Sec. 59.027. CHANGES IN USE. (a) Before a borrower may use land acquired with financial assistance under this chapter for a primary purpose other than farming or ranching, the borrower must submit to the board an application for approval of the change of use.
(b) As soon as practicable after an application for a change of use is received, the board shall approve or deny the application and shall notify the borrower of the board's decision.
(c) The loan contract must provide that using land acquired under this chapter for a purpose other than farming or ranching without the approval of the board constitutes default under the contract.
Added by Acts 1993, 73rd Leg., ch. 542, Sec. 1, eff. Sept. 1, 1993. Amended by Acts 1995, 74th Leg., ch. 1014, Sec. 16, eff. Jan. 1, 1996.
Structure Texas Statutes
Title 4 - Agricultural Organizations
Chapter 59 - Farm and Ranch Finance Program
Section 59.023. Powers of Board
Section 59.024. Application; Eligibility
Section 59.025. Maximum Amount of Loan or Guarantee
Section 59.026. Transfer of Borrower's Interest
Section 59.027. Changes in Use
Section 59.029. Payments to Board Under Certain Leases
Section 59.030. Term of Leases