In addition to the definitions set out in the Texas Agriculture Code, Chapter 58, as amended, and in subchapter A of this chapter (relating to Financial Assistance Rules) the following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.
  (1) Act--Texas Agriculture Code, Chapter 58, Subchapter F, Texas Agriculture Code §§58.071 - 58.075.
  (2) Eligible borrower--A person that is 18 years of age or older but younger than 46 years of age at the time of submitting a loan application and who is approved for participation in the program.
  (3) Linked deposit--A time deposit governed by a written deposit agreement between the state and the lender that provides that:
    (A) the lender pay interest on the deposit at a rate that is not less than the greater of:
      (i) the current market rate minus 3%; or
      (ii) .5%;
    (B) the state does 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
    (C) the lender agrees to lend the value of the deposit to an eligible borrower at a rate not to exceed the linked deposit rate plus 4%.
  (4) Program--The Young Farmer Interest Rate Reduction Program.

Source Note: The provisions of this §28.42 adopted to be effective September 1, 2009, 34 TexReg 5902; amended to be effective July 12, 2021, 46 TexReg 4134