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Texas Government Code - GOV'T § 481.451. Definitions

Current as of January 01, 2024 | Updated by Findlaw Staff

In this subchapter:

(1) “Community development financial institution” has the meaning assigned by 12 U.S.C. Section 4702.

(2) “Declared disaster” means:

(A) a declaration of a state of disaster under Section 418.014 or 418.108;  or

(B) a disaster declared by the president of the United States, if any part of this state is named in the federally designated disaster area.

(3) “Default rate” means the percentage of micro-business disaster recovery loans made that did not meet the payment terms during a period specified by the bank.

(4) “Fund” means the micro-business recovery fund established under Section 481.452.

(5) “Micro-business” means a corporation, partnership, sole proprietorship, or other legal entity that:

(A) is domiciled in this state and has at least 95 percent of its employees located in this state;

(B) is formed to make a profit;  and

(C) employs not more than 20 employees.

(6) “Micro-business disaster recovery loan” or “disaster recovery loan” means a loan made by a participating community development financial institution to micro-businesses under the program.

(7) “Program” means the micro-business disaster recovery loan program established under this subchapter.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 481.451. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-481-451/

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