Texas Agriculture Code

§ 44.007 — INTEREST RATE REDUCTION PROGRAM

AG § 44.007Title 3. AGRICULTURAL RESEARCH AND PROMOTION · Ch. 44. AGRICULTURAL DIVERSIFICATION AND MICROENTERPRISE SUPPORT PROGRAMS

Statute text

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(a)The board shall establish an interest rate reduction program to foster the:

(1)creation and expansion of enterprises based on agriculture in this state; or

(2)development or expansion of businesses in rural areas of this state.

(b)The board shall approve or disapprove any and all applications under this chapter, provided that the board may delegate this authority to the commissioner.

(c)The board shall promulgate rules for the loan portion of the interest rate reduction program.

(d)In order to participate in the interest rate reduction program, an eligible lending institution may solicit loan applications from eligible borrowers.

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Legislative history

Acts 2009, 81st Leg., R.S., Ch. 506 (S.B. 1016), Sec. 1.02, eff. September 1, 2009. Acts 2009, 81st Leg., R.S., Ch. 506 (S.B. 1016), Sec. 1.03, eff. September 1, 2009. Acts 2013, 83rd Leg., R.S., Ch. 1197 (S.B. 1214), Sec. 4, eff. June 14, 2013.