TX LEG Emergency Rules Disaster Loan

Published on: Oct 23, 2024

On Oct. 18, TX LEG adopted emergency rules on disaster loans.

  • TX LEG Economic Development and Tourism Office adopted, as emergency, TX LEG 10-5-201.1 - TX LEG 10-5-201.8, Texas micro-business disaster recovery loan program.
  • Concurrent with proposed rules to adopt micro-business disaster loans, see #230452.
  • Follows TX LEG Oct. 2024 launch of micro-business disaster loans, see #228570.
  • Emergency Rules
  • Establishment and administration of new Texas micro-business disaster recovery loan program as established by subchapter CC, chapter 481, Texas Government Code.
  • Expands access to capital for qualifying micro-businesses following a declared disaster.
  • Zero-interest loans to community development financial institutions (CDFIs) to support interest-bearing disaster recovery loans to micro-businesses following a disaster.
  • Emergency basis due to the imminent peril to public welfare represented by disasters.
  • Rules provide for how a CDFI can participate in the Program and how it can obtain a zero-interest loan to support a disaster recovery loan to a qualifying micro-business.
  • Effectiveness
  • Emergency rules are effective for 120 days from the date of filing, i.e. Feb. 15, 2024.
Regulators
TX LEG
Entity Types
Corp
Reference
TX SR Vol. 49 No. 42 p. 8441, 10/18/2024; Citation: TX LEG 10-5;
Functions
BCS; Financial; Product Administration; Risk; Underwriting
Countries
United States of America
Category
State
N/A
Products
Corporate; Loan
Rule Type
Final
Regions
Am
Rule Date
Oct 18, 2024
Effective Date
Feb 15, 2025
Rule ID
230449
Linked to
Reg. Last Update
Oct 18, 2024
Report Section
US Investment