| (a) Reserve deposits will not be remitted by the Office
to the reserve account of participating financial institution until
the receipt of an enrollment form by the institution.
(b) An enrollment form shall be sent to the Office
within 15 business days of loan origination. Origination is considered
to be the earlier of the date the loan documents have been executed
or the date the loan proceeds are first forwarded to the eligible
borrower.
(c) The enrollment form submitted by participating
institutions, developed by the Office, shall include at least the
following information as well as other information the Office may
require:
(1) name, address, phone and contact of the participating
financial institution;
(2) name, address, phone and contact of the eligible
borrower;
(3) certification that to the best of the participating
institution's knowledge the borrower is eligible under program guidelines;
(4) the total loan amount being made by the financial
institution to the borrower;
(5) the amount of the loan being enrolled in the program;
(6) business description;
(7) description of use of loan proceeds;
(8) employment information of the eligible borrower;
(9) gross sales of the eligible borrower for the past
12 months;
(10) ethnicity and gender of borrower;
(11) whether borrower is a certified State of Texas
historically underutilized business;
(12) if applicable, verification of status as a project
within an enterprise zone, or for day-care center or group day-care
home;
(13) amount of participating financial institution's
deposit to reserve;
(14) amount of eligible borrower's deposit to reserve;
(15) calculation of the Office's contribution to reserve;
(16) execution of the certification on behalf of the
participating financial institution by an authorized officer, which
shall include the officer's name, title and the date of execution.
(d) Execution of the enrollment form shall imply that
all information provided on this form is true and correct, and that
the lender is relying on the representation of the borrower for the
following numbered items of the enrollment form: (2), (3), (6), (7),
(8), (9), (10), (11), and (12).
(e) The Office may, but is not required, to notify
participating financial institutions when proceeds available in the
fund soon may not be sufficient to meet the demand for reserve contributions.
(f) If proceeds within the fund are insufficient to
provide reserve contributions to participating financial institutions,
those institutions may still enroll loans without the additional state
contribution, subject to normal enrollment guidelines.
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| Source Note: The provisions of this §187.8 adopted to be effective September 15, 1997, 22 TexReg 8967; amended to be effective October 31, 2002, 27 TexReg 10010; amended to be effective August 5, 2012, 37 TexReg 5735 |
