2006 Louisiana Laws - RS 3:548 — Terms of the loan

§548.  Terms of the loan

A.  A farm youth loan shall be transacted on forms furnished by the department and approved by the commission with the advice of the attorney general.

B.  No farm youth loan shall be approved for more than three thousand dollars, nor shall any farm youth loan have a repayment period that exceeds five years.

C.  The commission shall obtain a chattel mortgage or other security device as it deems necessary to secure the repayment of the loan.

D.  No loan for the purchase of livestock shall be approved under this Part until issuance of a certificate, to be furnished by the department, from a licensed veterinarian certifying that the livestock to be purchased is sound, healthy, and free from all disease.

E.  The interest rate on any loan approved under the provisions of Sections 541 through 548 of this Part shall not exceed the interest rate charged by the Farmer's Home Administration on youth project loans.

Acts 1981, No. 158, §1.