Tex. Gov't Code § 481.451 · Subchapter CC. MICRO-BUSINESS DISASTER RECOVERY PROGRAM
DEFINITIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
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.
Notes and commentary — not statutory text
History
Added by Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 1, eff. June 18, 2021.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.481.htm
- Text hash
- sha256 6432d2b5aed11f248fde828b431c8e899f80df6d06d39c687cdd2268d2eaf662
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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