Section 481.451 - Definitions 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.Tex. Gov't. Code § 481.451
Added by Acts 2021, Texas Acts of the 87th Leg. - Regular Session, ch. 1004,Sec. 1, eff. 6/18/2021.