1. A. The State Market Commission shall, at its first regularly scheduled meeting in each calendar year, establish its interest rate for that calendar year.
2. B. The interest rate established by the market commission shall be not less than the average of the rates charged by the Small Business Administration, the Farmers Home Administration, and the Bank of Cooperatives, as required under the provisions of R.S. 3:407(H).
3. C. The interest rate in effect at the time of the loan approval shall govern the interest to be paid on the loan.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 3:407 and R.S. 3:404.

Historical Note

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