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RULE §28.19 Program Limitations

Published: 2015

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In addition to the limitations already set forth in these rules, the following limitations apply.   (1) Not more than $30 million may be placed concurrently in linked deposits under the Act.   (2) The maximum amount of a loan under this program is $500,000.   (3) All linked deposits placed under this program shall expire upon expiration of the biennium; however, subject to legislative authorization and approval by the Authority and the comptroller, linked deposits that expired as a result of the expiration of the biennium may be renewed.   (4) The state shall not be liable for any failure to comply with the terms and conditions of the loan, or any failure to make any payments or any other losses or expenses that occur directly or indirectly from the program.   (5) An applicant may have more than one application and linked deposit loan with the program provided that the total applications and total linked deposits approved do not exceed $500,000.   (6) A person shall not receive approval of an application if a previous loan under the program is in default.

Source Note: The provisions of this §28.19 adopted to be effective September 1, 2009, 34 TexReg 5902