Texas Statutes
Subchapter BB. Access to Capital Programs
Section 481.406. Rulemaking Authority

Sec. 481.406. RULEMAKING AUTHORITY. (a) The executive director may adopt rules relating to the implementation of any program established under this subchapter and any other rules necessary to accomplish the purposes of this subchapter.
(b) The rules for the original capital access program may:
(1) provide for criteria under which a certain line of credit issued by an eligible financial institution to a small or medium-sized business or nonprofit organization qualifies to participate in the original capital access program; and
(2) authorize a consortium of financial institutions to participate in the original capital access program subject to common underwriting guidelines.
(c) To qualify for participation in the original capital access program, a line of credit must:
(1) be an account at a financial institution under which the financial institution agrees to lend money to a person from time to time to finance one or more projects, activities, or enterprises that are authorized by this subchapter; and
(2) contain the same restrictions, to the extent possible, that are placed on a capital access loan under the original capital access program that is not a line of credit.
Added by Acts 1997, 75th Leg., ch. 1163, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 814, Sec. 1.55, eff. Sept. 1, 2003.
Amended by:
Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 8, eff. June 18, 2021.

Structure Texas Statutes