2006 Louisiana Laws - RS 3:547 — Procedure

§547.  Procedure

A.  Any individual desiring a loan for the purpose of raising, growing, and selling of livestock, poultry, eggs, or agronomic, horticultural, silvicultural, or aquacultural crops which, in the judgment of the commission, will provide for more of these products to be marketed in this state, may make application with the commission for a farm youth loan.

B.  Upon completion of the appropriate forms provided by the department, the applicant may forward the application to the commission for approval.  The commission shall examine the ability of the applicant to repay the loan, may approve the application if the criteria of R.S. 3:546, R.S. 3:548, and this Section are satisfied, and shall notify the applicant of its decision.

C.  If the application described in this Section is denied, the commission shall return the application to the applicant with a written statement of the reasons for the denial.  If the circumstances of the applicant relating to the reasons for the denial change, he may reapply.

D.  The commission shall send written notice within thirty days to any borrower after any default on any payment of principal or interest, or both, and shall request an explanation or reason for delinquency of payment.

E.  Within sixty days of default of any payment on any loan, the commission shall enter into such compromise agreements as it deems necessary to recover the investment of the commission under the loan, if the borrower has not made prior arrangements with the commission to fulfill his loan obligation.

Acts 1981, No. 158, §1.