Texas Administrative Code
Title 10 - COMMUNITY DEVELOPMENT
Part 5 - OFFICE OF THE GOVERNOR, ECONOMIC DEVELOPMENT AND TOURISM OFFICE
Chapter 187 - CAPITAL ACCESS PROGRAM
Section 187.10 - Establishment of the Reserve Account and Purpose

Universal Citation: 10 TX Admin Code ยง 187.10

Current through Reg. 49, No. 12; March 22, 2024

(a) On approval of the Office and after entering into a participation agreement with the Office, a participating financial institution making a capital access loan shall establish a reserve account in accordance with the provisions of Texas Government Code, Chapter 481, Subchapter BB, §481.408.

(b) Reserve accounts shall be established in a money market fund within the participating financial institution. The interest rate for the money market fund shall be the competitive rate offered to other customers of the financial institution invested in the money market fund.

(c) The reserve account shall be used by the financial institution only to cover any losses arising from a charge-off of a capital access loan, or a loan partially enrolled under the program, made by the financial institution.

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