Texas Agriculture Code
§ 58.072 — FARMER INTEREST RATE REDUCTION PROGRAM
AG § 58.072Title 4. AGRICULTURAL ORGANIZATIONS · Ch. 58. AGRICULTURAL FINANCE AUTHORITY · Art. F. FARMER INTEREST RATE REDUCTION PROGRAM
Statute text
View on source(a)The board shall establish a farmer interest rate reduction program to promote the creation and expansion of agricultural businesses by people in this state.
(b)The board may disperse a loan under the farmer interest rate reduction program quarterly, annually, or biennially, or on another disbursement schedule, as determined by the board after considering the needs of the recipient.
(c)The board shall approve or disapprove any and all applications under this subchapter, provided that the board may delegate this authority to the commissioner.
(d)The board shall adopt rules for the loan portion of the farmer interest rate reduction program.
(e)In order to participate in the farmer interest rate reduction program, an eligible lending institution may solicit loan applications from eligible applicants.
(f)After reviewing an application and determining that the applicant is eligible and creditworthy, the eligible lending institution shall send the application for a linked deposit loan to the administrator of the authority.
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Legislative history
Acts 2025, 89th Leg., R.S., Ch. 709 (H.B. 43), Sec. 8, eff. June 20, 2025. Acts 2025, 89th Leg., R.S., Ch. 709 (H.B. 43), Sec. 9, eff. June 20, 2025.