reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter B - INTEREST RATE REDUCTION PROGRAM › Section 28.13 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
In 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--The Texas Agriculture Code, Chapter 44, §44.007.
(2) Eligible borrower--A person who proposes
				  to use the proceeds of a loan under the interest rate reduction program in a
				  manner that will help accomplish the state's goal of fostering the:
(A) creation and expansion of enterprises
				  based on agriculture in this state; or
(B) development or expansion of businesses in
				  rural areas of the state.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter B - INTEREST RATE REDUCTION PROGRAM › Section 28.14 - Application Procedure for Applicant

Current through Reg. 49, No. 28; July 12, 2024
(a) An applicant must comply with the
				  following procedures to obtain approval of the application for participation in
				  the program. An applicant shall submit a complete and accurate loan application
				  and any required credit documentation to the lender and an applicant shall
				  supply all required documentation that the Authority requires to determine
				  whether the applicant is qualified under the Act and these sections.
(b) The eligible borrower shall notify the
				  Authority upon receipt of the loan proceeds indicating the amount received,
				  date received, and the total amount of loan drawn to date in a manner provided
				  by §
										RSA
				  28.4 of this chapter (relating to
				  Communication with the Authority).
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter B - INTEREST RATE REDUCTION PROGRAM › Section 28.15 - Application Procedure for Lender

Current through Reg. 49, No. 28;
				  July 12, 2024
A lender must comply with the following procedures to
					 obtain approval of an application for participation in the program.
(1) A lender must be an eligible lending
				  institution, as defined by the Act, to participate in the program.
(2) A lender that is not an approved
				  depository may obtain the appropriate designation by filing a state depository
				  application with the comptroller.
(3) A lender may obtain the application and
				  information about the program from the Authority.
(4) A lender shall determine the applicant's
				  creditworthiness according to the lender's underwriting criteria.
(5) A loan, while under the program, shall be
				  set at a rate of interest established according to the prescribed linked
				  deposit formula under the Act. The linked deposit rate will be recalculated at
				  the end of the fiscal biennium. The eligible borrower's loan rate shall not
				  exceed the linked deposit rate plus 4.0%.
(6) A lender shall forward the original
				  completed and approved application to the Authority pursuant to instructions in
				  the solicitation document.
(7) A
				  lender shall estimate the proposed rate of interest to be charged the eligible
				  borrower. The lender must certify via telephone communication with the
				  comptroller at the time the loan is priced the actual rate of interest before
				  issuance of the linked deposit. A copy of the certification of the eligible
				  borrower's loan rate shall be sent to the Authority or the administrator, as
				  part of the compliance report. In no event shall the actual rate of interest
				  exceed the maximum rate of interest allowable under the Act.
(8) In no instance will the linked deposit be
				  wired to the lender until the loan proceeds have been paid to the eligible
				  borrower. In most cases the entire approved linked deposit amount will be
				  placed as a linked deposit with the applicable lender, except for linked
				  deposits greater than $100,000 which are subject to incremental funding
				  commensurate with principal drawdown.
(9) A lender shall submit the compliance
				  report to the Authority seven days after the loan is funded.
(10) A lender shall notify the Authority in
				  writing immediately upon a default and/or in the case of a prepayment or a
				  principal reduction greater than $5,000 in any one calendar quarter of a loan
				  under the program.
(11) A lender
				  shall comply with all terms and agreements set forth in the state depository
				  handbook, state depository application, the linked deposit application, and any
				  other agreements and representations made to the Authority and the comptroller,
				  and all other terms and conditions of the loan, these rules and the
				  Act.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter B - INTEREST RATE REDUCTION PROGRAM › Section 28.16 - Procedure for Review

Current through Reg. 49, No. 28; July 12,
				  2024
(a) Upon receipt of
				  the application, staff shall review the application and determine:
(1) the current availability of funds under
				  the program;
(2) the completeness
				  of the application;
(3) the
				  eligibility of the applicant and the lender;
(4) the qualified use of proceeds;
				  and
(5) compliance with the statute
				  and rules.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter B - INTEREST RATE REDUCTION PROGRAM › Section 28.18 - Use of Loan Proceeds

Current through Reg. 49, No. 28; July 12,
				  2024
(a) Loan proceeds
				  under the program may be used for any agriculture-related operating expense,
				  including the purchase or lease of land or fixed asset acquisition or
				  improvement, or for any enterprise based on agriculture as identified in the
				  application, but a loan under this program may be applied to existing debt only
				  when required by the lender to finance the expansion of an eligible
				  project.
(b) An applicant or lender
				  may request the Authority to provide a preliminary determination if the
				  anticipated use of the proceeds is a qualified use of proceeds.
(c) Any use of loan proceeds that do not
				  comply with these rules or any misrepresentations made to the Authority shall
				  be a basis for default. The lender shall include a provision in the loan that
				  declares a default and requires acceleration of the loan where the applicant
				  uses the proceeds in any manner that would violate the provisions of the Act,
				  these rules or the loan.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter B - INTEREST RATE REDUCTION PROGRAM › Section 28.19 - Program Limitations

Current through Reg. 49, No. 28; July 12,
				  2024
In addition to the limitations already set forth in these
					 rules, the following limitations apply.
(1) Not more than $30 million may be placed
				  concurrently in linked deposits under the Act.
(2) The maximum amount of a loan under this
				  program is $500,000.
(3) All linked
				  deposits placed under this program shall expire upon expiration of the
				  biennium; however, subject to legislative authorization and approval by the
				  Authority and the comptroller, linked deposits that expired as a result of the
				  expiration of the biennium may be renewed.
(4) 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 payments or any other losses or expenses that occur directly or
				  indirectly from the program.
(5) An
				  applicant may have more than one application and linked deposit loan with the
				  program provided that the total applications and total linked deposits approved
				  do not exceed $500,000.
(6) A
				  person shall not receive approval of an application if a previous loan under
				  the program is in default.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.20 - Authority

Current through Reg. 49, No. 28; July 12, 2024
The Texas Agricultural Finance Authority is authorized by
					 Chapter 58 of the Code, Subchapter E, §§58.051 - 58.056 to establish
					 the Agricultural Loan Guarantee Program.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.21 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
The purpose of the Agricultural Loan Guarantee Program is
					 to provide financial assistance to eligible applicants who desire to establish
					 or enhance a farming or ranching operation or an agriculture-related
					 business.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.22 - Scope

Current through Reg. 49, No. 28; July 12, 2024
The Agricultural Loan Guarantee Program is to provide
					 financial assistance in the form of loan guarantees to eligible applicants who
					 desire to establish or enhance a farming or ranching operation or an
					 agricultural-related business. A loan guarantee recipient may use proceeds from
					 the loan for working capital for operating a farm or ranch, including the lease
					 of facilities and the purchase of machinery and equipment, or for any
					 agriculture-related purpose, including the purchase of real estate, as
					 identified in recipient's documentation submitted in support of the
					 application. These rules establish standards of eligibility and application
					 procedures for the program.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.23 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
In 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 E.
(2) Eligible borrower--A person whose
				  application for loan guarantee under this program has been approved.
(3) Plan--The documentation submitted to the
				  lender that identifies the use of the loan proceeds.
(4) Program--The Agricultural Loan Guarantee
				  Program.
(5) Project--An enterprise
				  that establishes or enhances a farming or ranching operation or an
				  agriculture-related business, which directly benefits production agriculture
				  and furthers agriculture in Texas.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.24 - Applicant Requirements

Current through Reg. 49, No. 28; July 12,
				  2024
A lender may submit an application on behalf of an
					 applicant if the applicant meets the following requirements:
(1) if an individual, the applicant is a
				  United States citizen and a resident of the State of Texas, or an entity in
				  good standing and legally authorized to conduct business in the State of
				  Texas;
(2) provides evidence that
				  the applicant's farm, ranch, or agriculture-related business is or will be
				  located within the state; and
(3)
				  provides evidence of acceptable equity in the project in accordance with the
				  commercial lender's underwriting standards.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.25 - Project Costs

Current through Reg. 49, No. 28; July 12,
				  2024
(a) Eligible costs.
				  Financing received under this program may be used to provide working capital
				  for operating a farm, ranch, or agriculture-related business, including: the
				  lease of facilities, the purchase of machinery and equipment, or for any other
				  agriculture-related business purpose, including the purchase of real estate, as
				  defined in the plan.
(b) Ineligible
				  costs. Use of financing received under this Program for any costs other than
				  those identified in the plan shall be considered ineligible costs. A loan
				  guarantee is voidable by the board or the commissioner if the borrower uses
				  loan proceeds for any costs not identified in the plan.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.27 - Contents of the Application

Current through Reg. 49, No. 28; July 12,
				  2024
The applicant must present to the lender the information
					 necessary to determine if the applicant is eligible and qualified to receive a
					 loan guarantee under the program. Such information will include the
					 following:
(1) the application
				  checklist form for the program provided by the Authority;
(2) the plan, as submitted to the lender, for
				  the applicant's proposed farm, ranch, or agriculture-related business to be
				  financed, including a budget for the proposed operation;
(3) a completed application for a loan from a
				  commercial lender on which an eligible applicant has indicated how the loan
				  proceeds will be used to implement the applicant's plan; and
(4) the signed statement of a loan officer of
				  the commercial lender that a loan guarantee is requested for approval of the
				  loan application.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.28 - Application Process

Current through Reg. 49, No. 28; July 12,
				  2024
(a) A qualified
				  application will be considered by the board at the first available meeting of
				  the Authority or by the commissioner when the staff has had sufficient time to
				  complete its review of the qualified application.
(b) Approval of qualified applications will
				  be subject to the availability of funds in the fund.
(c) A nonrefundable application fee of not
				  less than $100 will be required with each qualified application. An origination
				  fee no less than 1.0% of the loan guarantee amount will be due within ten days
				  of the initial funding of each loan.
(d) Applications will be analyzed in
				  accordance with the requirements and criteria set forth in the Act and in this
				  subchapter.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.29 - General Terms and Conditions of the Authority's Financial Commitment

Current through Reg. 49, No. 28; July 12, 2024
(a) Maximum amount of loan guarantee. A
				  guarantee shall not exceed:
(1) $750,000 or
				  70% of the loan amount, whichever is less;
(2) $500,000 or 80% of the loan amount,
				  whichever is less;
(3) $250,000 or
				  90% of the loan amount, whichever is less.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.30 - Reporting Requirements

Current through Reg. 49, No. 28; July 12,
				  2024
(a) Each eligible
				  borrower shall provide all information as requested by the lender and the
				  Authority may request copies of any and all information provided to the
				  lender.
(b) Each lender shall
				  report in writing to the Authority as follows:
(1) notification if the loan is either
				  adversely classified or the lender has placed a reserve amount to cover any
				  potential loss due to the loan;
(2)
				  quarterly monitoring reports indicating loan balance, repayment status, and any
				  credit changes reported to the commercial lender as indicated on the prescribed
				  form to be supplied by the Authority;
(3) notification to the Authority of the
				  payment of all personal or real property taxes; and
(4) notification in the event of any breaches
				  or defaults in the terms, conditions, or covenants of the note, loan agreement,
				  or other loan documents.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.31 - Collection Activity

Current through Reg. 49, No. 28; July 12,
				  2024
Any collection activity of a loan guaranteed under this
					 subchapter must be approved by the Authority.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.32 - Criteria for Approval of Loan Guarantee

Current through Reg.
				  49, No. 28; July 12, 2024
(a) The board or the commissioner shall
				  consider the following factors in deciding whether to approve an application
				  for a loan guarantee:
(1) the anticipated
				  benefits from granting a loan guarantee to the eligible applicant, including
				  both potential job creation and commercial benefits to the agricultural
				  industry;
(2) the eligible
				  applicant's qualifications;
(3) the
				  feasibility of the eligible applicant's plans;
(4) other repayment sources available to the
				  eligible applicant; and
(5) any
				  other factor or circumstance within statutory authority and reasonably related
				  to the goals and objectives of the Act.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.33 - Loan Administration

Current through Reg. 49, No. 28; July
				  12, 2024
The lender shall service the loan and receive all payments
					 of principal and interest, in accordance with lender's loan documents. In
					 accordance with the lenders guarantee agreement with the Authority, the lender
					 is obligated to service the loan even after an event of
					 default.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.34 - Eligible Lender

Current through Reg. 49, No. 28; July 12,
				  2024
The Authority may request documentation as necessary from
					 any lender that seeks a loan guarantee or has an active loan guarantee under
					 this subchapter.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.35 - Loan Guarantee Administration

Current through Reg. 49, No.
				  28; July 12, 2024
(a)
				  Except as otherwise provided by state law, by these rules or by resolution of
				  the board, the staff, with the approval of the commissioner, the deputy
				  commissioner of agriculture, or the official of the department designated by
				  the commissioner of agriculture as being responsible for the department's
				  agricultural finance programs, shall have the authority to act on behalf of the
				  Authority, without specific board approval, in regard to the ongoing servicing,
				  collection, settlement, and enforcement of each and every loan guaranteed by
				  the Authority under the program. Such authority shall include, without
				  limitation, the actions required to be taken by the Authority under any loan
				  agreement, and any other agreement entered into by the Authority concerning a
				  loan guaranteed by the Authority under the program.
(b) Nothing in this section shall prevent the
				  staff or the commissioner, the deputy commissioner, or the official of the
				  department designated by the commissioner of agriculture from submitting any
				  matter to the board for its consideration and approval.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.36 - Interest Rebate Requirements and Procedures

Current through
				  Reg. 49, No. 28; July 12, 2024
(a) The board may independently establish a
				  rate reduction (percent and amount) from time to time in its sole discretion to
				  be eligible in the form of a rebate to qualifying eligible borrowers; however,
				  in any one calendar year, the rate reduction per eligible borrower shall not
				  exceed three percentage points or a maximum amount of $10,000.
(b) The interest rebate payment is calculated
				  for the term and amount of the guarantee commitment provided by the
				  Authority.
(c) The eligible
				  borrower and lender must agree to all the criteria for the program found in
				  this subchapter.
(d) The lender
				  must agree to provide the necessary information to the eligible borrower to
				  verify the interest payment on the guaranteed loan.
(e) To verify the amount of interest paid the
				  eligible borrower must submit one or more of the following to the Authority:
(1) A payment remittance advice from the
				  lender that identifies the amount of the interest paid by the eligible borrower
				  on the guaranteed loan;
(2) A copy
				  of the lender's transaction history for the loan identifying the application of
				  the payment; or
(3) Any other
				  documentation required by the Authority that verifies the calculation of the
				  total interest paid by the approved applicant on the guaranteed loan.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter C - AGRICULTURAL LOAN GUARANTEE PROGRAM › Section 28.37 - Certified Lender Program

Current through Reg. 49, No. 28; July 12,
				  2024
(a) A lender
				  certified under this section will receive expedited approval of loans that have
				  a principal balance of $100,000 or less as of the date of closing the
				  loan.
(b) A lender is eligible to
				  participate as a certified lender under the Authority's Agricultural Loan
				  Guarantee program if it has maintained a Master Lender Agreement in place with
				  Authority and has had no defaults under any loans guaranteed by the Authority
				  under its Agricultural Loan Guarantee program.
(c) A certified lender must complete and
				  return an application for approval of each loan submitted under the Authority's
				  certified lender program, on a form prescribed by the Department.
(d) Lender and borrower(s) must meet and
				  adhere to all requirements for an Agricultural Loan Guarantee as set out in
				  Subchapters A and C of this chapter (relating to Financial Assistance Rules and
				  the Agricultural Loan Guarantee Program).
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter D - YOUNG FARMER INTEREST RATE REDUCTION PROGRAM RULES › Section 28.40 - Authority

Current through Reg. 49, No. 28; July 12, 2024
The Texas Agricultural Finance Authority is authorized by
					 Chapter 58 of the Code, Subchapter F, §§58.071 - 58.075 to promulgate
					 rules and procedures to establish the Young Farmer Interest Rate Reduction
					 Program.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter D - YOUNG FARMER INTEREST RATE REDUCTION PROGRAM RULES › Section 28.41 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
The purpose of the Young Farmer Interest Rate Reduction
					 Program is to encourage private commercial loans and provide an economic
					 benefit to young farmers for the purpose of creating or expanding an
					 agricultural business in this state. These sections are adopted to provide
					 standards of eligibility and procedures for participating in the interest rate
					 reduction provided under the Act.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter D - YOUNG FARMER INTEREST RATE REDUCTION PROGRAM RULES › Section 28.42 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
In 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
(ii) .5%;
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter D - YOUNG FARMER INTEREST RATE REDUCTION PROGRAM RULES › Section 28.43 - Application Procedure for Applicant

Current through Reg. 49, No.
				  28; July 12, 2024
(a) An
				  applicant must comply with the following procedures to obtain approval of the
				  application for participation in the program. An applicant shall submit a
				  complete and accurate loan application and any required credit documentation to
				  the lender and an applicant shall supply all required documentation that the
				  Authority requires to determine whether the applicant is qualified under the
				  Act and these sections.
(b) The
				  eligible borrower shall notify the Authority upon receipt of the loan proceeds
				  indicating the amount received, date received, and the total amount of loan
				  drawn to date in a manner provided by §
										RSA
				  28.4 of this chapter (relating to
				  Communication with the Authority).
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter D - YOUNG FARMER INTEREST RATE REDUCTION PROGRAM RULES › Section 28.44 - Application Procedure for Lender

Current through Reg. 49, No. 28;
				  July 12, 2024
A lender must comply with the following procedures to
					 obtain approval of an application for participation in the program.
(1) A lender must be an eligible lending
				  institution, as defined by the Act, to participate in the program.
(2) A lender that is not an approved
				  depository may obtain the appropriate designation by filing a state depository
				  application with the comptroller.
(3) A lender may obtain the application and
				  information about the program from the Authority.
(4) A lender shall determine the applicant's
				  creditworthiness according to the lender's underwriting criteria.
(5) A loan, while under the program, shall be
				  set at a rate of interest established according to the prescribed linked
				  deposit formula under the Act. The linked deposit rate will be recalculated at
				  the end of the fiscal biennium. The eligible borrower's loan rate shall not
				  exceed the linked deposit rate plus 4.0%.
(6) A lender shall forward the original
				  completed and approved application to the Authority pursuant to instructions in
				  the solicitation document.
(7) A
				  lender shall estimate the proposed rate of interest to be charged the eligible
				  borrower. The lender must certify via telephone communication with the
				  comptroller at the time the loan is priced the actual rate of interest before
				  issuance of the linked deposit. A copy of the certification of the eligible
				  borrower's loan rate shall be sent to the Authority or the administrator, as
				  part of the compliance report. In no event shall the actual rate of interest
				  exceed the maximum rate of interest allowable under the Act.
(8) In no instance will the linked deposit be
				  wired to the lender until the loan proceeds have been paid to the eligible
				  borrower. In most cases the entire approved linked deposit amount will be
				  placed as a linked deposit with the applicable lender, except for linked
				  deposits greater than $100,000 which are subject to incremental funding
				  commensurate with principal drawdown.
(9) A lender shall submit the compliance
				  report to the Authority seven days after the loan is funded.
(10) A lender shall notify the Authority in
				  writing immediately upon a default and/or in the case of a prepayment or a
				  principal reduction greater than $5,000 in any one calendar quarter of a loan
				  under the program.
(11) A lender
				  shall comply with all terms and agreements set forth in the state depository
				  handbook, state depository application, the linked deposit application, and any
				  other agreements and representations made to the Authority and the comptroller,
				  and all other terms and conditions of the loan, these rules and the
				  Act.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter D - YOUNG FARMER INTEREST RATE REDUCTION PROGRAM RULES › Section 28.45 - Procedure for Review

Current through Reg. 49, No. 28; July 12,
				  2024
(a) Upon receipt of
				  the application, staff shall review the application and determine:
(1) the current availability of funds under
				  the program;
(2) the completeness
				  of the application;
(3) the
				  eligibility of the applicant and the lender;
(4) the qualified use of proceeds;
				  and
(5) compliance with the statute
				  and rules.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter D - YOUNG FARMER INTEREST RATE REDUCTION PROGRAM RULES › Section 28.47 - Use of Loan Proceeds

Current through Reg. 49, No. 28; July 12,
				  2024
(a) Loan proceeds
				  under the program may be used for any agriculture-related operating expense,
				  including the purchase or lease of land or fixed asset acquisition or
				  improvement, or for any enterprise based on agriculture as identified in the
				  application, but a loan under this program may be applied to existing debt only
				  when required by the lender to finance the expansion of an eligible
				  project.
(b) An applicant or lender
				  may request the Authority to provide a preliminary determination if the
				  anticipated use of the proceeds is a qualified use of proceeds.
(c) Any use of loan proceeds that do not
				  comply with these rules or any misrepresentations made to the Authority shall
				  be a basis for default. The lender shall include a provision in the loan that
				  declares a default and requires acceleration of the loan where the applicant
				  uses the proceeds in any manner that would violate the provisions of the Act,
				  these rules or the loan.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter D - YOUNG FARMER INTEREST RATE REDUCTION PROGRAM RULES › Section 28.48 - Program Limitations

Current through Reg. 49, No. 28; July 12,
				  2024
In addition to the limitations already set forth in these
					 rules, the following limitations apply.
(1) Not more than that amount from the fund
				  as determined by the board may be placed concurrently in linked deposits under
				  the Act.
(2) The maximum amount of
				  a loan under this program is $500,000.
(3) All linked deposits placed under this
				  program shall expire upon expiration of the biennium; however, subject to
				  legislative authorization and approval by the Authority and the comptroller,
				  linked deposits that expired as a result of the expiration of the biennium may
				  be renewed.
(4) 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 payments or any other losses or expenses that occur
				  directly or indirectly from the program.
(5) An applicant may have more than one
				  application and linked deposit loan with the program provided that the total
				  applications and total linked deposits approved do not exceed
				  $500,000.
(6) A person shall not
				  receive approval of an application if a previous loan under the program is in
				  default.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter E - YOUNG FARMER GRANT PROGRAM RULES › Section 28.50 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
The purpose of the program is to provide financial
					 assistance in the form of matching grant funds to young farmers for the purpose
					 of creating or expanding an agricultural business in this state. These sections
					 are adopted to provide standards of eligibility and procedures for the grant
					 program.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter E - YOUNG FARMER GRANT PROGRAM RULES › Section 28.51 - Authority

Current through Reg. 49, No. 28; July 12, 2024
The Texas Agricultural Finance Authority is authorized by
					 Chapter 58 of the Code, Subchapter G, §§58.091- 58.095 to promulgate
					 rules and procedures to establish the Young Farmer Grant
					 Program.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter E - YOUNG FARMER GRANT PROGRAM RULES › Section 28.52 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words and terms, when used in this
					 subchapter, shall have the following meanings, unless the context clearly
					 indicates otherwise.
(1) Act--The
				  Texas Agriculture Code, §§
										RSA
				  58.091-RSA
				  58.095.
(2) Grantee--A person awarded funds under
				  this subchapter.
(3) Matching
				  Funds--Expenditures by the Grantee or made to sustain, create or expand the
				  Grantee's agricultural business.
(4) Program--The Young Farmer Grant Program
				  as authorized by Subchapter G of the Texas Agriculture Code.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter E - YOUNG FARMER GRANT PROGRAM RULES › Section 28.53 - Eligibility

Current through Reg. 49, No. 28; July 12, 2024
A person is eligible to receive a Young Farmer Grant
					 if:
(1) on the date the grant
				  application is due the applicant is 18 years of age or older but younger than
				  46 years of age;
(2) the applicant
				  is or will be involved in creating or expanding an agricultural business in
				  this state;
(3) the applicant
				  agrees to provide matching fund documentation; and
(4) the applicant agrees to use funds for the
				  purpose of either creating or expanding an agricultural business in this
				  state.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter E - YOUNG FARMER GRANT PROGRAM RULES › Section 28.54 - Use of Grant Award

Current through Reg. 49, No. 28; July 12,
				  2024
Funds received under this subchapter may only be used for
					 activities related to creating or expanding an agricultural business in
					 Texas.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter E - YOUNG FARMER GRANT PROGRAM RULES › Section 28.55 - Administration of Program

Current through Reg. 49, No. 28; July 12,
				  2024
(a) The Board shall
				  determine the availability of funds for the Program on a fiscal year
				  basis.
(b) The Board shall adopt
				  selection criteria for the Program. The Board shall approve a form for use as
				  the Program's grant application which shall state the selection criteria, due
				  date, and award date.
(c) The Board
				  shall set two periods during each fiscal year in which the Authority will
				  receive and approve grant applications. Notice of these grant periods will be
				  posted on the department's website.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter F - RULES FOR DEPOSITION AND REFUND OF ASSESSMENT FEES › Section 28.60 - Purpose and Application of Rules

Current through Reg. 49, No.
				  28; July 12, 2024
The purpose of this subchapter is to provide for the
					 administration of the collection of assessments by county tax
					 assessor-collectors as provided for in §
										RSA
					 502.404 of the Texas Transportation Code; and
					 to provide for the remittance of such assessments to the comptroller for
					 deposit in the Texas agricultural fund.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter F - RULES FOR DEPOSITION AND REFUND OF ASSESSMENT FEES › Section 28.61 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words and terms, when used in this
					 subchapter, shall have the following meanings, unless the context clearly
					 indicates otherwise.
(1) Assessment--A
				  voluntary fee paid on each commercial motor vehicle registered under the
				  Transportation Code, §
										RSA
				  502.404.
(2) Request for refund--The written request
				  filed by a payor of an assessment, which identifies the tag number and the
				  sticker number for each registered vehicle and the total amount of the
				  requested refund.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter F - RULES FOR DEPOSITION AND REFUND OF ASSESSMENT FEES › Section 28.62 - Collection of Funds by County Tax Assessor-Collector and Remittance to Comptroller

Current through Reg. 49, No. 28; July 12,
				  2024
(a) Each county tax
				  assessor-collector shall collect the voluntary assessment required by the
				  Transportation Code, §
										RSA
				  502.404.
(b) Each county tax assessor-collector shall
				  provide notice of the refund procedures defined in §
										RSA 28.63
				  of this chapter (relating to Refunding of Assessment) to persons paying an
				  assessment at the time of payment.
(c) The assessments collected shall be
				  remitted by each county tax assessor-collector to the comptroller, by way of
				  the Authority, on a monthly basis due on or before the 15th of the following
				  month.
(d) The assessments
				  collected shall be remitted by check made payable to the "Texas Agricultural
				  Finance Authority". The remittance shall be mailed to the Authority at the post
				  office box designated on the Remittance Advice form, and shall be deemed paid
				  when deposited by the comptroller in the Texas agricultural fund.
(e) The assessments shall be sent with two
				  completed forms provided by the Authority: the Remittance Advice form; and the
				  Detailed Report of Collections form.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter F - RULES FOR DEPOSITION AND REFUND OF ASSESSMENT FEES › Section 28.63 - Refunding of Assessment

Current through Reg. 49, No. 28; July 12,
				  2024
(a) At the time of
				  payment, the county tax assessor-collector shall notify each payor of the
				  assessment that a refund is available, and shall provide the payor with a
				  request for refund form. Each payor may request a refund by filing a request
				  for refund with the Authority. The request must include all information
				  required on such form, including proof of payment, and must be sent to the
				  address indicated on the form within 30 days of payment of the
				  assessment.
(b) The staff shall
				  process the refund request. If all prerequisites have been met for payment of
				  the refund, staff shall then forward to the comptroller a voucher requesting
				  payment of the refund. Upon receipt of the voucher, the comptroller shall
				  refund the assessment for which a request for refund is made.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter G - RURAL ECONOMIC DEVELOPMENT FINANCE PROGRAM › Section 28.70 - Authority

Current through Reg. 49, No. 28; July 12, 2024
The Texas Agricultural Finance Authority (the Authority) is
					 authorized by §
										RSA
					 58.021 of the Texas Agriculture Code and by
					 Article III, §49-f(g) of the Texas Constitution to design and implement
					 programs to provide financial assistance to eligible agricultural businesses
					 and other rural economic development projects and to issue general obligation
					 bonds in the maximum principal amount of $200 million outstanding at any one
					 time for such programs. The proceeds of such bonds are required to be deposited
					 in the Texas Agricultural Fund and may be used for the purposes provided by
					 Article III, §49-i of the Texas Constitution and for other rural economic
					 development programs. Proceeds of the bonds are to be administered in the same
					 manner that proceeds of bonds issued under Article III, §49-i of the Texas
					 Constitution are administered. Section
					 RSA
					 58.041 of the Texas Agriculture Code grants
					 Texas Public Finance Authority the exclusive authority to act on behalf of the
					 Authority in issuing debt instruments authorized to be issued by the
					 Authority.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter G - RURAL ECONOMIC DEVELOPMENT FINANCE PROGRAM › Section 28.71 - Purpose

Current through Reg. 49, No. 28; July 12, 2024
The purpose of the Rural Economic Development Finance
					 Program (Program) is to provide financial assistance to eligible entities
					 including agricultural businesses and other rural economic development
					 projects. It is the policy of the Board of Directors of the Authority to
					 provide programs for providing financial assistance to eligible entities that
					 the board considers to present a reasonable risk and have a sufficient
					 likelihood of repayment. This subchapter establishes standards of eligibility
					 and the application procedures for the Program.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter G - RURAL ECONOMIC DEVELOPMENT FINANCE PROGRAM › Section 28.73 - Texas Rural Community Loan

Current through Reg. 49, No. 28;
				  July 12, 2024
(a)
				  Purpose. The purpose of the Texas Rural Community Loan is to provide financial
				  assistance to political subdivisions and economic development corporations and
				  allow the loans to be secured with sales tax, utility fees, ad valorem taxes,
				  or other revenues or collateral to fund eligible projects.
(b) Eligible Entities. Rural municipalities,
				  counties, special purpose districts, economic development corporations, and
				  political subdivisions supporting agricultural businesses or furthering rural
				  economic development may apply for loan funds under this section.
(c) Use of Funds. Loans may be used for
				  eligible real estate purchases, building construction, site improvements,
				  equipment, water and wastewater systems, municipal infrastructure projects, and
				  any other eligible use that can be identified to further in the economic
				  development of the rural area and/or support agricultural businesses.
(d) Loan Terms. The loan terms will be
				  determined by the board and as defined by this subchapter.
(e) Collateral. The collateral and security
				  requirements will be determined by the board and as defined by this
				  subchapter.
Texas Administrative Code › Title 4 - AGRICULTURE › Part 1 - TEXAS DEPARTMENT OF AGRICULTURE › Chapter 28 - TEXAS AGRICULTURAL FINANCE AUTHORITY › Subchapter G - RURAL ECONOMIC DEVELOPMENT FINANCE PROGRAM › Section 28.74 - Agriculture and Community Economic Development Loan

Current
				  through Reg. 49, No. 28; July 12, 2024
(a) Purpose. The purpose of the Agriculture
				  and Community Economic Development Loan is to provide financial assistance to
				  Texas-based private entities via an approved participating lender.
(b) Eligible Entities. A private for-profit
				  or non-profit entity authorized to do business in the state of Texas,
				  significantly impacting the agricultural industry and/or furthering rural
				  economic development in Texas may apply for loan funds under this
				  section.
(c) Use of Funds. Loans
				  may be used for real estate purchases, building construction, site
				  improvements, equipment, and any other uses that can be identified to
				  positively impact the agricultural industry and/or improve or assist in the
				  economic development of the rural area.
(d) Loan Terms. The loan terms will be
				  determined by the lender, the board and as defined by this
				  subchapter.
(e) Collateral. The
				  collateral and security requirements will be determined by the board and the
				  participating lender.