(a) For each capital access loan made by a participating
financial institution, the financial institution shall certify to
the Office, within 15 business days, that the institution has made
a capital access loan, the amount the financial institution has deposited
into the reserve account, including the contributions made by the
eligible applicant, and, if applicable that the eligible applicant
is located in or financing a project, activity, or enterprise in an
area designated as an enterprise zone or is a child-care center or
group day-care home.
(b) When a participating financial institution makes
a loan enrolled under the program, it shall require a fee of the eligible
applicant in an amount that is not less than two percent but not greater
than three percent of the principal amount of the loan, which will
then be deposited into the institution's reserve account. The amount
of reserve contribution made by an eligible applicant may be financed
within the loan being originated.
(c) The financial institution shall also place into
the reserve account an amount equal to that placed into the reserve
account by the eligible applicant. The institution may recover all
or part of its contribution to reserve in any manner previously agreed
upon between the participating financial institution and the eligible
borrower.
(d) The department shall place into the reserve account
an amount to be determined by the following:
(1) an amount equal to the total amount deposited by
the financial institution and the eligible applicant for each loan
if the institution:
(A) has assets of more than $1 billion; or
(B) has previously enrolled loans in the program that
in the aggregate are more than $2 million.
(2) an amount equal to 150% of the total deposit made
by the financial institution and the eligible applicant if the financial
institution is not described within paragraph (1) of this subsection.
(3) notwithstanding paragraphs (1) and (2) of this
subsection, an amount equal to 200% of the total amount deposited
by both the institution and the eligible applicant if:
(A) the eligible applicant is located or financing
a project, activity, or enterprise in an area designated as an enterprise
zone; or
(B) the eligible applicant is a small or medium size
business or a non-profit organization that operates or proposes to
operate a day-care center or group day-care home, as those terms are
defined by Human Resources Code, §42.002.
|
Source Note: The provisions of this §187.11 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 |