52-1403.

Lien-notification statement; lender response.

Within fifteen calendar days after receiving a lien-notification statement, the lender shall respond to the supplier with either:

(1) A letter of commitment for part or all of the amount in the lien-notification statement and, if the letter of commitment is for only part of the amount in the lien-notification statement, then a copy of the partial commitment shall be sent to the person to whom the agricultural production input was furnished or is to be furnished; or

(2) A written refusal to issue a letter of commitment, and a copy of such refusal shall be sent to the person to whom the agricultural production input was furnished or is to be furnished.