La. Admin. Code tit. 7 § V-115

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

Section V-115 - Termination of Approval for Loan

A. Loan proceeds shall remain committed, after approval of the loan, for the following periods, which shall begin to run from the date of the State Market Commission approval for the loan:

1. for new construction and/or expansion of existing facilities ranging from 0 to 50,000 square feet-450 days;

2. for new construction and/or expansion of existing facilities ranging from 50,001 to 100,000 square feet-720 days;

3. for new construction and/or expansion of existing facilities in excess of 100,001 square feet-860 days.

B. At the expiration of the period of commitment as indicated in §115 A, and in the absence of evidence of completion of all work, approval for the loan shall be terminated by the market commission, provided, however, that approval may be extended on a month-to-month basis by the market commission upon submission of reasons acceptable to the commission for the delay in completion. In the event that the market commission extends the period of time for finalization of the loan beyond the period indicated in §115 A, the market commission shall do so only in open session with adequate explanation for its actions.

C. If approval for any loan is terminated as provided in §115 B, the applicant shall be required to provide a complete current loan application in order to be again considered for approval.

La. Admin. Code tit. 7, § V-115

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.