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-319 - Balloon Notes and Re-Scheduling of Payments

Universal Citation: LA Admin Code V-319

Current through Register Vol. 50, No. 9, September 20, 2024

A. The market commission may approve a note providing for a final balloon payment, but shall not approve a final balloon payment in excess of 75 percent of the total amount of the original loan.

B. If the market commission votes in open session to approve rescheduling of a balloon payment, such re-scheduled payments shall be financed at an interest rate determined by the commission at the time of renewal in accordance with §315 A-C.

C. No payment schedule shall be extended to more than a total of 20 years from date of the final loan disbursement to date of the final payment under the loan.

D. Any request for a renewal of a balloon note shall be accompanied by:

1. a statement of current financial condition, including balance sheet and profit and loss statement for the most recent fiscal year of operation, prepared in accordance with generally accepted accounting principles;

2. names and addresses of all stockholders and the number of shares held by each;

3. detailed explanation of the reason for the requested renewal.

AUTHORITY NOTE: Promulgated in accordance with R.S. 3:450.3.

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