Gavvy: Office of the Governor, Economic Development and Tourism Office, Rule 200.112 Withdrawal from Program; Termination of Participation in Program

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Rule 200.112 Withdrawal from Program; Termination of Participation in Program

(a) The Office may terminate enrollment of Qualified Loans under the Program: (1) on the date specified in the Office's notice of termination to the PFI; or (2) upon 90 days' notice, or an earlier date if the balance in the Fund reaches zero or the Office anticipates that the balance in the Fund will reach zero. (b) A PFI may withdraw from the Program after giving written notice to the Office. After receipt of this notice, the Office shall unencumber any Guaranteed Amounts in the Fund related to loans enrolled by that Financial Institution. If the encumbered amounts have been reported to Treasury, the Office shall promptly inform Treasury of the unencumbrance. Source Note: The provisions of this §200.112 adopted to be effective June 25, 2023, 48 TexReg 3217

Gavvy last updated this database on: Aug 7, 2024