<<Prev Rule

Texas Administrative Code

Next Rule>>
TITLE 10COMMUNITY DEVELOPMENT
PART 5OFFICE OF THE GOVERNOR, ECONOMIC DEVELOPMENT AND TOURISM OFFICE
CHAPTER 182BUSINESS ASSISTANCE
SUBCHAPTER BLINKED DEPOSIT PROGRAM
RULE §182.58Program Limitations

In addition to the limitations already set forth in these rules, the following limitations apply.

  (1) Not more than $6 million may be placed concurrently in all linked deposits under the Act.

  (2) At no time before September 1, 1999, shall any one eligible borrower have more than $300,000 in aggregate of loans outstanding under the program.

  (3) The minimum amount of a loan is $10,000.

  (4) The maximum amount of a loan is $250,000.

  (5) The eligible borrower shall apply a loan granted under this program to the purchase, construction, or lease of capital assets, including land, buildings, and equipment.

  (6) Lenders are permitted to charge all of their usual and necessary application fees and other fees and expenses in connection with any loan made under the Act and rules.

  (7) All linked deposits placed under this program are placed for the period of the loan, subject to the lender remaining an approved lender by the comptroller and provided that the loan for which the linked deposit is being made does not default.

  (8) The state shall not be liable for any failure to comply with the terms and conditions of the loan, or any failure to make any payment or any other losses or expenses that occur directly or indirectly from the program.

  (9) A person shall not receive approval of an application if they have a loan that is in default.

  (10) The comptroller is not required to maintain a deposit with a lending institution if the loan for which the linked deposit was placed has been extended, renewed, or renegotiated without the submission and approval of a new linked deposit application for the loan as modified.


Source Note: The provisions of this §182.58 adopted to be effective February 2, 1994, 19 TexReg 345; amended to be effective November 3, 1997, 22 TexReg 10639; amended to be effective December 3, 2002, 27 TexReg 11142

Next Page Previous Page



Home TxReg TAC OM NewTac Public Footer Bar