Sec. 15.610.  LINKED DEPOSIT.  A linked deposit is a deposit governed by a written deposit agreement between the board and an eligible lending institution that provides that:
(1)  the eligible lending institution pay interest on the deposit at a rate determined by the board;
(2)  the state not withdraw any part of the deposit before the expiration of a period set by a written advance notice of the intention to withdraw;  and
(3)  the eligible lending institution agree to lend the value of the deposit to a person at a maximum rate that is the rate paid by the eligible lending institution to the board plus a maximum of four percent.
Added by Acts 2003, 78th Leg., ch. 200, Sec. 19(d), eff. Sept. 1, 2003;  Acts 2003, 78th Leg., ch. 352, Sec. 4, eff. Sept. 1, 2003.