LAC 7:V.319. Balloon Notes and Re-Scheduling of Payments

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. 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. 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. D. Any request for a renewal of a balloon note shall be accompanied by: 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. names and addresses of all stockholders and the number of shares held by each; 3. detailed explanation of the reason for the requested renewal.