reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 9 - Healthy Foods Retail Program › Section III-901 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. The words and
				terms defined in
				R.S.
				3:296 are applicable to this
				Chapter.
B. As used in this
				Chapter, the following terms and phrases shall have the meanings hereinafter
				ascribed to them.
Commissioner
-the commissioner of agriculture
				  and forestry.
D-CDBG
-Disaster Community Development Block
				  Grant.
Department
-the Louisiana Department of
				  Agriculture and Forestry.
Funding
-grants, loans, or a combination of
				  grants and loans.
Healthy Food Retailers
-for-profit or
				  not-for-profit retailers that sell high quality fresh fruits and vegetables at
				  competitive prices including but not limited to supermarkets, grocery stores,
				  and farmers' markets.
HFRP
-Healthy Food Retail Program.
LAFA
-Louisiana Agricultural Finance
				  Authority.
LMI
-low- or moderate- income.
OCD
-Office of Community Development.
Program
-a public-private partnership
				  established to provide a dedicated source of financing for food retailers that
				  increase access to fresh fruits and vegetables and other affordable healthy
				  food for Louisiana residents managed by the Louisiana Department of Agriculture
				  and Forestry.
Program Partner
-consists of LDAF, LAFA, and
				  any other contracted nonprofit organization or community development financial
				  institution that assists with administering the program.
Underserved Community
-a geographic area that
				  has limited access to healthy food retailers and is located in a lower-income
				  or high-poverty area, or an area that is otherwise determined to have serious
				  healthy food access limitations.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  3:296.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 9 - Healthy Foods Retail Program › Section III-903 - Available Funding

Current through Register Vol. 50, No. 6, June 20, 2024
A. The Healthy
				Food Retail Program may provide funding on a one-time basis for projects such
				as:
1. new construction of supermarkets and
				grocery stores;
2. store
				renovations, expansion, and infrastructure upgrades that improve the
				availability and quality of fresh produce;
3. farmers' markets and public markets, food
				cooperatives, mobile markets and delivery projects, and distribution projects
				that enable food retailers in underserved communities to regularly obtain fresh
				produce; or
4. other projects that
				create or improve healthy food retail outlets as determined by LAFA.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 9 - Healthy Foods Retail Program › Section III-905 - Application Process

Current through Register Vol. 50, No. 6, June 20, 2024
A. Applying to
				the Healthy Foods Retail Program is a two-step process. The applicant must:
1. complete an initial HFRP Eligibility
				Application. All applications will be submitted to the program partner;
				and
2. if deemed eligible, the
				applicant will receive confirmation from the program partner, along with an
				invitation to complete a business loan application from the program partner.
				Financing eligibility will be determined based criteria set forth by the
				program partner.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 9 - Healthy Foods Retail Program › Section III-907 - Eligibility of Applicant

Current through Register Vol. 50, No. 6, June 20, 2024
A. An applicant
				for a loan through the HFRP may have a for-profit or non-profit status,
				including but not limited to a sole proprietorship, partnership, limited
				liability company, corporation, cooperative, nonprofit organization or
				nonprofit community development entity. An applicant may also be a national
				chain, regional grocery chain, singular retail outlet or smaller neighborhood
				food store. All potential applicants must be in good standing with the
				Louisiana Secretary of State.
B. In
				order to be eligible to participate in the HFRP, the applicant must demonstrate
				all of the following:
1. the project for which
				the applicant seeks funding shall benefit an underserved community;
2. the applicant shall demonstrate a
				meaningful commitment to sell fresh fruits and vegetables; and
3. generally, the applicant shall accept Food
				Stamps (Supplemental Nutrition Assistance Program) and WIC (Special
				Supplemental Nutrition Program for Women, Infants, and Children) benefits.
a. If an applicant is unable to accept Food
				Stamps or WIC benefits, an alternative may be provided by LDAF to demonstrate a
				meaningful commitment to make healthy food affordable to low-income
				households.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 9 - Healthy Foods Retail Program › Section III-909 - Ineligibility of Applicants

Current through Register Vol. 50, No. 6, June 20, 2024
A. An
				applicant will be found ineligible to receive funding from the HFRP if:
1. applicant fails to demonstrate a
				commitment to offer fresh, healthy foods in the judgment of LDAF, LAFA, and
				program partners;
2. projects that
				are primarily restaurants, cafes, or bakeries;
3. large department stores that specialize in
				many different types of goods, of which groceries are only one
				department;
4. pharmacies with
				grocery sections;
5. businesses
				with alcohol or tobacco retail sales as the primary source of revenue;
				or
6. public entities.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 9 - Healthy Foods Retail Program › Section III-911 - Location of Applicant's Business

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The applicant's business site must be located in a community or location that
				meets Low- or Moderate Income (LMI) criteria. A project will be deemed to meet
				the LMI criteria if it is within a census tract or service area where at least
				51 percent of persons or households are considered low to moderate income, as
				determined by LDAF, LAFA, or program partners.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  3:296.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 9 - Healthy Foods Retail Program › Section III-913 - Borrower Reporting Requirements; Record Keeping; Nonperformance

Current through Register Vol. 50, No. 6, June 20, 2024
A. The program
				partners may enter into a loan agreement with all borrowers. Loan proceeds are
				subject to audit by the program partners, LAFA, LDAF, OCD, their auditors, the
				Louisiana Legislative Auditor, HUD, or federal auditors in the scope of any
				audits which any of them deem prudent to perform. Borrowers may be required for
				complying with all applicable D-CDBG regulations.
B. Borrowers may be required to submit
				CPA-audited fiscal year-end financial statements, annual federal tax returns
				for the borrower and all guarantors, quarterly CPA prepared financial
				statements and annual personal financial statements for all guarantors.
				Additional financial and/or compliance documentation may be required.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  3:296.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part III - Agricultural Finance › Chapter 9 - Healthy Foods Retail Program › Section III-915 - Program Reporting

Current through Register Vol. 50, No. 6, June 20, 2024
A. The program
				partners will annually monitor all recipients for program compliance. Program
				partners may also require quarterly financial, program, and impact reports from
				borrowers.
B. LAFA may require
				annual reports on the funded projects and outcome data. The program partners
				shall be required to submit quarterly progress and financial reports to
				LAFA.
C. LAFA and the program
				partners may require additional reporting.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  3:296.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part V - Advertising, Marketing and Processing › Chapter 1 - Market Commission-Loans and Loan Guarantees › Subchapter A - Procedures for Authorization and Administration of Market Commission Loans and Loan Guarantees › Section V-101 - Eligibility

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any person,
				  firm, corporation, partnership, or association engaged in the marketing,
				  processing, and/or storage of Louisiana farm products shall be eligible for a
				  State Market Commission loan or loan guaranty, upon proper application and
				  approval therefore, as set forth herein.
B. Farm products means any agronomic,
				  horticultural, silvacultural, or aquacultural crop, any commercially raised
				  livestock or raw product derived therefrom; or any final derivative resulting
				  from a combination or breakdown of raw farm products.
C. Costs associated with the purchase,
				  construction, or necessary improvement of any agricultural plant shall be
				  eligible for a State Market Commission loan.
D. The State Market Commission shall give
				  priority to persons, firms, corporations, partnerships, and associations which
				  utilize Louisiana agricultural products to the maximum extent
				  possible.
E. The State Market
				  Commission shall also give preference to those persons, firms, partnerships,
				  corporations, and associations which, at the time of the loan application,
				  provide, or expect to provide upon completion of a facility, new or expanded
				  job opportunities for the Louisiana work force.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 3:407 and
					 R.S.
					 3:404.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part V - Advertising, Marketing and Processing › Chapter 1 - Market Commission-Loans and Loan Guarantees › Subchapter A - Procedures for Authorization and Administration of Market Commission Loans and Loan Guarantees › Section V-103 - Time for Filing Applications

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Applications may be filed at any time throughout the year and may be personally
				  delivered to the State Market Commission Office in Baton Rouge or forwarded
				  through the United States Mail.
B.
				  An application will be considered filed only upon provision of all information
				  required in §105
C. A complete
				  application, consisting of all information required in
				  §105 must be physically on hand in the
				  State Market Commission office at least 20 working days prior to the State
				  Market Commission meeting at which the application will be considered by the
				  commission.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 3:404.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part V - Advertising, Marketing and Processing › Chapter 1 - Market Commission-Loans and Loan Guarantees › Subchapter A - Procedures for Authorization and Administration of Market Commission Loans and Loan Guarantees › Section V-105 - Contents of Application

Current through Register Vol. 50, No. 6, June 20, 2024
A. Every
				  applicant for a market commission loan, whether for a direct or participation
				  loan, or for a loan guaranty, shall submit the following information to the
				  State Market Commission:
1. names and
				  addresses of all principals;
2. a
				  statement of the nature and amount of the interest held by each
				  principal;
3. sworn statement of
				  the relationship, if any, of any of the principals with any state official
				  and/or with any employee of the State Department of Agriculture;
4. location and legal description of the
				  property to be offered as security;
5. evidence that title is or can be vested in
				  the name of the applicant;
6.
				  personal financial statements of every principal of the firm, corporation,
				  partnership, or association, prepared in accordance with generally accepted
				  accounting principles. In the case of corporations and cooperative
				  associations, every member of the board of directors, by whatever name known,
				  must provide personal financial statements;
7. credit analyses of the principals, to be
				  provided by an independent source, such as a bank or other lending
				  institution;
8. a property
				  appraisal, prepared in accordance with
				  §107 hereof, of all movable and immovable
				  property to be offered as security;
9. listing of all equipment and furnishings,
				  both movable and immovable by destination, with amortization tables as
				  appropriate, if equipment and furnishings will be offered as part of the
				  security;
10. evidence of
				  rejection, with written reasons therefor, from at least two private lending
				  institutions in the area or at least two public lending institutions other than
				  the State Market Commission;
11.
				  evidence of satisfactory interim financing;
12. a three-year projected cash flow
				  statement;
13. an evaluation of the
				  professional management capability of the individual(s) primarily responsible
				  for the operation of the facility, to be provided by an independent, reputable
				  source not involved in the firm, partnership, corporation, or
				  association;
14. an explanation of
				  how the marketing facility for which the loan is sought will benefit the
				  community in which the facility is to be located;
15. written authorization for the State
				  Market Commission to perform any credit check(s) which the commission may, in
				  its discretion, deem advisable.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part V - Advertising, Marketing and Processing › Chapter 1 - Market Commission-Loans and Loan Guarantees › Subchapter A - Procedures for Authorization and Administration of Market Commission Loans and Loan Guarantees › Section V-107 - Appraisal

Current through Register Vol. 50, No. 6, June 20, 2024
A. The State Market
				  Commission shall develop and maintain for public examination at any time a
				  listing of approved appraisers and a file of the credentials of such approved
				  appraisers.
B. In order to have his
				  or her name included on the State Market Commission Listing of Approved
				  Appraisers, an applicant shall submit the following information:
1. at least three written statements of his
				  or her competence as an appraiser from organizations such as banks or other
				  financial institutions, real estate boards or licensed real estate brokers,
				  mortgage loan institutions, and so forth;
2. a written statement of his or her areas of
				  expertise in appraising property;
3. a written statement of his or her years of
				  experience in appraising property;
4. evidence of inclusion on the approved
				  appraisers listing of any state or federally chartered banks, or such public
				  agencies as the Small Business Administration, the Farmers Home Administration,
				  the Production Credit Association, the Federal Housing Authority, or other
				  similar institutions;
5. a written
				  statement containing any additional information which the applicant thinks
				  would be beneficial to the market commission's determination of
				  qualifications.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part V - Advertising, Marketing and Processing › Chapter 1 - Market Commission-Loans and Loan Guarantees › Subchapter A - Procedures for Authorization and Administration of Market Commission Loans and Loan Guarantees › Section V-109 - Approval of Application for Market Commission Loan

Current through Register Vol. 50, No. 6, June 20, 2024
A. The applicant must provide all required
				  information at least 20 working days prior to the meeting at which the
				  application will be considered. The market commission shall not consider any
				  incomplete application.
B. The
				  applicant must appear in person at the meeting at which the application will be
				  considered, in order to provide any additional information which may be
				  required by the market commission.
C. Approval of the loan must not result in
				  encumbrance(s) on the property offered as security in excess of 75 percent of
				  the appraised value of the property.
D. The period for which the loan is requested
				  must not exceed five years, provided, however, that the State Market Commission
				  may, under conditions hereinafter set forth, extend the period of the loan for
				  an additional period not to exceed a total of 15 years from the date of the
				  original loan, as required under
				  R.S.
				  3:407(G).
E. Approval of a direct loan application
				  shall be limited to 75 percent of the value of the property offered as security
				  when covered by a first mortgage to the State Market Commission.
F. Approval of a direct loan application
				  shall be limited to 50 percent of the value of the property offered as security
				  when covered by a second mortgage to the State Market Commission.
G. Approval of a loan guaranty application
				  shall be limited to 75 percent of the total amount required by the
				  borrower.
H. Approval of a direct
				  loan or 75 percent of the amount expended for purchase, construction, or
				  necessary improvement to facilities that manufacture containers for farm
				  products must be secured by a first mortgage to the market commission if the
				  amount loaned is in excess of 50 percent of the value of the property offered
				  as security, but may be secured by a second mortgage to the market commission
				  if the amount loaned is 50 percent or less than the value of the property
				  offered as security, as provided in
				  R.S.
				  3:407(C)(3).
I. A market assessment and/or feasibility
				  study conducted or secured by the market commission staff must support the
				  advisability of the loan.
J. The
				  loan application must satisfy all legal requirements, as evidenced by the
				  written approval of the department attorney.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 3:407 and
					 R.S.
					 3:404.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part V - Advertising, Marketing and Processing › Chapter 1 - Market Commission-Loans and Loan Guarantees › Subchapter A - Procedures for Authorization and Administration of Market Commission Loans and Loan Guarantees › Section V-111 - Disbursement of Market Commission Loan Proceeds and Market Commission Concurrence in Loan Guarantees

Current through Register Vol. 50, No. 6, June 20, 2024
A. Prior to
				  the setting of a date for the loan closing, the applicant must submit
				  satisfactory proof that the facility, if new construction and/or additions to
				  the existing facilities, has been completed in accordance with the plans
				  submitted to the commission for its consideration of the loan
				  application.
B. Prior to the
				  setting of a date for the loan closing, the applicant must provide a copy of
				  the note and the mortgage to be executed at the closing for examination and
				  approval by the department attorney.
C. Prior to the setting of a date for the
				  loan closing, the applicant must provide a copy of a plat survey by a
				  registered surveyor, provided, however, that the department attorney is
				  authorized to waive, in writing, provision of the survey, at his
				  discretion.
D. Prior to the setting
				  of a date for the loan closing, the applicant must provide evidence of adequate
				  title insurance.
E. Prior to the
				  setting of a date for the loan closing, the applicant must carry and provide
				  evidence of the following insurance coverage:
1. public liability insurance of $500,000,
				  naming the market commission as additional insured. The applicant must also
				  provide a certificate evidencing such insurance, which certificate must provide
				  that the insurance cannot be cancelled without 30 days prior notice to the
				  State Market Commission;
2. fire
				  and extended coverage and vandalism insurance to the full extent of the amount
				  loaned or guaranteed by the market commission, naming the market commission as
				  loss payee, the total amount of the insurance to meet the 80 percent
				  co-insurance requirements. The applicant must also provide a certificate
				  evidencing such insurance, which certificate must provide that the insurance
				  cannot be cancelled without 30 days prior notice to the State Market
				  Commission.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part V - Advertising, Marketing and Processing › Chapter 1 - Market Commission-Loans and Loan Guarantees › Subchapter A - Procedures for Authorization and Administration of Market Commission Loans and Loan Guarantees › Section V-113 - Title Opinion

Current through Register Vol. 50, No. 6, June 20, 2024
A. The State
				  Market Commission shall develop and maintain for public examination at any time
				  a listing of attorneys whose title opinions will be acceptable to the market
				  commission.
B. In order to have his
				  or her name included on the State Market Commission Listing of Approved
				  Attorneys, an applicant shall submit the following information:
1. a resume of his or her experience in the
				  practice of real estate law;
2. a
				  list of three or more attorneys who are familiar with his or her practice in
				  real estate law who may be contacted for reference.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part V - Advertising, Marketing and Processing › Chapter 1 - Market Commission-Loans and Loan Guarantees › Subchapter A - Procedures for Authorization and Administration of Market Commission Loans and Loan Guarantees › Section V-115 - Termination of Approval for Loan

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Loan proceeds shall remain committed, after approval of the loan, for the
				  following periods, which shall begin to run from the date of the State Market
				  Commission approval for the loan:
1. for new
				  construction and/or expansion of existing facilities ranging from 0 to 50,000
				  square feet-450 days;
2. for new
				  construction and/or expansion of existing facilities ranging from 50,001 to
				  100,000 square feet-720 days;
3.
				  for new construction and/or expansion of existing facilities in excess of
				  100,001 square feet-860 days.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part V - Advertising, Marketing and Processing › Chapter 1 - Market Commission-Loans and Loan Guarantees › Subchapter A - Procedures for Authorization and Administration of Market Commission Loans and Loan Guarantees › Section V-117 - Interest on Market Commission Loans

Current through Register Vol. 50, No. 6, June 20, 2024
A. The State Market Commission shall, at its
				  first regularly scheduled meeting in each calendar year, establish its interest
				  rate for that calendar year.
B. The
				  interest rate established by the market commission shall be not less than the
				  average of the rates charged by the Small Business Administration, the Farmers
				  Home Administration, and the Bank of Cooperatives, as required under the
				  provisions of
				  R.S.
				  3:407(H).
C. The interest rate in effect at the time of
				  the loan approval shall govern the interest to be paid on the loan.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 3:407 and
					 R.S.
					 3:404.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part V - Advertising, Marketing and Processing › Chapter 1 - Market Commission-Loans and Loan Guarantees › Subchapter A - Procedures for Authorization and Administration of Market Commission Loans and Loan Guarantees › Section V-119 - Requirements Subsequent to Disbursement of Loan Proceeds

Current through Register Vol. 50, No. 6, June 20, 2024
A. Each year, on the anniversary of the
				  disbursement of loan proceeds, each loan recipient, whether a direct or
				  participation loan or a loan guaranty, shall provide the following:
1. a listing of all stockholders, with the
				  number of shares held by each, at any time during the previous year;
2. a statement of its operations, including
				  an analysis of profits and losses;
3. a statement of financial condition,
				  including but not limited to a balance sheet for the most recently completed
				  fiscal year of the firm, partnership, corporation, or association;
4. a personal financial statement of all
				  principals, including all members of the boards of directors of corporations
				  and cooperatives, who have endorsed in solido on the note or are liable for
				  repayment of the loan.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part V - Advertising, Marketing and Processing › Chapter 1 - Market Commission-Loans and Loan Guarantees › Subchapter A - Procedures for Authorization and Administration of Market Commission Loans and Loan Guarantees › Section V-121 - Balloon Notes and Rescheduling of Payments

Current through Register Vol. 50, No. 6, June 20, 2024
A. The market commission shall not approve a
				  final balloon note payment in excess of 75 percent of the total amount of the
				  original loan.
B. If the State
				  Market Commission votes in open session to approve rescheduling of a balloon
				  note, such re-scheduled payments shall be financed at the interest rate
				  prevailing at the time of renewal.
C. No payment schedule shall be extended to
				  more than a total of 15 years from date of the final loan disbursement to date
				  of the final payment under the loan.
D. Any balloon note shall be personally
				  endorsed by the individual, by all partners if the note is for a partnership,
				  and/or by all members of the board of directors if the note is for a
				  cooperative association or a corporation.
E. Any request for a renewal of a balloon
				  payment shall be accompanied by:
1. a
				  statement of current financial condition, including profit and loss statement
				  and balance sheet for the most recent full 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.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part V - Advertising, Marketing and Processing › Chapter 1 - Market Commission-Loans and Loan Guarantees › Subchapter A - Procedures for Authorization and Administration of Market Commission Loans and Loan Guarantees › Section V-123 - Delinquency and Foreclosure

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any
				  unpaid principal and/or interest shall be considered delinquent on the tenth
				  day following the due date.
B.
				  After the tenth day following the due date, a $15 delinquency fee shall be
				  levied. Interest at the same rate as applied to the loan shall be charged on
				  any unpaid delinquency fee from the date of the assessment until paid. No loan
				  shall be closed out if there are any outstanding unpaid delinquency fees. All
				  moneys collected as delinquency fees shall be deposited into the market
				  commission revolving fund.
C.
				  Routine written notification of delinquency shall be sent to the borrower on
				  the thirtieth day following the due date.
D. In the absence of response to the 30-day
				  notification, the market commission staff shall send a specific written
				  notification concerning the delinquency on the sixtieth day following the due
				  date, which notification shall be sent by certified mail, return receipt
				  requested.
E. In the absence of
				  response to the 60-day notification, the delinquency shall be reported to the
				  market commission at the next regularly scheduled commission meeting, and the
				  market commission shall officially place the borrower on the list of delinquent
				  loans.
F. Subsequent to
				  notification to the market commission, the staff, unless otherwise directed by
				  the commission, shall forward a demand letter, again by certified mail with
				  return receipt requested, informing the borrower that the remaining balance is
				  advanced, together with all interest accrued, and the full sum of the
				  obligation is due and payable to the market commission.
G. In the absence of satisfactory
				  arrangements for repayment of the delinquency thereafter, the market commission
				  shall initiate foreclosure proceedings on the ninetieth day following the due
				  date of the unpaid principal and interest.
H. The market commission shall secure a
				  judgement and foreclosure on the collateral securing the loan and, if deemed in
				  the best interest of the market commission, the assets of all personal
				  endorsers.
I. The market commission
				  staff shall select an appraiser from the State Market Commission Listing of
				  Approved Appraisers to do any appraisal necessary for foreclosure.
AUTHORITY NOTE:
					 Promulgated in accordance with R.S. 3:413 and
					 R.S.
					 3:404.
Louisiana Administrative Code › Title 7 - AGRICULTURE AND ANIMALS › Part V - Advertising, Marketing and Processing › Chapter 1 - Market Commission-Loans and Loan Guarantees › Subchapter A - Procedures for Authorization and Administration of Market Commission Loans and Loan Guarantees › Section V-125 - Prohibitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. The market
				  commission shall not approve any loan or loan guaranty for any applicant who
				  fails to submit all required information.
B. The market commission shall not approve
				  any loan or loan guaranty for any person, firm, corporation, partnership, or
				  association which is not domiciled in Louisiana.
C. The market commission shall not approve
				  any loan or loan guaranty if the amount so loaned shall result in the property
				  offered as security thereunder having an indebtedness in excess of 75 percent
				  of the appraised value of such property.
D. The market commission shall not approve
				  any loan or loan guaranty for any person, firm, corporation, partnership, or
				  association with any pending or outstanding charge or liability relating to
				  failure or inability to pay promissory notes or other evidence of
				  indebtedness.
E. The market
				  commission shall not approve any loan or loan guaranty for any person, firm,
				  partnership, corporation, or association, which has presently pending, at the
				  federal, state, or local level, any proceeding concerning the denial or
				  revocation of a necessary license or permit.
F. The market commission shall not approve
				  any loan or loan guaranty when the security offered for the loan consists of
				  livestock and/or commodities.
G.
				  The market commission shall not approve any loan or loan guaranty the proceeds
				  of which are to be, or may be, used for the consolidation of existing, previous
				  financial obligations.
H. The
				  market commission shall not approve any loan or combination of loans to a
				  single person, firm, partnership, corporation or association which is in excess
				  of 10 percent of the commission's total assets (net of loan
				  guarantees).
I. The market
				  commission shall not approve any loan or loan guaranty for any facility
				  constructed or to be constructed on leased land except as follows.
1. The lease is for a term extending five
				  years beyond the period of the loan.
2. The market commission receives an
				  assignment on the lease and the right of re-assignment.
3. If the loan repayment schedule includes a
				  balloon note, the market commission, at its discretion, may require a lease
				  running for 20 years from the date of the approval of the loan.
4. A waiver of landlord's lien and privilege
				  on movables must be provided.
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-303 - Eligibility of Applicant

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any person
				  engaged or to be engaged in the processing of agricultural products shall be
				  eligible for a market commission loan or loan guaranty upon proper application
				  and approval, as set forth herein, under the Agricultural Products Processing
				  Development Program.
B. The market
				  commission shall give priority to those persons who utilize Louisiana
				  agricultural products to the maximum extent possible.
C. The market commission shall only
				  participate in cooperative endeavors which involve the creation of a
				  significant number of new jobs in relation to the amount of participation by
				  the commission.
AUTHORITY NOTE:
					 Promulgated in accordance with R.S. 3:450.3 and R.S.
					 3:450.5.
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-307 - Time for Filing Applications

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Applications may be filed at any time throughout the year and may be personally
				  delivered to the Market Commission Office in Baton Rouge or forwarded through
				  the United States mail.
B. An
				  application will be considered filed only upon provision of all information
				  required in
				  §309 A, B and C.
C. A complete application, consisting of all
				  information required in
				  §309 A, B and C, must be physically on hand
				  in the market commission office at least 20 working days prior to the
				  commission meeting at which the application will be considered by the
				  commission.
AUTHORITY NOTE:
					 Promulgated in accordance with R.S. 3:450.3 and R.S.
					 3:450.5.
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-309 - Contents of Application

Current through Register Vol. 50, No. 6, June 20, 2024
A. Every
				  applicant for a market commission loan or for a loan guaranty shall submit the
				  following information to the commission:
1.
				  name and address of applicant including all principals by name and
				  address;
2. a statement of the
				  nature and amount of the interest held by each principal;
3. sworn statement of the relationship, if
				  any, of any of the principals with any state official and/or with any employee
				  of the Department of Agriculture and Forestry;
4. location and legal description of all
				  property to be offered as security;
5. evidence that good title is or can be
				  vested in the name of the applicant;
6. personal financial statements of every
				  principal of the firm, corporation, partnership or association, prepared in
				  accordance with generally accepted accounting principles. In the case of
				  corporations and cooperative associations, every member of the board of
				  directors, by whatever name known, must provide personal financial
				  statements;
7. credit analyses of
				  the principals, to be provided by an independent source, such as a bank or
				  other lending institution;
8. a
				  property appraisal by a market commission approved appraiser of all property to
				  be offered as security;
9. listing
				  of all equipment and furnishings, both movable and immovable by destination,
				  with amortization tables as appropriate, if equipment and furnishings will be
				  offered as part of the security;
10. evidence of satisfactory interim
				  financing, where applicable;
11. a
				  three-year projected cash flow statement;
12. an evaluation of the professional
				  management capability of the individual(s) primarily responsible for the
				  operation of the processing business to be provided by an independent,
				  reputable source not involved in the firm, partnership, corporation or
				  association;
13. an explanation of
				  how the processing business for which the loan or loan guaranty is sought will
				  benefit the community in which the business is located or is to be located
				  including projection of new jobs created by the loan or loan guaranty, if
				  granted;
14. written authorization
				  for the market commission to perform any credit check(s) which the commission
				  may, in its discretion, deem advisable.
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-313 - Disbursement of Market Commission Loan Proceeds and Commission Concurrence in Loan Guaranties

Current through Register Vol. 50, No. 6, June 20, 2024
A. Prior to
				  the setting of a date for the loan closing, the applicant must submit the
				  following:
1. satisfactory proof that the
				  agricultural plant, if new construction, improvement to or expansion of an
				  existing plant has been completed in accordance with the plans submitted to the
				  market commission for its consideration of the loan or loan guarantee
				  application;
2. a copy of the note
				  and the mortgages and/or other security instruments to be executed at the
				  closing for examination and approval by the department's attorney;
3. a copy of a plat survey by a registered
				  surveyor;
4. evidence of adequate
				  title insurance;
5. carry and
				  provide evidence of the following insurance coverage:
a. public liability insurance of $500,000,
				  naming the market commission as additional insured. The applicant must also
				  provide a certificate evidencing such insurance, which certificate must provide
				  that the insurance cannot be canceled without 30 days prior notice to the
				  market commission;
b. fire and
				  extended coverage and vandalism insurance to the full extent of the amount
				  loaned or guaranteed by the market commission, naming the commission as a loss
				  payee, the total amount of the insurance to meet the 80 percent co-insurance
				  requirements. The applicant must also provide a certificate evidencing such
				  insurance, which certificate must provide that the insurance cannot be canceled
				  without 30 days prior notice to the commission.
6. Satisfactory proof that all laborers and
				  material men have been fully paid.
7. All legal instruments must be examined and
				  approved by the department's attorney.
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. 6, June 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.
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-317 - Requirements Subsequent to Disbursement of Loan Proceeds

Current through Register Vol. 50, No. 6, June 20, 2024
A. Each year, on the anniversary of the
				  disbursement of loan proceeds, each recipient of a loan or a loan guaranty
				  shall provide the following:
1. a listing of
				  all stockholders, with the number of shares held by each, at any time during
				  the previous year;
2. a current
				  statement of its operations, including an analysis of profits and
				  losses;
3. a statement of financial
				  condition, including but not limited to a balance sheet and profit and loss
				  statement for the most recently completed fiscal year;
4. a current personal financial statement of
				  all principals who have endorsed the note or are liable for repayment of the
				  loan or any part thereof.
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

Current through Register Vol. 50, No. 6, June 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.
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-321 - Cooperative Endeavor Agreements

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  The market commission may enter into cooperative endeavor agreements.
B. All cooperative endeavor agreements shall
				  be written and shall be approved by the market commission.
C. Cooperative endeavor agreements shall not
				  exceed a term of five years, but may be renewed for any additional term by the
				  market commission.
D. Cooperative
				  endeavors may be entered into with persons who have received or are negotiating
				  for loans or loan guarantees from the market commission.
E. The market commission shall not enter into
				  any cooperative endeavor unless it involves the creation of a significant
				  number of new jobs in relation to the amount of participation by the
				  commission.
AUTHORITY NOTE:
					 Promulgated in accordance with R.S. 3:450.1 and R.S.
					 3:450.3.
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-323 - Delinquency and Foreclosure on Market Commission Loans

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any unpaid principal and/or interest shall
				  be considered delinquent on the tenth day following the due date.
B. Routine written notification of
				  delinquency shall be sent to the borrower on the thirtieth day following the
				  due date.
C. In the absence of
				  response to the 30-day notification, the market commission staff shall send a
				  specific written notification concerning the delinquency on the sixtieth day
				  following the due date, which notification shall be sent by certified mail,
				  return receipt requested.
D. In the
				  absence of response to the 60-day notification, the delinquency shall be
				  reported to the market commission.
E. Subsequent to notification to the market
				  commission, the staff, unless otherwise directed by the commission, shall
				  forward a demand letter, again by certified mail with return receipt requested,
				  informing the borrower that the remaining balance is accelerated, together with
				  all interest accrued, and the full sum of the obligation is due and payable to
				  the commission.
F. In the absence
				  of satisfactory arrangements for repayment of the delinquency thereafter, the
				  market commission shall initiate foreclosure proceedings no sooner than the
				  ninetieth day following the due date of the unpaid principal and
				  interest.
G. The market commission
				  shall secure a judgment and foreclose on the collateral securing the loan and,
				  if deemed in the best interest of the commission, secure deficiency judgments
				  against all personal endorsers or other persons liable on the loan in whole or
				  part.
H. The market commission
				  staff shall select an appraiser to do any appraisal necessary for
				  foreclosure.
AUTHORITY NOTE:
					 Promulgated in accordance with R.S.
					 3:450.3.