LAC 7:V.317 – Requirements Subsequent to Disbursement of Loan Proceeds

A. Each year, on the anniversary of the disbursement of loan proceeds, each recipient of a loan or a loan guaranty shall provide the following:
1. 1. a listing of all stockholders, with the number of shares held by each, at any time during the previous year;
2. 2. a current statement of its operations, including an analysis of profits and losses;
3. 3. a statement of financial condition, including but not limited to a balance sheet and profit and loss statement for the most recently completed fiscal year;
4. 4. a current personal financial statement of all principals who have endorsed the note or are liable for repayment of the loan or any part thereof.
B. Each recipient of a loan guaranty shall authorize the lender holding the loan record to file quarterly statements with the market commission showing the principal balance remaining outstanding and any defaults in payment.

AUTHORITY NOTE: Promulgated in accordance with R.S. 3:450.3.

HISTORICAL NOTE: Promulgated by the Department of Agriculture and Forestry, Market Commission, LR 13:81 (February 1987).