Texas Government Code 481.451 – Definitions
Terms Used In Texas Government Code 481.451
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
In this subchapter:
(1) “Community development financial institution” has the meaning assigned by 12 U.S.C. § 4702.
(2) “Declared disaster” means:
(A) a declaration of a state of disaster under § 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 § 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.