La. Admin. Code tit. 7 § V-119

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

Section V-119 - Requirements Subsequent to Disbursement of Loan Proceeds

A. Each year, on the anniversary of the disbursement of loan proceeds, each loan recipient, whether a direct or participation loan or a loan guaranty, shall provide the following:

1. a listing of all stockholders, with the number of shares held by each, at any time during the previous year;

2. a statement of its operations, including an analysis of profits and losses;

3. a statement of financial condition, including but not limited to a balance sheet for the most recently completed fiscal year of the firm, partnership, corporation, or association;

4. a personal financial statement of all principals, including all members of the boards of directors of corporations and cooperatives, who have endorsed in solido on the note or are liable for repayment of the loan.

B. Each recipient of a loan guaranty shall authorize the bank or other lending institution holding the loan record to file quarterly statements with the market commission showing the principal balance remaining outstanding and any defaults in payment.

La. Admin. Code tit. 7, § V-119

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

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