In addition to the definitions set forth in Texas Agriculture Code, §58.002, as amended, the following words and terms, when used in this chapter, shall have the following meanings, unless the context clearly indicates otherwise. Definitions applicable to specific programs may be included within the applicable subchapter.

1. (1) Act--The Texas Agricultural Finance Act, Texas Agriculture Code, Chapter 58.
2. (2) Administrator--The individual employed by the Commissioner, with approval of the Board, to perform duties related to administration of the Authority, as further described in Texas Agriculture Code, Section 58.015(c).
3. (3) Applicant--Any eligible agricultural business filing an application with the Authority for financial assistance under any program under this chapter. A lender may submit an application on behalf of the business.
4. (4) Application--An application promulgated and approved by the Board, including supporting documentation and schedules as required by the Authority, for participation in a program under this chapter.
5. (5) Authority--The Texas Agricultural Finance Authority.
6. (6) Board--The board of directors of the Authority.
7. (7) Business day--A day on which the Department is open for business. The term shall not include Saturday, Sunday, or a traditional holiday officially observed by the State. The Department's normal business hours are 8:00 a.m. to 5:00 p.m. each business day.
8. (8) Compliance report--A copy of the final loan documents.
9. (9) Comptroller--The Texas Comptroller of Public Accounts.
10. (10) Current market rate--The rate of interest on a United States treasury bill or note, the maturity date of which most closely matches the maturity date of the loan, or the end of the current biennium of the State, whichever is sooner, as determined by reference to the United States treasury bill or note section of the Wall Street Journal or equivalent publication including an electronic publication, published on the day the loan is priced.
11. (11) Default--The failure to perform an obligation established by the loan agreement, these rules or the Act.
12. (12) Department--The Texas Department of Agriculture.
13. (13) Deputy Commissioner--The Deputy Commissioner of the Department.
14. (14) Equity--The applicant's contribution to a project in the form of cash, land, or other depreciable property.
15. (15) Fund--The Texas Agricultural Fund.
16. (16) Loan guarantee amount--With respect to loans made by a lender and guaranteed by the Authority, a sum measured in terms of United States dollars that the Authority pays to the lender to acquire an undivided interest in any loan or, in the case of default by the borrower, the Authority agrees to pay to the lender, not to exceed the percentage as stated in the guaranty agreement.
17. (17) Program--Any financial assistance program approved by the Authority board and defined by the rules under this chapter.
18. (18) Project--An enterprise which would further the expansion or development of production, processing, marketing or exporting of Texas agricultural products or other agricultural-related rural economic development projects.
19. (19) Qualified application--A completed application, including all documents and information required by the Authority and submitted by the lender or applicant for participation in a program under this chapter.
20. (20) Rural area--An area which is predominately rural in character; an unincorporated area or a city with a population under 50,000; or a county with a population under 200,000, or another area defined by resolution of the board with respect to a particular program.
21. (21) Staff--The staff of the Authority or staff of the Department performing work for the Authority.
22. (22) State--The State of Texas.

Source Note:The provisions of this §28.2 adopted to be effective September 1, 2009, 34 TexReg 5902; amended to be effective November 21, 2013, 38 TexReg 8190; amended to be effective July 12, 2021, 46 TexReg 4134; amended to be effective March 18, 2026, 51 TexReg 1617.