reglab/statecodes huggingface dataset:
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter L. Change of Control of Savings Bank › Section 92.556. Denial of Application

Sec. 92.556.  DENIAL OF APPLICATION.  (a)  The commissioner by order shall deny an application unless the applicant establishes that:
(1)  the acquisition would not:
(A)  substantially lessen competition;
(B)  restrain trade in a manner that would result in a monopoly;  or
(C)  further a combination or conspiracy to monopolize or attempt to monopolize the financial industry in any part of this state;
(2)  the financial condition of an acquiring party does not jeopardize the financial stability of the savings bank being acquired;
(3)  the plan or proposal to liquidate or sell the savings bank or any assets is in the best interest of the savings bank;
(4)  the experience, ability, standing, competence, trustworthiness, and integrity of the applicant are sufficient to ensure that the acquisition is in the best interest of the savings bank;  and
(5)  the savings bank would be solvent, have adequate capital structure, and be in compliance with the law of this state.
(b)  The commissioner is not required to deny an application that does not comply with Subsection (a)(1) if the commissioner determines that:
(1)  the anticompetitive effects of the acquisition are clearly outweighed in the public interest by the probable effect of the acquisition in meeting the convenience and needs of the community to be served;  and
(2)  the acquisition does not violate a law of this state or the United States.
(c)  Notwithstanding Subsections (a) and (b), the commissioner shall issue an order denying an application if the commissioner determines that the applicant:
(1)  has not furnished all information pertinent to the application reasonably requested by the commissioner;  or
(2)  is not acting in good faith.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter L. Change of Control of Savings Bank › Section 92.557. Notice of Intent to Deny; Hearing

Sec. 92.557.  NOTICE OF INTENT TO DENY;  HEARING.  (a)  Not later than the 60th day after the date the application is filed, the commissioner shall:
(1)  approve the application without a hearing;  or
(2)  notify the transferee in writing that the commissioner intends to deny the application and state the grounds for denial.
(b)  Not later than the 30th day after the date notice of intent to deny is mailed to the transferee, the transferee may file a written request for a hearing on the application.
(c)  The commissioner may immediately enter a final and nonappealable order denying the application if a hearing is not timely requested.
(d)  If a hearing is to be held, the commissioner shall issue public notice of the application and shall give any interested person an opportunity to appear, present evidence, and be heard for or against the application.  A hearing officer designated by the commissioner shall hold the hearing.
(e)  After the hearing, the commissioner shall enter a final order approving or denying the application.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter L. Change of Control of Savings Bank › Section 92.558. Judicial Review

Sec. 92.558.  JUDICIAL REVIEW.  (a)  An applicant may appeal a final order with the commissioner as defendant.
(b)  A party to the action may appeal the court's decision.  The appeal is immediately returnable to the appellate court and has precedence over any cause of a different character pending in that court.
(c)  The commissioner is not required to give an appeal bond in a cause arising under this section.
(d)  Filing an appeal under this section does not stay an order of the commissioner.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter L. Change of Control of Savings Bank › Section 92.559. Unauthorized Change of Control

Sec. 92.559.  UNAUTHORIZED CHANGE OF CONTROL.  If it appears that a change in control may have occurred without prior approval, the commissioner may call a hearing to determine whether:
(1)  a change in control has occurred or an unauthorized person without any apparent ownership interest in the savings bank, acting alone or with others, effectively has indirect controlling or dominating influence over the management or policies of the savings bank;  and
(2)  an appropriate supervisory order should be issued, including an order requiring divestiture of unapproved or indirect control.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter L. Change of Control of Savings Bank › Section 92.560. Injunction

Sec. 92.560.  INJUNCTION.  (a)  The attorney general on behalf of the commissioner may apply for equitable relief as the case may require, including an order prohibiting the violation, if it appears to the commissioner that a person has violated or is about to violate this subchapter or a rule of the finance commission or order of the commissioner adopted under this subchapter.
(b)  The suit must be brought in a district court of Travis County.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 49, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter L. Change of Control of Savings Bank › Section 92.561. Criminal Penalty

Sec. 92.561.  CRIMINAL PENALTY.  (a)  A person commits an offense if the person intentionally makes a materially false or misleading statement to the commissioner with respect to the information required by this subchapter.
(b)  An offense under this section is a Class A misdemeanor.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter M. Limited Savings Bank › Section 92.601. Application to Organize

Sec. 92.601.  APPLICATION TO ORGANIZE.  (a)  Five or more adult residents of this state may apply to organize a savings bank as a limited savings bank by submitting to the commissioner:
(1)  an application to organize a limited savings bank that is:
(A)  in a form specified by the commissioner; and
(B)  signed by each organizer; and
(2)  the filing fee.
(b)  An application must contain:
(1)  two copies of the limited savings bank's certificate of formation containing:
(A)  the name of the savings bank;
(B)  the location of the principal office;
(C)  the names and addresses of the initial managers; and
(D)  to the extent not inconsistent with this subtitle, the proper business of a savings bank, or a rule adopted by the finance commission related to savings banks, other provisions included in:
(i)  the articles of organization of a limited liability company organized under the Texas Limited Liability Company Act (Article 1528n, Vernon's Texas Civil Statutes) if the limited savings bank was organized before January 1, 2006; or
(ii)  the certificate of formation of a limited liability company organized under Chapter 101, Business Organizations Code, if:
(a)  the limited savings bank was organized on or after January 1, 2006; or
(b)  the organizers elect to include those provisions, if the limited savings bank was organized before January 1, 2006;
(2)  two copies of the savings bank's company agreement;
(3)  data sufficiently detailed and comprehensive in nature to enable the commissioner to make findings under Section 92.058, including statements, exhibits, and maps;
(4)  financial information about each applicant, organizer, manager, officer, or member that the finance commission requires by rule; and
(5)  other information relating to the savings bank and its operation that the finance commission requires by rule.
(c)  Financial information described by Subsection (b) is confidential and not subject to public disclosure unless the commissioner finds that disclosure is necessary and in the public interest.
(d)  The statement of fact must be signed and sworn to.
(e)  Subchapter B applies to the organization of a limited savings bank except to the extent inconsistent with this section.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter M. Limited Savings Bank › Section 92.602. Liability of Members and Managers

Sec. 92.602.  LIABILITY OF MEMBERS AND MANAGERS.  A member, transferee of a member, or manager of a limited savings bank is not liable for a debt, obligation, or liability of the limited savings bank, including a debt, obligation, or liability under a judgment, decree, or order of a court.  A member or a manager of a limited savings bank is not a proper party to a proceeding by or against a limited savings bank unless the object of the proceeding is to enforce a member's or manager's right against or liability to a limited savings bank.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter M. Limited Savings Bank › Section 92.603. Contributions

Sec. 92.603.  CONTRIBUTIONS.  A member of a limited savings bank is obligated to make contributions as required in the company agreement.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter M. Limited Savings Bank › Section 92.604. Managers of Limited Savings Bank

Sec. 92.604.  MANAGERS OF LIMITED SAVINGS BANK.  (a)  Management of a limited savings bank shall be exercised by a board of managers consisting of not fewer than five or more than 21 persons.
(b)  A  manager must meet the qualifications for a director under Section 92.153.
(c)  The governing documents of a limited savings bank may use "director" instead of "manager" and "board" instead of "board of managers."
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter M. Limited Savings Bank › Section 92.605. Withdrawal or Reduction of Member's Contribution

Sec. 92.605.  WITHDRAWAL OR REDUCTION OF MEMBER'S CONTRIBUTION.  (a)  A member may not receive from a limited savings bank any part of the member's contribution except as provided by rule adopted by the finance commission regulating withdrawal or reduction.
(b)  A member may not receive any part of the member's contribution if, after the withdrawal or reduction, the capital of the savings bank would be reduced to less than the minimum capital established for the incorporation or operation of a savings bank by this subtitle or a rule adopted under this subtitle.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter M. Limited Savings Bank › Section 92.606. Company Agreement of Limited Savings Bank

Sec. 92.606.  COMPANY AGREEMENT OF LIMITED SAVINGS BANK.  (a)  A limited savings bank shall adopt a company agreement that contains provisions regulating the management and organization of the limited savings bank.  The agreement is subject to the approval of the commissioner and must contain provisions the finance commission may require by a rule adopted under this subchapter.
(b)  At the option of the limited savings bank, the term "bylaws" may be substituted for the term "company agreement."
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter M. Limited Savings Bank › Section 92.607. Dissolution

Sec. 92.607.  DISSOLUTION.  (a)  A limited savings bank organized under this subchapter is dissolved on:
(1)  the expiration of the period fixed for the duration of the limited savings bank; or
(2)  the occurrence of events specified in the certificate of formation or company agreement to cause dissolution.
(b)  A dissolution under this section is considered a resolution to close the savings bank under Section 96.251.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter M. Limited Savings Bank › Section 92.608. Allocation of Profits and Losses

Sec. 92.608.  ALLOCATION OF PROFITS AND LOSSES.  The profits and losses of a limited savings bank may be allocated among the members and among classes of members as provided by the company agreement.  Without the prior written approval of the commissioner to use a different allocation method, the profits and losses must be allocated according to the relative interests of the members in the limited savings bank.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter M. Limited Savings Bank › Section 92.609. Distributions

Sec. 92.609.  DISTRIBUTIONS.  Subject to rules adopted by the finance commission, distributions of cash or other assets of a limited savings bank may be made to the members as provided by the company agreement.  Without the prior written approval of the commissioner to use a different distribution method, distributions must be made to the members according to the relative interests of the members as reflected in the governing documents of the limited savings bank filed with and approved by the commissioner.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter M. Limited Savings Bank › Section 92.610. Amendment of Governing Documents

Sec. 92.610.  AMENDMENT OF GOVERNING DOCUMENTS.  (a)  A limited savings bank may amend its certificate of formation by a majority vote of the members cast at any annual meeting or a special meeting called for that purpose unless the certificate of formation requires a higher percentage.
(b)  If provided in the governing documents, the company agreement of a limited savings bank may be amended by a majority vote of the board of managers unless the governing documents require a higher percentage.  In the absence of an express provision in the governing documents, the company agreement may be amended by a majority vote of the members cast at any annual meeting or special meeting called for that purpose.
(c)  An amendment to the governing documents may not take effect before it is filed with and approved by the commissioner.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 92 - Organizational and Financial Requirements › Subchapter M. Limited Savings Bank › Section 92.611. Application of Other Provisions to Limited Savings Banks; Miscellaneous Provisions

Sec. 92.611.  APPLICATION OF OTHER PROVISIONS TO LIMITED SAVINGS BANKS; MISCELLANEOUS PROVISIONS.  (a)  This subtitle applies to a savings bank organized as a limited savings bank under this subchapter.  In the event of a conflict between this subchapter and a provision of this subtitle, this subchapter controls unless the finance commission by rule provides that this subtitle controls.
(b)  For purposes of provisions of this chapter other than this subchapter, as the context requires:
(1)  a manager is considered to be a director and the board of managers is considered to be the board of directors;
(2)  a member is considered to be a shareholder; and
(3)  a distribution is considered to be a dividend.
(c)  A reference in a statute or rule to a savings bank includes a savings bank organized as a limited savings bank unless the context clearly requires that a limited savings bank is not included within the term or the provision contains express language excluding a limited savings bank.
(d)  In this subchapter, "governing document" means a limited savings bank's certificate of formation or company agreement.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.15, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 93 - General Powers › Section 93.001. General Corporate Powers

Sec. 93.001.  GENERAL CORPORATE POWERS.  (a)  A savings bank has the powers authorized by this subtitle and any other right, privilege, or power incidental to or reasonably necessary to accomplish the purposes of the savings bank.
(b)  With the commissioner's prior approval, a savings bank may engage in business as a savings bank in any state of the United States to the extent permitted by the laws of that state, either directly or through the ownership of a savings bank incorporated under the laws of another state.
(c)  A savings bank may:
(1)  sue and be sued in its corporate name;
(2)  adopt and operate a reasonable bonus plan, profit-sharing plan, stock bonus plan, stock option plan, pension plan, or similar incentive plan for its directors, officers, or employees, subject to any limitations under this subtitle or rules adopted under this subtitle;
(3)  make reasonable donations for the public welfare or for a charitable, scientific, religious, or educational purpose;
(4)  pledge its assets to secure deposits of public money of the United States, if required by the United States, including revenue and money the deposit of which is subject to control or regulation of the United States;
(5)  pledge its assets to secure deposits of public money of any state or of a political corporation or political subdivision of any state or of any other entity that serves a public purpose according to rules adopted by the finance commission;
(6)  become a member of or deal with any corporation or agency of the United States or this state, to the extent that the corporation or agency assists in furthering the purposes or powers of savings banks, and for that purpose may purchase stock or securities of the corporation or agency or deposit money with the corporation or agency and may comply with any other condition of membership credit;
(7)  become a member of a federal home loan bank or the Federal Reserve System;
(8)  hold title to any assets acquired because of the collection or liquidation of a loan, investment, or discount and may administer those assets as necessary;
(9)  receive and repay any deposit or account in accordance with this subtitle and rules of the finance commission;  and
(10)  lend and invest its money as authorized by this subtitle and rules of the finance commission.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 50, eff. Sept. 1, 2001.
Amended by:
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.16, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 93 - General Powers › Section 93.002. Enlargement of Powers

Sec. 93.002.  ENLARGEMENT OF POWERS.  (a)  The finance commission by rule may expand the powers of savings banks to accommodate or take advantage of changing technology and to enable domestic savings banks to respond to the needs of and convenience demanded by consumers and businesses through on-premises or off-premises operations.
(b)  The finance commission may not authorize a domestic savings bank to offer a financial service prohibited to a domestic savings bank by a law of this state other than this subtitle.
(c)  In adopting a rule under this section, the finance commission shall consider the need to:
(1)  promote a stable environment for financial institutions;
(2)  provide the public with convenient, safe, and competitive financial services;  and
(3)  allow for economic development in the state.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 93 - General Powers › Section 93.003. Powers of Federal Savings Bank

Sec. 93.003.  POWERS OF FEDERAL SAVINGS BANK.  A federal savings bank and its members have all of the powers, privileges, benefits, immunities, and exemptions that are provided by the law of this state for a savings bank and the savings bank's members.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 93 - General Powers › Section 93.004. Power to Borrow

Sec. 93.004.  POWER TO BORROW.  (a)  A savings bank may borrow and give security, subject to rules adopted by the finance commission.
(b)  A savings bank at any time through action of its board may issue a capital note, debenture, or other capital obligation authorized by rules adopted by the finance commission.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 51, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 93 - General Powers › Section 93.005. Fiscal Agent

Sec. 93.005.  FISCAL AGENT.  (a)  A savings bank may act as fiscal agent of the United States.  A savings bank designated as fiscal agent of the United States by the secretary of the treasury shall act under regulations as required by the secretary and may act as fiscal agent for an instrumentality of the United States.
(b)  A savings bank may act as fiscal agent of this state or of a governmental subdivision or instrumentality of this state.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 93 - General Powers › Section 93.006. Power to Act Under Certain Federal Retirement Plans

Sec. 93.006.  POWER TO ACT UNDER CERTAIN FEDERAL RETIREMENT PLANS.  A savings bank or a federal savings bank, to the extent that its charter and applicable federal regulations permit, may:
(1)  exercise any power necessary to qualify as a trustee or custodian for a retirement plan permitted or recognized by federal law;  and
(2)  invest money the bank holds as trustee or custodian under Subdivision (1) in the bank's accounts if the plan does not prohibit that investment.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 93 - General Powers › Section 93.007. Trust Powers

Sec. 93.007.  TRUST POWERS.  (a)  A savings bank may exercise trust powers only with the commissioner's prior written approval.
(b)  The commissioner may approve the exercise of trust powers only after finding that the applicant's savings bank:
(1)  is complying with applicable regulatory capital requirements;
(2)  is well managed;  and
(3)  has earnings, resources, and managerial talent adequate to maintain a trust department.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 93 - General Powers › Section 93.009. Right to Act to Avoid Loss

Sec. 93.009.  RIGHT TO ACT TO AVOID LOSS.  (a)  This subtitle does not deny a savings bank the right to invest its money, operate a business, manage or deal in property, or take other action during any period that is reasonably necessary to avoid loss on a loan or on an investment made or obligation created in good faith in the usual course of the bank's business, as authorized by this subtitle or a rule adopted under this subtitle.
(b)  This subtitle does not prohibit a savings bank from:
(1)  developing or building on land it has acquired under this section;  or
(2)  completing the construction of a building under a construction loan contract in which the borrower has not complied with the contract.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 93 - General Powers › Section 93.010. Closing Place of Business

Sec. 93.010.  CLOSING PLACE OF BUSINESS.  A savings bank may close its place of business at any time its board of directors determines.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 93 - General Powers › Section 93.011. Emergency Closing

Sec. 93.011.  EMERGENCY CLOSING.  (a)  If the officers of a savings bank determine that an emergency that affects or may affect the savings bank's offices or operations exists or is impending, the officers, as reasonable, may determine:
(1)  not to conduct the involved operations or open the offices on any business or banking day;  or
(2)  if the savings bank is open, to close the offices or the involved operations for the duration of the emergency.
(b)  Subject to Subsection (c), a closed office or operation may remain closed until the officers determine that the emergency has ended and for any additional time reasonably required to reopen.
(c)  A savings bank that closes an office or operation under this section shall notify the commissioner of its action by any means available and as promptly as conditions permit.  An office or operation may not be closed for more than 48 consecutive hours, excluding other legal holidays, without the commissioner's approval.
(d)  In this section, "emergency" means a condition or occurrence that physically interferes with the conduct of normal business at the offices of a savings bank or of a particular savings bank operation or that poses an imminent or existing threat to the safety or security of persons, property, or both.  The term includes a condition or occurrence arising from:
(1)  fire, flood, earthquake, hurricane, tornado, wind, rain, or snowstorm;
(2)  labor dispute and strike;
(3)  power failure;
(4)  transportation failure;
(5)  interruption of communication facilities;
(6)  shortage of fuel, housing, food, transportation, or labor;
(7)  robbery or burglary;
(8)  actual or threatened enemy attack;
(9)  epidemic or other catastrophe;
(10)  riot or civil commotion;  or
(11)  any other actual or threatened unlawful or violent act.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 93 - General Powers › Section 93.012. Effect of Closing

Sec. 93.012.  EFFECT OF CLOSING.  (a)  A day on which a savings bank or one or more of its operations are closed under Section 93.011 during all or part of its normal business hours is considered to be a legal holiday to the extent the savings bank suspends operations.
(b)  A savings bank or a director, officer, or employee of a savings bank does not incur liability or loss of rights from a closing authorized by Section 93.011.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter A. Limitations on Loans › Section 94.001. Loans to One Borrower

Sec. 94.001.  LOANS TO ONE BORROWER.  (a)  The finance commission by rule may limit loans to one borrower.  Those limits may not be less restrictive than the limits imposed on savings associations under Section 5(u), Home Owners' Loan Act (12 U.S.C. Section 1464(u)).
(b)  A savings bank may not make loans to one borrower to a greater extent than:
(1)  permitted by rule adopted under Subsection (a);  or
(2)  a savings association is permitted under Section 5(u), Home Owners' Loan Act (12 U.S.C. Section 1464(u)).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 53, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter A. Limitations on Loans › Section 94.002. Commercial Loans

Sec. 94.002.  COMMERCIAL LOANS.  (a)  Subject to rules adopted by the finance commission, a savings bank may lend or invest not more than 40 percent of the savings bank's total assets in commercial loans.
(b)  In this section, "commercial loan" means a loan that:
(1)  is for business, commercial, corporate, or agricultural purposes;
(2)  is not a real property loan; and
(3)  is not a qualified thrift asset under Section 92.204.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 54, eff. Sept. 1, 2001.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 464 (S.B. 1008), Sec. 10, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter B. Loan Expenses › Section 94.051. Borrower Payment of Loan Expenses

Sec. 94.051.  BORROWER PAYMENT OF LOAN EXPENSES.  Subject to Section 94.052, a savings bank may require a borrower to pay all reasonable expenses incurred in connection with making, closing, disbursing, extending, readjusting, or renewing a loan.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter B. Loan Expenses › Section 94.052. Consumer Loans

Sec. 94.052.  CONSUMER LOANS.  In the case of a consumer loan:
(1)  a savings bank may charge a borrower the reasonable value of services rendered in connection with making the loan;  and
(2)  an expense charged a borrower must be:
(A)  necessary and proper for the protection of the lender;  and
(B)  actually incurred in connection with making the loan.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter B. Loan Expenses › Section 94.053. Collection of Loan Expenses

Sec. 94.053.  COLLECTION OF LOAN EXPENSES.  An expense payment authorized by this subchapter may be:
(1)  collected by the savings bank from the borrower and:
(A)  retained by the savings bank;  or
(B)  paid to a person rendering a service for which a charge was made, including an officer, director, or employee of the savings bank rendering the service;  or
(2)  paid directly by the borrower to the person rendering the service.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter B. Loan Expenses › Section 94.054. Character of Loan Expense Payments

Sec. 94.054.  CHARACTER OF LOAN EXPENSE PAYMENTS.  An expense payment authorized by this subchapter is not interest or compensation charged by a savings bank for the loan of money.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter C. Loan Payments › Section 94.101. Penalty for Prepayment or Late Payment

Sec. 94.101.  PENALTY FOR PREPAYMENT OR LATE PAYMENT.  A savings bank may charge a penalty for a prepayment of or late payment on a loan.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter C. Loan Payments › Section 94.102. Application of Prepayments to Loan Installments

Sec. 94.102.  APPLICATION OF PREPAYMENTS TO LOAN INSTALLMENTS.  Unless otherwise agreed in writing, a savings bank shall apply:
(1)  a prepayment of principal to the final installment of the obligation until the final installment is fully paid;  and
(2)  additional prepayments to installments in the inverse order of their maturity.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter D. Charges Relating to Real Property Loans › Section 94.151. Advances Paid by Savings Bank

Sec. 94.151.  ADVANCES PAID BY SAVINGS BANK.  (a)  A savings bank may pay taxes, assessments, insurance premiums, and similar charges for the protection of the savings bank's interest in property that secures a real property loan of the savings bank.
(b)  A payment under Subsection (a) is an advance, and the savings bank may:
(1)  carry the payment on the savings bank's books as an asset of the savings bank for which the savings bank may charge interest;  or
(2)  add the payment to the unpaid balance of the loan to which it applies as of the first day of the month in which the payment is made.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter D. Charges Relating to Real Property Loans › Section 94.152. Advances Are Lien on Property

Sec. 94.152.  ADVANCES ARE LIEN ON PROPERTY.  A payment under Section 94.151 is a lien against the real property that secures the loan for which it is made.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter D. Charges Relating to Real Property Loans › Section 94.153. Payment of Estimated Charges by Borrower

Sec. 94.153.  PAYMENT OF ESTIMATED CHARGES BY BORROWER.  (a)  To enable the savings bank to pay charges as they become due, a savings bank may require a borrower to pay monthly in advance, in addition to interest and principal, an amount equal to one-twelfth of the estimated annual taxes, assessments, insurance premiums, and other charges on the real property that secures a loan.
(b)  A savings bank may increase or decrease the amount of the loan payment as necessary to meet the charges.
(c)  A savings bank may:
(1)  carry the payments in trust in an account;  or
(2)  credit the payments to the indebtedness and advance the money for charges as the charges become due.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter D. Charges Relating to Real Property Loans › Section 94.154. Record of Charges

Sec. 94.154.  RECORD OF CHARGES.  A savings bank shall keep a record of the status of taxes, assessments, insurance premiums, and other charges on real property that secures the savings bank's loans.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter F. Investment in Equity Securities › Section 94.251. Limitations on Investment in Equity Securities

Sec. 94.251.  LIMITATIONS ON INVESTMENT IN EQUITY SECURITIES.  (a)  A savings bank or a subsidiary may not invest in an equity security unless the security qualifies as an investment grade security under rules adopted by the finance commission.
(b)  A savings bank may not invest in an equity security unless the security is an eligible investment for a federal savings and loan association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 56, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter F. Investment in Equity Securities › Section 94.252. Inapplicability of Limitations

Sec. 94.252.  INAPPLICABILITY OF LIMITATIONS.  The limitations under Section 94.251 do not apply to an equity security issued by:
(1)  a United States government-sponsored corporation, including the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Student Loan Marketing Association;  or
(2)  a service corporation, an operating subsidiary, or a finance subsidiary of the savings bank.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter F. Investment in Equity Securities › Section 94.253. Rules

Sec. 94.253.  RULES.  The finance commission may adopt rules necessary to implement this subchapter, including rules relating to eligible investment criteria, investment diversification, and resource management requirements.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 57, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter G. Investment in Subsidiaries › Section 94.301. Authorization

Sec. 94.301.  AUTHORIZATION.  With the prior consent of the commissioner and subject to rules adopted by the finance commission, a savings bank may invest in a subsidiary corporation created under general corporation law.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 58, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter G. Investment in Subsidiaries › Section 94.302. Limitation on Investment in Subsidiaries

Sec. 94.302.  LIMITATION ON INVESTMENT IN SUBSIDIARIES.  (a)  A savings bank may not invest in a subsidiary corporation if the investment would cause the savings bank's aggregate investments in subsidiaries to exceed an amount equal to 10 percent of the savings bank's total assets.
(b)  For the purposes of Subsection (a), a savings bank's aggregate investment in subsidiaries does not include amounts invested in a subsidiary corporation the activities of which are limited to activities that could be conducted directly by the parent savings bank.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter G. Investment in Subsidiaries › Section 94.303. Regulation and Examination of Subsidiary

Sec. 94.303.  REGULATION AND EXAMINATION OF SUBSIDIARY.  (a)  The commissioner may regulate and examine a subsidiary corporation in which a savings bank invests under Section 94.301.
(b)  The subsidiary corporation shall pay the cost of the regulation and examination.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter G. Investment in Subsidiaries › Section 94.304. Rules

Sec. 94.304.  RULES.  The finance commission shall adopt rules on permitted activities of a subsidiary corporation in which a savings bank invests under Section 94.301.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 59, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter H. Property of Savings Bank › Section 94.351. Investment in Banking Premises

Sec. 94.351.  INVESTMENT IN BANKING PREMISES.  Without prior approval of the commissioner, a savings bank may invest not more than an amount equal to the savings bank's regulatory capital in real property, including a building or related facility, a parking facility, or leasehold improvements for a rented facility, for use by the savings bank as its banking premises.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter H. Property of Savings Bank › Section 94.352. Form of Savings Bank Facility

Sec. 94.352.  FORM OF SAVINGS BANK FACILITY.  The finance commission by rule adopted under Section 93.002 may approve a new form of savings bank facility or authorize the commissioner to approve a new form of savings bank facility if the commissioner does not have a significant supervisory or regulatory concern regarding the proposed facility.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 94 - Loans and Investments › Subchapter H. Property of Savings Bank › Section 94.353. Record of Charges on Real and Personal Property

Sec. 94.353.  RECORD OF CHARGES ON REAL AND PERSONAL PROPERTY.  A savings bank shall keep a record of the status of taxes, assessments, insurance premiums, and other charges on all real and personal property owned by the savings bank.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 95 - Deposit Accounts › Subchapter A. General Provisions › Section 95.001. Deposits

Sec. 95.001.  DEPOSITS.  (a)  A savings bank may receive a deposit of money.
(b)  Money deposited in a savings bank may be withdrawn or paid on a check of the deposit account holder.
(c)  Unless the deposit contract expressly provides otherwise, a deposit must be payable on demand without notice.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 95 - Deposit Accounts › Subchapter A. General Provisions › Section 95.002. Limitations on Accounts

Sec. 95.002.  LIMITATIONS ON ACCOUNTS.  The board may limit the number and value of deposit accounts the savings bank may accept.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 95 - Deposit Accounts › Subchapter A. General Provisions › Section 95.003. Investment in Accounts

Sec. 95.003.  INVESTMENT IN ACCOUNTS.  (a)  Any person may be the holder of a deposit account.
(b)  An investment in a deposit account may be made only in cash.
(c)  A person may invest in a deposit account in the person's own right or in a trust or other fiduciary capacity.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 95 - Deposit Accounts › Subchapter A. General Provisions › Section 95.004. Deposit Contract

Sec. 95.004.  DEPOSIT CONTRACT.  (a)  Each holder of a deposit account must execute a deposit contract.  The contract must specify:
(1)  any special terms applicable to the account;  and
(2)  the conditions on which withdrawals may be made.
(b)  The savings bank shall hold the deposit contract in the records pertaining to the account.
(c)  A deposit contract pertaining to a deposit account of a public or governmental entity must provide that the holder of the account may not become a member of the savings bank.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 95 - Deposit Accounts › Subchapter A. General Provisions › Section 95.005. Account Ownership

Sec. 95.005.  ACCOUNT OWNERSHIP.  Unless a savings bank acknowledges in writing a pledge of a deposit account, the savings bank may treat the holder of record of the account as the owner of the account for all purposes and is unaffected by notice to the contrary.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 95 - Deposit Accounts › Subchapter A. General Provisions › Section 95.006. Transfer of Account

Sec. 95.006.  TRANSFER OF ACCOUNT.  (a)  A deposit account may be transferred on the books of the savings bank only on presentation to the savings bank of:
(1)  evidence of transfer satisfactory to the savings bank;  and
(2)  an application for transfer by the transferee.
(b)  A transferee accepts an account subject to the terms of the:
(1)  deposit contract;  and
(2)  savings bank's charter and bylaws.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 95 - Deposit Accounts › Subchapter A. General Provisions › Section 95.007. Interest or Dividends Paid on Accounts

Sec. 95.007.  INTEREST OR DIVIDENDS PAID ON ACCOUNTS.  (a)  A savings bank may contract to pay interest on deposit accounts or may pay earnings on deposit accounts in the form of dividends declared by the savings bank's board.
(b)  A savings bank shall compute and pay interest and dividends according to rules adopted by the finance commission.
(c)  A savings bank shall credit interest or a dividend to a deposit account on the savings bank's books unless the account holder requests and the savings bank agrees that the savings bank will pay interest or dividends on the account in cash.
(d)  A savings bank may pay a cash dividend by check or bank draft.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 60, eff. Sept. 1, 2001.