LAC 7:V.323. Delinquency and Foreclosure on Market Commission Loans

A. Any unpaid principal and/or interest shall be considered delinquent on the tenth day following the due date. B. Routine written notification of delinquency shall be sent to the borrower on the thirtieth day following the due date. C. In the absence of response to the 30-day notification, the market commission staff shall send a specific written notification concerning the delinquency on the sixtieth day following the due date, which notification shall be sent by certified mail, return receipt requested. D. In the absence of response to the 60-day notification, the delinquency shall be reported to the market commission. E. Subsequent to notification to the market commission, the staff, unless otherwise directed by the commission, shall forward a demand letter, again by certified mail with return receipt requested, informing the borrower that the remaining balance is accelerated, together with all interest accrued, and the full sum of the obligation is due and payable to the commission. F. In the absence of satisfactory arrangements for repayment of the delinquency thereafter, the market commission shall initiate foreclosure proceedings no sooner than the ninetieth day following the due date of the unpaid principal and interest. G. The market commission shall secure a judgment and foreclose on the collateral securing the loan and, if deemed in the best interest of the commission, secure deficiency judgments against all personal endorsers or other persons liable on the loan in whole or part. H. The market commission staff shall select an appraiser to do any appraisal necessary for foreclosure.