Venezuela ? President Hugo Chavez threatened on Saturday to take control of banks that fail to meet state-imposed loaning requirements designed to benefit Venezuela’s farmers.

Chavez, who says he is leading Venezuela toward “21st century socialism,” accused many private banks of neglecting laws requiring them to set aside nearly a third of all loans for agriculture, mortgages and small businesses at favorable rates.

“The law must be applied,” Chavez said during a televised meeting with farmers. Any bank that doesn’t comply with these lending requirements “should be seized.”