1. A. The market commission may approve a note providing for a final balloon payment, but shall not approve a final balloon payment in excess of 75 percent of the total amount of the original loan.
2. B. If the market commission votes in open session to approve rescheduling of a balloon payment, such re-scheduled payments shall be financed at an interest rate determined by the commission at the time of renewal in accordance with §315.A-C.
3. C. No payment schedule shall be extended to more than a total of 20 years from date of the final loan disbursement to date of the final payment under the loan.

4. D. Any request for a renewal of a balloon note shall be accompanied by:

   1. 1. a statement of current financial condition, including balance sheet and profit and loss statement for the most recent fiscal year of operation, prepared in accordance with generally accepted accounting principles;
   2. 2. names and addresses of all stockholders and the number of shares held by each;
   3. 3. detailed explanation of the reason for the requested renewal.

Authority Note

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

Historical Note

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