Louisiana Administrative Code

A. Eligibility Requirements 1. The lender must be an entity listed in §101 and must be experienced in originating and servicing agricultural loans. 2. The lender must be qualified and in good standing under all state and federal laws applicable to lenders. 3. Within the past thre…

A. The maximum amount of time that a firm may be granted certification by the SEBD Program is unlimited until the firm graduates, by growing to exceed the eligibility requirements for certification, as provided in §107, or is terminated from the program by LED. B. Retention of th…

A. Time Limit Set on Speaking before the Board 1. Petitions to the board by an applicant and/or representatives of same shall, as a group, be limited to at total of 10 minutes to put forward their plea. 2. Opponents to a given application shall, as a group, have a total of 10 min…

A. Mandatory Reporting. By letter, or on forms which may be identified or prescribed by the SEBD Program, certified businesses shall continue to report every five years and at times specified by the SEBD Program their financial position and attainment of the business' performance…

A. Each borrower must be eligible to receive a loan with proceeds of LAFA bonds. See in particular definitions of principal user and related person contained in §101 hereof in order to make a determination as to each borrower's eligibility. B. Each borrower must be approved by th…

A. Any person found guilty of the crime of deception relating to certification of an SEB as provided in R.S. 51:944 will be discharged from the program and will not be eligible to reapply under the business name involved in the deception or any business with which such individual…

A. The terms and conditions of each loan, except as required under this rule, shall be determined by the lender and the borrower, but are subject to LAFA approval prior to acceptance of the offer. B. Each loan must be secured by a promissory note (the loan note) in the full princ…

A. Seed Dealer's License. The annual fee for a seed dealer’s license shall be $150. The seed dealer’s license shall be renewed annually, and is based on the fiscal year July 1 through June 30. B. Laboratory and Sampling Fees. The following laboratory and sampling fees shall be ap…

A. Application Fee 1. Each borrower must pay an application fee to cover LAFA's cost of processing the loan application. The application fee is non-refundable. 2. The application fee shall be paid by the borrower to the lender and transmitted to LAFA by the lender when the offer …

A. Loan applicants (i.e., borrowers) will initially apply for a loan to a participating lender and must be approved by the lender. Borrowers must meet all eligibility criteria established by these regulations and by individual lenders for conventional agricultural loans. B. After…

A. A regulatory fee of $0.30 for each 100 pounds of agricultural and vegetable seed sold, within this state shall be paid to the commission. The regulatory fee shall be due at the first point of sale in this state. However, the payment of a regulatory fee is not required upon the…

A. LAFA may terminate a loan purchase agreement with any lender in any of the following circumstances: 1. lenders failure to pay loan note repayments over to the trustee if such failure continues for a period of five days; 2. lenders failure to observe or perform in any material …

A. All fees shall be paid before the requested work is performed, as follows. 1. All application fees and fees for inspections, re-inspections, sampling and re-sampling shall be paid at the time the application or request for work is submitted to LDAF, except for those crop kinds…

A. The following definitions shall apply to §§127-137, which are sections pertaining to the Louisiana Agricultural Finance Authority Securitized Agricultural Revenue Bond Program. Act―the Louisiana Agricultural Finance Act, Chapter 3-B of Title 3 of the Louisiana Revised Statutes…

A. Under the Act, the issuer is authorized to issue revenue bonds to alleviate the serious shortage of capital and credit available for investment in agriculture, for domestic and export purposes, at interest rates within the financial means of persons engaged in agricultural pro…

A. Every person whose name appears on the label of seed, except persons exempt pursuant to the authority of R.S. 3:1445, and who sells, transports, distributes, or offers or handles for sale agricultural, or vegetable, shall have a complete analysis test performed on the seed by …

A. The issuer shall only purchase agricultural loans made by lenders or enter into repurchase obligations with certain national banks who will in turn make agricultural loans to borrowers. B. Acquisition of Eligible Loans 1. Moneys in the loan fund shall be used only for the acqu…

A. The following financial institutions shall qualify as credit providers and shall meet the following conditions. 1. A savings and loan association insured by FSLIC may act as credit provider and shall deliver a letter of credit and in the event such savings and loan association…

A. The analysis tag shall carry the information required by the Louisiana Seed Law, R.S. 3:1431 et seq. using the example below as a labeling guideline. Kind and Variety Origin________Net Wt. ______Lot No. ________ Pure Seed _______Percent Germination_________Percent ________ Ine…

A. Initiation of Eligible Loan Purchase. A lender may submit to the issuer, the trustee and the co-trustee a proposal to sell agricultural loans in substantially the form attached as Exhibit B hereto. Such form shall include a description of the rates, fees and terms of the loans…

A. Each person selling, distributing, or offering or handling for sale agricultural or vegetable seed shall keep for a period of three years complete records of each container or lot of seed sold, distributed, or offered or handled for sale by that person. Complete records shall,…

A. The manner of sampling and handling seed in the field and analyzing and testing seed in the laboratory, greenhouse and trial plots shall be the same as that recommended in the latest rules for testing seed adopted by the Association of Official Seed Analysts.

A. The Program Guidelines, Exhibit B of the indenture, may not be amended by the issuer, trustee, or co-trustee at any time.

Exhibit A TRUST INDENTURE Editor's Note: This exhibit may be obtained in its entirety from the Department of Agriculture and Forestry, Agricultural Finance Authority, 5825 Florida Boulevard, Baton Rouge, LA 70806. Exhibit B FORM OF PROPOSAL TO SELL AGRICULTURAL LOANS LOUISIANA AG…

A. For any and all programs and regulations that Louisiana Agricultural Finance Authority (LAFA) has implemented or will implement, LAFA hereby deems the term "national bank" to include banks of foreign nations which are national in scope of operations in their domicile nation.

A. Except as otherwise provided in this Section, the tolerances published in the latest rules and regulations for testing seed by the Association of Official Seed Analysts shall be applicable in the administration of the Louisiana Seed Law. B. Germination Tolerances. The followin…

A. Wherever regulations adopted or to be adopted by Louisiana Agricultural Finance Authority (LAFA) establish a maximum dollar amount of a transaction or loan that LAFA may purchase or sell or contract to purchase or sell but do not expressly place a restriction on the number of …

A. Germination standards for vegetable seed shall be the same as those published under USDA Agricultural Marketing Service Federal Seed Act Regulations Part 201. Minimum germination, which shall also include hard seed, of vegetable or garden seed shall be as follows. Seed Kind Pe…

A. It shall be a violation of this regulation for anyone to remove any type of official animal identification from any animal. It will be a separate violation for each animal that has had its official or permanent individual animal identification removed.

A. All veterinarians practicing veterinary medicine in this state shall report any of the diseases listed in this Section to the state veterinarian within 24 hours after making a diagnosis or tentative diagnosis of any such disease. The report may be made by telephone, fax, or el…

A. No person, firm, association or corporation shall manufacture, sell or distribute any animal vaccine within the state of Louisiana unless such person, firm, association or corporation can prove to the board that he is currently the holder of a valid federal license to manufact…

A. Report of Tuberculin Tests. A report of all tuberculin tests, including the individual identification of each animal by ear tag number or tattoo, age, sex and breed, and a record of the size of the responses, shall be submitted in accordance with the requirements of the cooper…

A. The operation must not constitute a health hazard to livestock on surrounding premises, or create a public nuisance. B. The operator must agree to abide by the provisions of this regulation and all other regulations of the board and United States Department of Agriculture gove…

A. Indemnities may be paid by either the state or federal government. When indemnities are paid by the state of Louisiana, the amount of the payments shall be set by motion of the board and information concerning the level of indemnification shall be made available to all produce…

A. All rules and regulations which were previously adopted by the Livestock Sanitary Board are hereby repealed in their entirety.

A. The members of the board shall elect a chairman, vice-chairman and a secretary-treasurer from the membership of the board, who shall serve for terms of one year, but may be elected for an indefinite number of terms. After the initial election the officers shall be elected at t…

A. The regulations contained in this rule shall govern every registration of securities under the Act, except that any provision in a form covering the same subject matter as any such rules shall be controlling unless otherwise specifically provided herein.

A. Unless the context otherwise requires, all terms used in this regulation or in the form for registration have the same meanings as in the act and in the general rules and regulations. In addition, the following definitions apply, unless the context otherwise requires. Affiliat…

A. An application for registration shall be prepared in accordance with the form prescribed by the Commissioner of Securities of the State of Louisiana as in effect on the date of filing and in accordance with the requirements set out in Sections 51:706, 51:707, and 51:708 of the…

A. At least 10 days (Saturdays, Sundays, and holidays excluded) prior to the date on which the initial offering of any security is to be made, there shall be filed with the Commissioner of Securities one copy of the required application. The Commissioner of Securities may, howeve…

A. Two copies of the competed application for registration, including exhibits and all other papers and documents filed as a part of the application, shall be filed with the Commissioner of Securities. B. At least one copy of every application for registration shall be manually s…

A. Application for registration shall be filed on good quality, unglazed, white paper, 8 1/2 by 14 inches in size insofar as practicable. However, tables, charts, maps, and financial statements may be on larger paper, if folded to that size, and the prospectus may be on smaller p…

A. Investment Companies. Applications for registration of securities of investment companies registered or required to be registered under the Investment Company Act of 1940 shall be filed on the Uniform Application Form. B. Other Securities. Applications for registration by qual…

A. Notwithstanding the foregoing, one copy of the application for registration of securities which are permitted by Section 51:707 of the Louisiana Revised Statutes of 1950, as amended, to be filed by notification shall be filed at least two days (Saturdays, Sundays, and holidays…

A. Notwithstanding the foregoing, one copy of the application for registration of securities which are permitted by Section 51:708 of the Louisiana Revised Statutes of 1950, as amended, to be filed by qualification, shall be filed at least 10 days (Saturdays, Sundays, and holiday…

A. Where an item calls for information not required to be included in the prospectus, matter contained in any part of the application for registration, other than exhibits, may be incorporated by reference in answer, or partial answer, to such item. B. Any financial statement or …

A. If the existence of control is open to reasonable doubt in any instance, the registrant may disclaim the existence of control and any admission thereof. In any case, however, the registrant shall state the material facts pertinent to the possible existence of control.

A. Wherever the title of securities is required to be stated there shall be given such information as will indicate the type and general character of the securities, including the following: 1. in the case of shares, the par or stated value, if any; the rate of dividends, if fixe…

A. If the name of any accountant, engineer, or appraiser, or any person whose profession gives authority to a statement made by him, has been made any part of the application for registration, or if such person is named as having prepared or certified a report, the written consen…

A. If any portion of the report of an expert is quoted or summarized as such in the application for registration or in a prospectus the written consent of the expert shall expressly state that the expert consents to such quotation or summarization. B. If it is stated that any inf…