2011 Louisiana Laws
Revised Statutes
TITLE 56 — Wildlife and fisheries
RS 56:578.6 — Loans; limitations
§578.6. Loans; limitations
A. The board shall not enter into any loan or guarantee or participate in any loan as authorized by the provisions of this Subpart unless the board first determines that:
(1) The applicant has been refused a loan by two banks or other financial institutions normally making loans of this nature in the general course of its business in the community in which the applicant is doing business, which refusal shall be evidenced in writing, setting forth the reasons for refusal.
(2) The applicant has exhausted all other resources from private or other governmental agencies which, at the discretion of the board, would be applicable.
(3) The applicant has the necessary licenses and permits to engage in the business for which the loans or guarantees are being obtained and there is not pending any proceeding to deny or revoke such license or permit; and
(4) There are no outstanding circumstances of which the board is aware that would indicate an inability on the part of the applicant to fulfill the financial obligations incurred as a result of the loan or guarantee.
Added by Acts 1981, No. 890, §1.
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