reglab/housing_qa huggingface dataset:
TX Govt Code § 481.401 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter BB. Access to Capital Programs|Section 481.401. Definitions

Sec. 481.401.  DEFINITIONS.  In this subchapter:(1)  "Capital access loan" means a loan that is entitled to be secured by the fund.(2)  "Financial institution" includes a bank, trust company, banking association, savings and loan association, mortgage company, investment bank, credit union, or nontraditional financial institution.(3)  "Fund" means the original capital access fund.(4)  "Loan" includes a line of credit.(5)  "Medium-sized business" means a corporation, partnership, sole proprietorship, or other legal entity that:(A)  is domiciled in this state or has at least 51 percent of its employees located in this state;(B)  is formed to make a profit;  and(C)  employs 100 or more but fewer than 500 full-time employees.(6)  "Nonprofit organization" means a private, nonprofit, tax-exempt corporation, association, or organization listed in Section 501(c)(3), Internal Revenue Code of 1986, that is domiciled in this state or has at least 51 percent of its members located in this state.(6-a)  "Original capital access program" means the program established under Section 481.405.(7)  "Participating financial institution" means a financial institution participating in a program.(8)  "Program" means an access to capital program established by the bank under this subchapter.(9)  "Reserve account" means an account established in a participating financial institution on approval of the bank in which money is deposited to serve as a source of additional revenue to reimburse the financial institution for losses on loans enrolled in a program.(10)  "Small business" means a corporation, partnership, sole proprietorship, or other legal entity that:(A)  is domiciled in this state or has at least 51 percent of its employees located in this state;(B)  is formed to make a profit;(C)  is independently owned and operated;  and(D)  employs fewer than 100 full-time employees.|Added by Acts 1997, 75th Leg., ch. 1163, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 814, Sec. 1.51, eff. Sept. 1, 2003.Amended by: Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 3, eff. June 18, 2021.|
TX Govt Code § 481.402 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter BB. Access to Capital Programs|Section 481.402. Original Capital Access Fund

Sec. 481.402.  ORIGINAL CAPITAL ACCESS FUND.  (a)  The original capital access fund is a dedicated account in the general revenue fund.(b)  Appropriations for the implementation and administration of the original capital access program  and any other amounts received by the state for the original capital access program shall be deposited in the fund.(c)  Money in the fund may be appropriated only to the bank for use in carrying out the purposes of the original capital access program.|Added by Acts 1997, 75th Leg., ch. 1163, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 814, Sec. 1.52, eff. Sept. 1, 2003.Amended by: Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 4, eff. June 18, 2021.|
TX Govt Code § 481.403 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter BB. Access to Capital Programs|Section 481.403. Access to Capital Programs

Sec. 481.403.  ACCESS TO CAPITAL PROGRAMS.  The bank may establish access to capital loan-related programs of the following types to promote private access to capital to certain businesses with fewer than 500 full-time employees:(1)  capital access programs;(2)  collateral support programs;(3)  loan guarantee programs; and(4)  loan participation programs.|Added by Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 5, eff. June 18, 2021.|
TX Govt Code § 481.404 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter BB. Access to Capital Programs|Section 481.404. Powers of Bank in Administering Original Capital Access Fund

Sec. 481.404.  POWERS OF BANK IN ADMINISTERING ORIGINAL CAPITAL ACCESS FUND.  In administering the fund, the bank has the powers necessary to carry out the purposes of this subchapter, including the power to:(1)  make, execute, and deliver contracts, conveyances, and other instruments necessary to the exercise of its powers;(2)  invest money at the bank's discretion in obligations determined proper by the bank, and select and use depositories for its money;(3)  employ personnel and counsel and pay the persons from money in the fund legally available for that purpose;  and(4)  impose and collect fees and charges in connection with any transaction and provide for reasonable penalties for delinquent payment of fees or charges.|Added by Acts 1997, 75th Leg., ch. 1163, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 814, Sec. 1.53, eff. Sept. 1, 2003.Amended by: Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 6, eff. June 18, 2021.|
TX Govt Code § 481.405 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter BB. Access to Capital Programs|Section 481.405. Original Capital Access Program

Sec. 481.405.  ORIGINAL CAPITAL ACCESS PROGRAM.  (a)  The original capital access program has been established by the bank to assist a participating financial institution in making loans to businesses and nonprofit organizations that face barriers in accessing capital.(b)  The bank shall use money in the fund to make a deposit in a participating financial institution's reserve account in an amount specified by this subchapter to be a source of money the institution may receive as reimbursement for losses attributable to loans in the original capital access program.(c)  The bank shall determine the eligibility of a financial institution to participate in the original capital access program and may set a limit on the number of eligible financial institutions that may participate in the original capital access program.(d)  To participate in the original capital access program, an eligible financial institution must enter into a participation agreement with the bank that sets out the terms and conditions under which the bank will make contributions to the institution's reserve account and specifies the criteria for a loan to qualify as a capital access loan under the original capital access program.(e)  To qualify as a capital access loan under the original capital access program, a loan must:(1)  be made to a small or medium-sized business or to a nonprofit organization;(2)  be used by the business or nonprofit organization for any project, activity, or enterprise in this state that fosters economic development; and(3)  meet any other criteria provided by this subchapter.|Added by Acts 1997, 75th Leg., ch. 1163, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 814, Sec. 1.54, eff. Sept. 1, 2003.Amended by: Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 7, eff. June 18, 2021.|
TX Govt Code § 481.406 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter BB. Access to Capital Programs|Section 481.406. Rulemaking Authority

Sec. 481.406.  RULEMAKING AUTHORITY.  (a)  The executive director may adopt rules relating to the implementation of any program established under this subchapter and any other rules necessary to accomplish the purposes of this subchapter.(b)  The rules for the original capital access program may:(1)  provide for criteria under which a certain line of credit issued by an eligible financial institution to a small or medium-sized business or nonprofit organization qualifies to participate in the original capital access program; and(2)  authorize a consortium of financial institutions to participate in the original capital access program subject to common underwriting guidelines.(c)  To qualify for participation in the original capital access program, a line of credit must:(1)  be an account at a financial institution under which the financial institution agrees to lend money to a person from time to time to finance one or more projects, activities, or enterprises that are authorized by this subchapter; and(2)  contain the same restrictions, to the extent possible, that are placed on a capital access loan under the original capital access program that is not a line of credit.|Added by Acts 1997, 75th Leg., ch. 1163, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 814, Sec. 1.55, eff. Sept. 1, 2003.Amended by: Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 8, eff. June 18, 2021.|
TX Govt Code § 481.407 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter BB. Access to Capital Programs|Section 481.407. Provisions Relating to Capital Access Loan Under Original Capital Access Program

Sec. 481.407.  PROVISIONS RELATING TO CAPITAL ACCESS LOAN UNDER ORIGINAL CAPITAL ACCESS PROGRAM.  (a)  Except as otherwise provided by this subchapter, the bank may not determine the recipient, amount, or interest rate of a capital access loan under the original capital access program or the fees or other requirements related to the loan.(b)  A loan under the original capital access program is not eligible to be enrolled under this subchapter if the loan is for:(1)  construction or purchase of residential housing;(2)  simple real estate investments, excluding the development or improvement of commercial real estate occupied by the borrower's business or organization; or(3)  inside bank transactions, as defined by the policy board.(c)  The borrower of a capital access loan under the original capital access program must apply the loan to working capital or to the purchase, construction, or lease of capital assets, including buildings and equipment used by the business or nonprofit organization.  Working capital uses include the cost of exporting, accounts receivable, payroll, inventory, and other financing needs of the business or organization.(d)  A capital access loan under the original capital access program may be sold on the secondary market with no recourse to the bank or to the loan loss reserve correspondent to the loan and under conditions as may be determined by the bank.(e)  When enrolling a loan in the original capital access program, a participating financial institution may specify an amount to be covered under the original capital access program that is less than the total amount of the loan.|Added by Acts 1997, 75th Leg., ch. 1163, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 814, Sec. 1.56, eff. Sept. 1, 2003.Amended by: Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 9, eff. June 18, 2021.|
TX Govt Code § 481.409 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter BB. Access to Capital Programs|Section 481.409. Limitations on State Contribution to Original Capital Access Program Reserve Account

Sec. 481.409.  LIMITATIONS ON STATE CONTRIBUTION TO ORIGINAL CAPITAL ACCESS PROGRAM RESERVE ACCOUNT.  (a)  The amount deposited by the bank into a participating financial institution's reserve account for any single loan recipient under the original capital access program may not exceed $150,000 during a three-year period.(b)  The maximum amount the bank may deposit into a reserve account for each capital access loan under the original capital access program made under this subchapter is the lesser of $35,000 or an amount equal to:(1)  eight percent of the loan amount if:(A)  the borrower is financing an enterprise project or is located in or financing a project, activity, or enterprise in an area designated as an enterprise zone under Chapter 2303;(B)  the borrower is a small or medium-sized business or a nonprofit organization that operates or proposes to operate a day-care center or a group day-care home, as those terms are defined by Section 42.002, Human Resources Code; or(C)  the participating financial institution is a community development financial institution, as that term is defined by 12 U.S.C. Section 4702, as amended; or(2)  six percent of the loan amount for any other borrower.|Added by Acts 1997, 75th Leg., ch. 1163, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 814, Sec. 1.58, eff. Sept. 1, 2003.Amended by: Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 11, eff. June 18, 2021.|
TX Govt Code § 481.410 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter BB. Access to Capital Programs|Section 481.410. State's Rights With Respect to Original Capital Access Program Reserve Account

Sec. 481.410.  STATE'S RIGHTS WITH RESPECT TO ORIGINAL CAPITAL ACCESS PROGRAM RESERVE ACCOUNT.  (a)  All of the money in a reserve account established under this subchapter for the original capital access program is property of the state.(b)  The state is entitled to earn interest on the amount of contributions made by the bank, borrower, and institution to a reserve account under this subchapter for the original capital access program.  The bank shall withdraw monthly or quarterly from a reserve account for the original capital access program the amount of the interest earned by the state.  The bank shall deposit the amount withdrawn under this subsection into the fund.(c)  If the amount in a reserve account for the original capital access program exceeds an amount equal to 33 percent of the balance of the financial institution's outstanding capital access loans under the original capital access program, the bank may withdraw the excess amount and deposit the amount in the fund.  A withdrawal of money authorized under this subsection may not reduce an active reserve account for the original capital access program to an amount that is less than $200,000.(d)  The bank shall withdraw from the institution's reserve account under the original capital access program the total amount in the account and any interest earned on the account and deposit the amount in the fund when:(1)  a financial institution is no longer eligible to participate in the original capital access program or a participation agreement entered into under this subchapter for the original capital access program expires without renewal by the bank or institution;(2)  the financial institution has no outstanding capital access loans under the original capital access program;(3)  the financial institution has not made a capital access loan under the original capital access program within the preceding 24 months; or(4)  the financial institution fails to submit a report or other document requested by the bank for the original capital access program within the time or in the manner prescribed.|Added by Acts 1997, 75th Leg., ch. 1163, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 814, Sec. 1.59, eff. Sept. 1, 2003.Amended by: Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 12, eff. June 18, 2021.|
TX Govt Code § 481.411 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter BB. Access to Capital Programs|Section 481.411. Annual Report

Sec. 481.411.  ANNUAL REPORT.  A participating financial institution shall submit an annual report to the bank. The report must, at a minimum:(1)  provide information regarding outstanding loans, loan losses, and any other information related to participation in a program established under this subchapter the bank considers appropriate;(2)  state the total amount of loans for which the bank has made a contribution from the fund under this subchapter;(3)  include a copy of the institution's most recent financial statement; and(4)  include information regarding the type and size of businesses and nonprofit organizations with loans under this subchapter.|Added by Acts 1997, 75th Leg., ch. 1163, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 814, Sec. 1.60, eff. Sept. 1, 2003.Amended by: Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 13, eff. June 18, 2021.|
TX Govt Code § 481.412 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter BB. Access to Capital Programs|Section 481.412. Reports; Audits

Sec. 481.412.  REPORTS;  AUDITS.  (a)  The office shall submit to the legislature an annual status report on the activities of all programs established under this subchapter.(b)  The financial transactions of the fund are subject to audit by the state auditor as provided by Chapter 321.|Added by Acts 1997, 75th Leg., ch. 1163, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 814, Sec. 1.61, eff. Sept. 1, 2003.Amended by: Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 14, eff. June 18, 2021.|
TX Govt Code § 481.413 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter BB. Access to Capital Programs|Section 481.413. State Liability Prohibited

Sec. 481.413.  STATE LIABILITY PROHIBITED.  The state is not liable to a participating financial institution for payment of the principal, the interest, or any late charges on a capital access loan made under this subchapter.|Added by Acts 1997, 75th Leg., ch. 1163, Sec. 1, eff. Sept. 1, 1997.|
TX Govt Code § 481.414 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter BB. Access to Capital Programs|Section 481.414. Gifts and Grants

Sec. 481.414.  GIFTS AND GRANTS.  The bank may accept gifts, grants, and donations from any source for the purposes of this subchapter.|Added by Acts 1997, 75th Leg., ch. 1163, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2003, 78th Leg., ch. 814, Sec. 1.62, eff. Sept. 1, 2003.|
TX Govt Code § 481.415 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter BB. Access to Capital Programs|Section 481.415. Allocation and Transfer of Money From Original Capital Access Fund

Sec. 481.415.  ALLOCATION AND TRANSFER OF MONEY FROM ORIGINAL CAPITAL ACCESS FUND.  (a)  Notwithstanding any other provision of this subchapter, the bank may allocate money held in or due to the original capital access fund to programs administered by the bank under Section 489.108 or Subchapter D, Chapter 489.  The bank may transfer money from the original capital access fund to the Texas product development fund or the Texas small business incubator fund.(b)  Notwithstanding Subchapter D, Chapter 489, the bank may use money transferred under Subsection (a) to make loans to small or medium-sized businesses, governmental entities, or nonprofit organizations.  A business, governmental entity, or nonprofit organization that receives a loan under this subsection may:(1)  use the money for any project, activity, or enterprise in this state that fosters economic development; or(2)  hold the money in a reserve account created as a condition of the extension of the loan.|Added by Acts 2013, 83rd Leg., R.S., Ch. 1092 (H.B. 3578), Sec. 1, eff. September 1, 2013.Amended by: Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 15, eff. June 18, 2021.Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 16, eff. June 18, 2021.|Subchapter CC, consisting of Secs. 481.451 to 481.458, was added by Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 1.For another Subchapter CC, consisting of Secs. 481.601 to 481.609, added by Acts 2021, 87th Leg., R.S., Ch. 847 (S.B. 678), Sec. 1, see Sec. 481.601 et seq., post.
TX Govt Code § 481.451 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter CC. Micro-Business Disaster Recovery Program|Section 481.451. Definitions

Sec. 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.|Added by Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 1, eff. June 18, 2021.|
TX Govt Code § 481.452 (2021)
2021 Texas Statutes|Government Code|Title 4 - Executive Branch|Subtitle F - Commerce and Industrial Development|Chapter 481 - Texas Economic Development and Tourism Office|Subchapter CC. Micro-Business Disaster Recovery Program|Section 481.452. Micro-Business Recovery Fund

Sec. 481.452.  MICRO-BUSINESS RECOVERY FUND.  (a)  The micro-business recovery fund is a dedicated account in the general revenue fund.(b)  Appropriations for the implementation and administration of this subchapter and any other amounts, including federal allocations, received by the bank or state under this subchapter shall be deposited in the fund.(c)  Money in the fund may be appropriated only to the bank for use in carrying out the purposes of this subchapter.|Added by Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 1, eff. June 18, 2021.|