La. Admin. Code tit. 7 § V-117

Current through Register Vol. 50, No. 11, November 20, 2024

Section V-117 - Interest on Market Commission Loans

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.

La. Admin. Code tit. 7, § V-117

Promulgated by the Department of Agriculture, Market Commission, LR 6:256 (June 1980).

AUTHORITY NOTE: Promulgated in accordance with R.S. 3:407 and R.S. 3:404.