A farm supply cooperative wishing to originate CROP loans must meet the following criteria:
1. Cooperative must be duly organized, validly existing and registered to operate under the requirements established in Chapter 185 of Wisconsin Statutes;
2. Cooperative must have a credit policy in force, and have the managerial ability, staff, and procedures to implement the credit policy, including, but not limited to, billing, collection, workouts, and foreclosures;
3. Cooperative must operate under the guidance of a board of directors through a general manager;
4. Cooperative must be duly authorized by all corporate actions to originate CROP loans; and
5. Cooperative must be financially solvent, not involved in any bankruptcy or other liquidation proceedings for the benefit of creditors and financially able to clear the risk of a loss of any CROP loan.
If the farm supply cooperative fails to meet any of these criteria, the farm supply cooperative must immediately notify WHEDA.
