{"data":{"id":"us-tx/tex.-government-code-481.451","jurisdiction":"us-tx","citation":"Tex. Government Code § 481.451","heading":"DEFINITIONS.","body":"In this subchapter:\n(1) \"Community development financial institution\" has the meaning assigned by 12 U.S.C. Section 4702.\n(2) \"Declared disaster\" means:\n(A) a declaration of a state of disaster under Section 418.014 or 418.108; or\n(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.\n(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.\n(4) \"Fund\" means the micro-business recovery fund established under Section 481.452.\n(5) \"Micro-business\" means a corporation, partnership, sole proprietorship, or other legal entity that:\n(A) is domiciled in this state and has at least 95 percent of its employees located in this state;\n(B) is formed to make a profit; and\n(C) employs not more than 20 employees.\n(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.\n(7) \"Program\" means the micro-business disaster recovery loan program established under this subchapter.\nAdded by Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 1, eff. June 18, 2021.","path":["GOVERNMENT CODE","TITLE 4. EXECUTIVE BRANCH","SUBTITLE F. COMMERCE AND INDUSTRIAL DEVELOPMENT","CHAPTER 481. TEXAS ECONOMIC DEVELOPMENT AND TOURISM OFFICE","SUBCHAPTER CC. MICRO-BUSINESS DISASTER RECOVERY PROGRAM"],"source_url":"https://statutes.capitol.texas.gov/Docs/GV/htm/GV.481.htm#481.451","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:16Z","sha256":"079b3737afef1966c71f32c6cfb6d433820a6ec284a85e56518fe2c6117754b3","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-government-code-481.414","next":"us-tx/tex.-government-code-481.452"},"notice":"GroundRules: Original legal text. Not legal advice."}