Section 28.42 - DefinitionsIn addition to the definitions set out in the Texas Agriculture Code, Chapter 58, as amended, and in Subchapter A of this chapter (relating to Financial Assistance Rules) the following words and terms, when used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise.
(1) Act--Texas Agriculture Code, Chapter 58, Subchapter F, Texas Agriculture Code §§ RSA 58.071 - RSA 58.075.(2) Eligible borrower--A person that is 18 years of age or older but younger than 46 years of age at the time of submitting a loan application and who is approved for participation in the program.(3) Linked deposit--A time deposit governed by a written deposit agreement between the state and the lender that provides that: (A) the lender pay interest on the deposit at a rate that is not less than the greater of: (i) the current market rate minus 3%; or(B) the state does not withdraw any part of the deposit before the expiration of a period set by a written advance notice of the intention to withdraw; and(C) the lender agrees to lend the value of the deposit to an eligible borrower at a rate not to exceed the linked deposit rate plus 4%.(4) Program--The Young Farmer Interest Rate Reduction Program.4 Tex. Admin. Code § 28.42
The provisions of this §28.42 adopted to be effective September 1, 2009, 34 TexReg 5902; Amended by Texas Register, Volume 46, Number 28, July 9, 2021, TexReg 4135, eff. 7/12/2021