Texas Administrative Code
Title 10 - COMMUNITY DEVELOPMENT
Part 5 - OFFICE OF THE GOVERNOR, ECONOMIC DEVELOPMENT AND TOURISM OFFICE
Chapter 187 - CAPITAL ACCESS PROGRAM
Section 187.11 - Contributions Made to the Reserve Account
Current through Reg. 49, No. 38; September 20, 2024
(a) For each capital access loan made by a participating financial institution, the financial institution shall certify to the Office, within 15 business days, that the institution has made a capital access loan, the amount the financial institution has deposited into the reserve account, including the contributions made by the eligible applicant, and, if applicable that the eligible applicant is located in or financing a project, activity, or enterprise in an area designated as an enterprise zone or is a child-care center or group day-care home.
(b) When a participating financial institution makes a loan enrolled under the program, it shall require a fee of the eligible applicant in an amount that is not less than two percent but not greater than three percent of the principal amount of the loan, which will then be deposited into the institution's reserve account. The amount of reserve contribution made by an eligible applicant may be financed within the loan being originated.
(c) The financial institution shall also place into the reserve account an amount equal to that placed into the reserve account by the eligible applicant. The institution may recover all or part of its contribution to reserve in any manner previously agreed upon between the participating financial institution and the eligible borrower.
(d) The department shall place into the reserve account an amount to be determined by the following: