Sec. 15.615.  DEPOSIT AGREEMENT.  If the board approves an application of an eligible lending institution, the board and the eligible lending institution shall enter into a written deposit agreement.  The agreement shall contain the conditions on which the linked deposit is made.  On execution of the agreement, the board shall place a linked deposit from the revolving fund with the eligible lending institution in accordance with the agreement.  A delay in payment or a default on a loan by an applicant does not affect the validity of the deposit agreement.
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.