Sec. 481.457. OVERSIGHT. (a) A community development financial institution participating in the program shall report quarterly to the bank: (1) the names of micro-businesses that have received a disaster recovery loan; (2) the current balance of all outstanding disaster recovery loans; (3) the default rate on existing disaster recovery loans; and (4) any other information the bank requires. (b) A community development financial institution participating in the program shall prepare a detailed financial statement each quarter and provide a copy to the bank. (c) A community development financial institution shall allow the bank to inspect the institution's financial records on request for purposes that relate to loans under the program.
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.