We always obtain the Listing of Potential Buyers for ag products (livestock, crops, etc.) when we originate an ag loan. We also mail a similar "verification" annually to make sure no changes to the list need to be made.
I know the notice itself is a requirement of the Food Security Act of 1985, but does anyone know if there is a specific requirement to update the list periodically? These are always difficult to get back because I don't think the customers really understand them and I am wondering if we really need it signed each year.
Any input is appreciated.
In the end, it's all just a bunch of paper....