2006 Louisiana Laws - RS 3:544 — Authorization and duties of state market commission

§544.  Authorization and duties of State Market Commission

A.  The commission is hereby vested with the authority to grant farm youth loans in accordance with this Part.

B.  The duties of the commission under this Part shall be as follows:

(1)  To review and appraise the farm youth loan program.

(2)  To give advice and counsel to the commissioner regarding the farm youth loan program.

(3)  To review all applications for farm youth loans and to approve or reject the applications.

(4)  To take such steps as are deemed necessary or as are required by this Part and the regulations applicable thereto to protect the state's interest in any property mortgaged to secure loans made under the provisions of this Part.

(5)  To make recommendations to the commissioner and the Senate and House Committees on Agriculture, Forestry, Aquaculture and Rural Development on or before March first of each year regarding any needed statutory changes to foster and promote the economic health and viability of the farm youth loan program.

C.  The commission may enter into contracts with minors, and minors may enter into contracts with the commission for the purpose of making loans authorized by this Part.

D.  The assistant commissioner of the office of marketing shall be the executive director of the farm youth loan program.  The department shall provide staff to carry out the policies adopted by the commission in accordance with this Part.

Acts 1981, No. 158, §1; Acts 2003, No. 116, §1, eff. May 28, 2003.