Louisiana Administrative Code
Title 7 - AGRICULTURE AND ANIMALS
Part V - Advertising, Marketing and Processing
Chapter 3 - Market Commission-Agricultural Products Processing Development Law-Loans and Loan Guaranties
Subchapter A - Authorization and Administration of Market Commission Loans and Loan Guaranties and Cooperative Endeavor Agreements under the Agricultural Products Processing Development Law
Section V-315 - Interest and Loan Guaranties
Current through Register Vol. 50, No. 9, September 20, 2024
A. The market commission shall fix the rate of interest to be charged on every commission loan on a case by case basis, however, in no case shall the rate be less than the base federal reserve discount rate at the time the loan is approved.
B. The market commission may approve a fixed or variable rate of interest on commission loans. If a fixed rate is approved, the interest rate in effect at the time of loan approval shall govern the interest to be paid on the loan for the term of the loan. If a variable rate is approved, the interest rate shall not, at any time, be less than the base federal reserve discount rate.
C. The market commission may approve any fixed or variable interest rate on any loan guaranteed by the commission provided the interest rate is a fair market rate as determined by the commission.
AUTHORITY NOTE: Promulgated in accordance with R.S. 3:450.3 and R.S. 3:450.5.
