La. Admin. Code tit. 7 § V-1503

Current through Register Vol. 50, No. 9, September 20, 2024

Section V-1503 - Applicant Eligibility Requirements

A. The applicant must be a resident of Louisiana and between 10 and 20 years of age, i.e., already having had a tenth birthday but not yet having a twentieth birthday.

B. The applicant must be a member in good standing of any 4-H Club, Future Farmers of America, Future Homemakers of America organization, or any other farm youth organization functioning within the state school system.

C. The applicant must present a signed statement from the recommending supervisor of the project and/or the school principal, that the applicant's scholastic work is satisfactory.

D. The applicant must present a signed statement by the recommending supervisor of the project that in his opinion the applicant has a need for the loan.

E. The applicant must present a signed statement by the recommending supervisor that he is a member in good standing of a farm youth organization recognized by the commission and that:

1. the project for which the loan will be used will be closely supervised by the recommending supervisor;

2. the applicant is eligible for the loan; and

3. the loan is recommended.

F. The applicant must present a signed statement by his parents or guardian that they approve of his participation in the Farm Youth Loan Program and will fully cooperate with the supervisor of the project and the market commission.

G. The applicant must clearly demonstrate to the commission that the project for which the loan will be used will generate adequate funds to pay back the loan according to the terms of the loan.

H. The applicant must establish a checking or savings account at a bank of his choice for the purpose of receiving and disbursing loan funds to be used for the purposes of the loan.

I. The checking or savings account must require joint signatures of the applicant and project supervisor or parent/guardian for the withdrawal of funds to be used to pay expenses incurred by the project.

La. Admin. Code tit. 7, § V-1503

Promulgated by the Department of Agriculture, Market Commission, LR 8:270 (June 1982).

AUTHORITY NOTE: Promulgated in accordance with R.S. 3:545, R.S. 3:546 and R.S. 3:543.