Tex.
Gov't Code Section 481.451
Definitions
(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 (Declaration of State of Disaster) or 418.108 (Declaration of Local Disaster); 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 (Micro-business Recovery Fund).(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.
Source:
Section 481.451 — Definitions, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.481.htm#481.451
(accessed May 4, 2024).