were made to the Farm Loan Mediation program. The filing fee for farm loan mediations is increasing from $50 to $100 per party to cover the first hour of mediation. The fee for any additional hours of mediation will not change. That fee is $25 per hour per party. The new rules can be found at http://rules.sd.gov under “Department of Agriculture” and “Agricultural Mediation”.
Mandatory mediation is required for any agricultural debt over $50,000 before a creditor can proceed with legal action. SDDA encourages voluntary mediation if a creditor or debtor feels communication can be restored with a third party mediator.
“Mediation is a great resource for both sides looking to resolve disputes and avoid a costly legal process,” said Terri LaBrie, SDDA finance administrator. “Financial counseling is also available for our mediation clients.”
For more information on the mediation program or any of the financial programs at SDDA, please call 605.773.5436 or visit http://sdda.sd.gov.
Agriculture is South Dakota’s No. 1 industry, generating $25.6 billion in annual economic activity and employing 115,651 South Dakotans. The South Dakota Department of Agriculture’s mission is to promote, protect, preserve and improve this industry for today and tomorrow. Visit us online at http://sdda.sd.gov or find us on Facebook and Twitter.
–S.D. Department of Agriculture