La. Admin. Code tit. 7 § V-717
Current through Register Vol. 50, No. 11, November 20, 2024
Section V-717 - ProhibitionsA. No linked deposit loan shall be approved if the farmer's headquarters are not located in Louisiana.B. No linked deposit loan shall be approved if the farmer's principal officers and operating facilities are not in Louisiana.C. No linked deposit loan shall be approved if the farmer employs over 10 full-time employees.D. No linked deposit loan shall be approved if the farmer employs less than 80 percent Louisiana residents.E. No linked deposit loan shall be approved if the agricultural products processing business is not operated for profit.F. No linked deposit shall be approved if gross income from the agricultural operation is less than 50 percent of the farmer's income.G. No linked deposit loan shall be approved if the farmer has a negative net worth.H. No linked deposit loan shall be approved if the agricultural products processing business benefits directly any officer or director of the lending institution making the loan.I. No linked deposit loan shall be approved if it involves loan fees by the lending institution other than would be normally charged on this type of application.J. No linked deposit shall be approved if it requires liability, other than the 3 percent interest, by the state, the commissioner or the treasurer.La. Admin. Code tit. 7, § V-717
Promulgated by the Department of Agriculture and Forestry, Office of Marketing, Market Commission, LR 19:1308 (October 1993).AUTHORITY NOTE: Promulgated in accordance with R.S. 49:327.1.