Texas § GV.481.401 - DEFINITIONS

§ GV.481.401. DEFINITIONS

DEFINITIONS. In this subchapter: (1) "Capital access loan" means a loan that is entitled to be secured by the fund. (2) "Financial institution" includes a bank, trust company, banking association, savings and loan association, mortgage company, investment bank, credit union, or nontraditional financial institution. (3) "Fund" means the original capital access fund. (4) "Loan" includes a line of credit. (5) "Medium-sized business" means a corporation, partnership, sole proprietorship, or other legal entity that: (A) is domiciled in this state or has at least 51 percent of its employees located in this state; (B) is formed to make a profit; and (C) employs 100 or more but fewer than 500 full-time employees. (6) "Nonprofit organization" means a private, nonprofit, tax-exempt corporation, association, or organization listed in Section 501(c)(3), Internal Revenue Code of 1986, that is domiciled in this state or has at least 51 percent of its members located in this state. (6-a) Repealed by Acts 2023, 88th Leg., R.S., Ch. 690 (H.B. 1515 ), Sec. 16(2), eff. September 1, 2023. (7) "Participating financial institution" means a financial institution participating in a program. (8) "Program" means an access to capital program established by the bank under this subchapter. (9) "Reserve account" means an account established in a participating financial institution on approval of the bank in which money is deposited to serve as a source of additional revenue to reimburse the financial institution for losses on loans enrolled in a program. (10) "Small business" means a corporation, partnership, sole proprietorship, or other legal entity that: (A) is domiciled in this state or has at least 51 percent of its employees located in this state; (B) is formed to make a profit; (C) is independently owned and operated; and (D) employs fewer than 100 full-time employees. Added by Acts 1997, 75th Leg., ch. 1163, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 814, Sec. 1.51, eff. Sept. 1, 2003. Amended by: Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271 ), Sec. 3, eff. June 18, 2021. Acts 2023, 88th Leg., R.S., Ch. 690 (H.B. 1515 ), Sec. 16(2), eff. September 1, 2023.