Texas § GV.481.451 - DEFINITIONS
Full text of Texas The Texas Constitution § GV.481.451 — DEFINITIONS, with citation guidance and answers to common questions.
§ GV.481.451. DEFINITIONS
DEFINITIONS. In this subchapter: (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 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 Section 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. Added by Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271 ), Sec. 1, eff. June 18, 2021.
Frequently Asked Questions About Texas § GV.481.451
What does The Texas Constitution § GV.481.451 cover?
Section GV.481.451 ("DEFINITIONS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § GV.481.451?
A common citation format is "The Texas Constitution § GV.481.451" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § GV.481.451 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.