Louisiana Administrative Code
Title 7 - AGRICULTURE AND ANIMALS
Part V - Advertising, Marketing and Processing
Chapter 7 - Market Commission-Agricultural Production Linked Deposit Loan Program
Subchapter B - Authorization and Administration of Agricultural Production Linked Deposit Loan Program
Section V-717 - Prohibitions

Universal Citation: LA Admin Code V-717

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

A. No linked deposit loan shall be approved if the farmer's headquarters are not located in Louisiana.

B. No linked deposit loan shall be approved if the farmer's principal officers and operating facilities are not in Louisiana.

C. No linked deposit loan shall be approved if the farmer employs over 10 full-time employees.

D. No linked deposit loan shall be approved if the farmer employs less than 80 percent Louisiana residents.

E. No linked deposit loan shall be approved if the agricultural products processing business is not operated for profit.

F. No linked deposit shall be approved if gross income from the agricultural operation is less than 50 percent of the farmer's income.

G. No linked deposit loan shall be approved if the farmer has a negative net worth.

H. No linked deposit loan shall be approved if the agricultural products processing business benefits directly any officer or director of the lending institution making the loan.

I. No linked deposit loan shall be approved if it involves loan fees by the lending institution other than would be normally charged on this type of application.

J. No linked deposit shall be approved if it requires liability, other than the 3 percent interest, by the state, the commissioner or the treasurer.

AUTHORITY NOTE: Promulgated in accordance with R.S. 49:327.1.

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