reglab/housing_qa huggingface dataset:
TX Fin Code § 185.206 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 185 - Enforcement Actions|Subchapter C. Unauthorized Trust Activity: Investigation and Enforcement|Section 185.206. Cease and Desist Order Regarding Unauthorized Trust Activity

Sec. 185.206.  CEASE AND DESIST ORDER REGARDING UNAUTHORIZED TRUST ACTIVITY.  (a)  The banking commissioner may serve a proposed cease and desist order on a person the banking commissioner believes is engaging or is likely to engage in an unauthorized trust activity.  The order must:(1)  be delivered by personal delivery or registered or certified mail, return receipt requested, to the person's last known address;(2)  state the acts or practices alleged to be an unauthorized activity;  and(3)  state the effective date of the order, which may not be earlier than the 21st day after the date the proposed order is mailed or delivered.(b)  Unless the person against whom the proposed order is directed requests a hearing in writing before the effective date of the proposed order, the order takes effect and is final and nonappealable as to that person.(c)  A requested hearing on a proposed order shall be held not later than the 30th day after the date the first written request for a hearing on the order is received by the banking commissioner unless the parties agree to a later hearing date.  At the hearing, the banking commissioner has the burden of proof and must present evidence in support of the order.  Each person against whom the order is directed may cross-examine witnesses and show cause why the order should not be issued.(d)  After the hearing, the banking commissioner shall issue or decline to issue a cease and desist order.  The proposed order may be modified as necessary to conform to the findings at the hearing.  An order issued under this subsection:(1)  is immediately final for purposes of enforcement and appeal;  and(2)  must require the person to immediately cease and desist from the unauthorized trust activity.(e)  The banking commissioner may release a final cease and desist order issued under this section or information relating to the existence of the order to the public if the banking commissioner finds that the release would enhance the effective enforcement of the order or will serve the public interest.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 185.207 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 185 - Enforcement Actions|Subchapter C. Unauthorized Trust Activity: Investigation and Enforcement|Section 185.207. Emergency Cease and Desist Order

Sec. 185.207.  EMERGENCY CEASE AND DESIST ORDER.  (a)  The banking commissioner may issue an emergency cease and desist order to a person who the banking commissioner reasonably believes is engaging in a continuing unauthorized trust activity that is fraudulent or threatens immediate and irreparable public harm.(b)  The order must:(1)  be delivered on issuance to each person affected by the order by personal delivery or registered or certified mail, return receipt requested, to the person's last known address;(2)  state the specific charges and require the person immediately to cease and desist from the unauthorized activity;  and(3)  contain a notice that a request for hearing may be filed under this section.(c)  Unless a person against whom the emergency order is directed requests a hearing in writing before the 11th day after the date it is served on the person, the emergency order is final and nonappealable as to that person.  A request for a hearing must:(1)  be in writing and directed to the banking commissioner;  and(2)  state the grounds for the request to set aside or modify the order.(d)  On receiving a request for a hearing, the banking commissioner shall serve notice of the time and place of the hearing by personal delivery or registered or certified mail, return receipt requested.  The hearing must be held not later than the 10th day after the date the banking commissioner receives the request for a hearing unless the parties agree to a later hearing date.  At the hearing, the banking commissioner has the burden of proof and must present evidence in support of the order.  The person requesting the hearing may cross-examine witnesses and show cause why the order should not be affirmed.(e)  After the hearing, the banking commissioner shall affirm, modify, or set aside in whole or part the emergency cease and desist order.  An order affirming or modifying the emergency cease and desist order is immediately final for purposes of enforcement and appeal.(f)  An order continues in effect unless the order is stayed by the banking commissioner.  The banking commissioner may impose any condition before granting a stay of the order.(g)  The banking commissioner may release a final cease and desist order issued under this section or information regarding the existence of the order to the public if the banking commissioner finds that the release would enhance the effective enforcement of the order or will serve the public interest.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 185.208 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 185 - Enforcement Actions|Subchapter C. Unauthorized Trust Activity: Investigation and Enforcement|Section 185.208. Appeal of Cease and Desist Order

Sec. 185.208.  APPEAL OF CEASE AND DESIST ORDER.  (a)  A person affected by a cease and desist order issued, affirmed, or modified after a hearing may file a petition for judicial review.(b)  A filed petition for judicial review does not stay or vacate the order unless the court, after hearing, specifically stays or vacates the order.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 185.209 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 185 - Enforcement Actions|Subchapter C. Unauthorized Trust Activity: Investigation and Enforcement|Section 185.209. Violation of Final Cease and Desist Order

Sec. 185.209.  VIOLATION OF FINAL CEASE AND DESIST ORDER.  (a)  If the banking commissioner reasonably believes that a person has violated a final and enforceable cease and desist order, the banking commissioner may:(1)  initiate administrative penalty proceedings under Section 185.210;(2)  refer the matter to the attorney general for enforcement by injunction and any other available remedy;  or(3)  pursue any other action the banking commissioner considers appropriate under applicable law.(b)  If the attorney general prevails in an action brought under Subsection (a)(2), the attorney general is entitled to reasonable attorney's fees.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 185.210 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 185 - Enforcement Actions|Subchapter C. Unauthorized Trust Activity: Investigation and Enforcement|Section 185.210. Administrative Penalty

Sec. 185.210.  ADMINISTRATIVE PENALTY.  (a)  The banking commissioner may initiate an action for an administrative penalty against a person for a violation of a cease and desist order by serving on the person notice of the time and place of a hearing on the penalty.  The notice must be delivered by personal delivery or registered or certified mail, return receipt requested, to the person's last known address.  The hearing may not be held earlier than the 20th day after the date the notice is served.  The notice must contain a statement of the facts or conduct alleged to be in violation of the cease and desist order.(b)  In determining whether a cease and desist order has been violated, the banking commissioner shall consider the maintenance of procedures reasonably adopted to ensure compliance with the order.(c)  If the banking commissioner after the hearing determines that a cease and desist order has been violated, the banking commissioner may:(1)  impose an administrative penalty in an amount not to exceed $25,000 for each separate act of unauthorized activity;(2)  direct the person against whom the order was issued to make complete restitution, in the form and amount and within the period determined by the banking commissioner, to each resident of this state and entity operating in this state damaged by the violation;  or(3)  both impose the penalty and direct restitution.(d)  In determining the amount of the penalty and whether to impose restitution, the banking commissioner shall consider:(1)  the seriousness of the violation, including the nature, circumstances, extent, and gravity of any prohibited act;(2)  the economic harm caused by the violation;(3)  the history of previous violations;(4)  the amount necessary to deter future violations;(5)  efforts to correct the violation;(6)  whether the violation was intentional or unintentional;(7)  the financial ability of the person against whom the penalty is to be assessed;  and(8)  any other matter that justice may require.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 185.211 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 185 - Enforcement Actions|Subchapter C. Unauthorized Trust Activity: Investigation and Enforcement|Section 185.211. Payment and Appeal of Administrative Penalty

Sec. 185.211.  PAYMENT AND APPEAL OF ADMINISTRATIVE PENALTY.  (a)  When an administrative penalty order under Section 185.210 becomes final, a person affected by the order, within the time permitted by law for appeal, shall:(1)  pay the amount of the penalty;(2)  pay the amount of the penalty and file a petition for judicial review contesting the occurrence of the violation, the amount of the penalty, or both;  or(3)  without paying the amount of the penalty, file a petition for judicial review contesting the occurrence of the violation, the amount of the penalty, or both.(b)  Within the time permitted by law for appeal, a person who acts under Subsection (a)(3) may:(1)  stay enforcement of the penalty by:(A)  paying the amount of the penalty to the court for placement in an escrow account;  or(B)  giving the court a supersedeas bond that is approved by the court for the amount of the penalty and that is effective until all judicial review of the order is final;  or(2)  request the court to stay enforcement of the penalty by:(A)  filing with the court a sworn affidavit of the person stating that the person is financially unable to pay the amount of the penalty and is financially unable to give the supersedeas bond;  and(B)  giving a copy of the affidavit to the banking commissioner by certified mail.(c)  Not later than the fifth day after the date the banking commissioner receives a copy of an affidavit under Subsection (b)(2), the banking commissioner may file with the court a contest to the affidavit.  The court shall hold a hearing on the facts alleged in the affidavit as soon as practicable and shall stay the enforcement of the penalty on finding that the alleged facts are true.  The person who files an affidavit has the burden of proving that the person is financially unable to pay the amount of the penalty and to give a supersedeas bond.(d)  If the person does not pay the amount of the penalty and the enforcement of the penalty is not stayed, the banking commissioner may refer the matter to the attorney general for collection of the amount of the penalty.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 185.212 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 185 - Enforcement Actions|Subchapter C. Unauthorized Trust Activity: Investigation and Enforcement|Section 185.212. Judicial Review of Administrative Penalty

Sec. 185.212.  JUDICIAL REVIEW OF ADMINISTRATIVE PENALTY.  (a)  If on judicial review the court sustains the penalty order, the court shall order the person to pay the full amount of the penalty or a lower amount determined by the court.  If the court does not sustain the order, a penalty is not owed.(b)  When the judgment of the court becomes final, if the person paid the amount of the penalty and if that amount is reduced or is not upheld by the court, the court shall order that the appropriate amount plus accrued interest computed at the annual rate of 10 percent be remitted to the person.  The interest shall be paid for the period beginning on the date the penalty was paid and ending on the date the penalty is remitted.  If the person gave a supersedeas bond and the amount of the penalty is not upheld by the court, the court shall order the release of the bond.  If the person gave a supersedeas bond and the amount of the penalty is reduced, the court shall order the release of the bond after the person pays the amount of the penalty.(c)  If the judgment of the court requires payment of a penalty that has not previously been paid, the court shall order as part of its judgment that interest accrues on the penalty at the annual rate of 10 percent, beginning on the date the judgment is final and ending on the date the penalty and interest are paid.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.001 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter A. General Provisions|Section 186.001. Definition

Sec. 186.001.  DEFINITION.  In this chapter, "administrative expense" means:(1)  an expense designated as an administrative expense by Subchapter C or D;(2)  court costs and expenses of operation and liquidation of a state trust company estate;(3)  wages owed to an employee of a state trust company for services rendered within three months before the date the state trust company was closed for liquidation and not exceeding:(A)  $2,000 to each employee;  or(B)  another amount set by rules adopted under this subtitle;(4)  current wages owed to a state trust company employee whose services are retained by the receiver for services rendered after the date the state trust company is closed for liquidation;(5)  an unpaid expense of supervision or conservatorship of the state trust company before its closing for liquidation;  and(6)  any unpaid fees or assessments owed to the department.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.002 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter A. General Provisions|Section 186.002. Remedies Exclusive

Sec. 186.002.  REMEDIES EXCLUSIVE.  (a)  Unless the banking commissioner so requests, a court may not:(1)  order the closing or suspension of operation of a state trust company;  or(2)  appoint for a state trust company a receiver, supervisor, conservator, or liquidator, or other person with similar responsibility.(b)  A person may not be designated receiver, supervisor, conservator, or liquidator without the voluntary approval and concurrence of the banking commissioner.(c)  This chapter prevails over any other conflicting law of this state.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.003 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter A. General Provisions|Section 186.003. Federal Deposit Insurance Corporation as Liquidator

Sec. 186.003.  FEDERAL DEPOSIT INSURANCE CORPORATION AS LIQUIDATOR.  (a)  The banking commissioner without court action may tender a state trust company that has been closed for liquidation to the Federal Deposit Insurance Corporation or its successor as receiver and liquidating agent if the trust deposits of the state trust company were insured by the Federal Deposit Insurance Corporation or its successor on the date of closing.(b)  After acceptance of tender of the state trust company, the Federal Deposit Insurance Corporation or its successor shall perform the acts and duties as receiver of the state trust company that it considers necessary or desirable and that are permitted or required by federal law or this chapter.(c)  If the Federal Deposit Insurance Corporation or its successor refuses to accept tender of the state trust company, the banking commissioner shall act as receiver.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.004 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter A. General Provisions|Section 186.004. Appointment of Independent Receiver

Sec. 186.004.  APPOINTMENT OF INDEPENDENT RECEIVER.  (a)  On request of the banking commissioner, the court in which a liquidation proceeding is pending may:(1)  appoint an independent receiver;  and(2)  require a suitable bond of the independent receiver.(b)  On appointment of an independent receiver, the banking commissioner is discharged as receiver and remains a party to the liquidation proceeding with standing to initiate or contest any motion.  The views of the banking commissioner are entitled to deference unless they are inconsistent with the plain meaning of this chapter.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.005 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter A. General Provisions|Section 186.005. Succession of Trust Powers

Sec. 186.005.  SUCCESSION OF TRUST POWERS.  (a)  If a state trust company in the process of voluntary or involuntary dissolution and liquidation is acting as trustee, guardian, executor, administrator, or escrow agent, or in another fiduciary or custodial capacity, the banking commissioner may authorize the sale of the state trust company's administration of fiduciary accounts to a successor entity with fiduciary powers.(b)  The successor entity, without the necessity of action by a court or the creator or a beneficiary of the fiduciary relationship, shall:(1)  continue the office, trust, or fiduciary relationship;  and(2)  perform all the duties and exercise all the powers connected with or incidental to the fiduciary relationship as if the successor entity had been originally designated as the fiduciary.(c)  This section applies to all fiduciary relationships, including a trust established for the benefit of a minor by court order under Section 142.005, Property Code.  This section does not affect any right of a court or a party to the instrument governing the fiduciary relationship to subsequently designate another trustee as the successor fiduciary.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|
TX Fin Code § 186.101 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter B. Voluntary Dissolution|Section 186.101. Initiating Voluntary Dissolution

Sec. 186.101.  INITIATING VOLUNTARY DISSOLUTION.  (a)  A state trust company may initiate voluntary dissolution and surrender its charter as provided by this subchapter:(1)  with the approval of the banking commissioner;(2)  after complying with the provisions of the Business Organizations Code regarding board and shareholder approval for voluntary dissolution; and(3)  by filing the notice of dissolution as provided by Section 186.102.(b)  The shareholders or participants of a state trust company initiating voluntary dissolution by resolution shall appoint one or more persons to act as liquidating agent or committee.  The liquidating agent or committee shall conduct the liquidation as provided by law and under the supervision of the board.  The board, in consultation with the banking commissioner, shall require the liquidating agent or committee to give a suitable bond.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.Amended by: Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 76, eff. September 1, 2007.|
TX Fin Code § 186.102 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter B. Voluntary Dissolution|Section 186.102. Filing Resolutions With Banking Commissioner

Sec. 186.102.  FILING RESOLUTIONS WITH BANKING COMMISSIONER.  After resolutions to dissolve and liquidate a state trust company have been adopted by the board and shareholders or participants, a majority of the directors, managers, or managing participants shall verify and file with the banking commissioner certified copies of:(1)  the resolutions of the shareholders or participants that:(A)  are adopted at a meeting for which proper notice was given or by unanimous written consent; and(B)  approve the dissolution and liquidation of the state trust company;(2)  the resolutions of the board approving the dissolution and liquidation of the state trust company if the trust company is operated by a board of directors or managers;(3)  the notice to the shareholders or participants informing them of the meeting described by Subdivision (1)(A); and(4)  a plan of liquidation.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.Amended by: Acts 2007, 80th Leg., R.S., Ch. 735 (H.B. 2754), Sec. 18, eff. September 1, 2007.|
TX Fin Code § 186.103 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle F - Trust Companies|Chapter 186 - Dissolution and Receivership|Subchapter B. Voluntary Dissolution|Section 186.103. Banking Commissioner Investigation and Consent

Sec. 186.103.  BANKING COMMISSIONER INVESTIGATION AND CONSENT.  The banking commissioner shall review the documentation submitted under Section 186.102 and conduct any necessary investigation or examination.  If the proceedings appear to have been properly conducted and the bond to be given by the liquidating agent or committee is adequate for its purposes, the banking commissioner shall consent to dissolution and direct the state trust company to publish notice of its pending dissolution.|Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.|