La. Admin. Code tit. 7 § V-1511
Current through Register Vol. 50, No. 11, November 20, 2024
Section V-1511 - Approval or Denial of Loan Applications and Notification of Commission ActionA. An application for a farm youth loan or loan guarantee shall be submitted for market commission consideration at the first commission meeting occurring at least 10 working days following submission of the completed application.B. The commission shall approve/deny such application in accordance with the criteria set forth in applicant eligibility requirements, time and manner of filing applications, contents of application, and conditions for approval of applications for loans and loan guarantees.C. Upon approval of an application for a direct loan, the commission shall immediately notify the applicant by letter of the approval along with procedures for disbursement of funds to the applicant.D. Upon approval of an application for a guaranteed loan, the commission shall immediately notify the lender and applicant by letter of the approval along with procedures for execution of the loan guarantee agreement.E. Upon denial of an application for a direct loan or loan guarantee the commission shall immediately notify the applicant, and lender if applicable, by letter stating the reason(s) for such disapproval by the commission.La. Admin. Code tit. 7, § V-1511
Promulgated by the Department of Agriculture, Market Commission, LR 8:270 (June 1982).AUTHORITY NOTE: Promulgated in accordance with R.S. 3:547, R.S. 3:549 and R.S. 3:543.