reglab/statecodes huggingface dataset:
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 95 - Deposit Accounts › Subchapter A. General Provisions › Section 95.008. Redemption of Deposit Account

Sec. 95.008.  REDEMPTION OF DEPOSIT ACCOUNT.  (a)  If no contractual prohibition exists, a savings bank may redeem in the manner the board determines all or part of its deposit accounts if the savings bank:
(1)  not later than the 31st day before the redemption date, gives notice of the redemption by certified mail to each affected account holder at the holder's last address as recorded on the books of the savings bank;  and
(2)  not later than the redemption date, sets aside the amount necessary for the redemption and keeps the amount available for redemption.
(b)  Redemption of deposit accounts must be on a nondiscriminatory basis.
(c)  The redemption price of a deposit account is the withdrawal value of the account.
(d)  All rights, including the accrual of earnings, that relate to a deposit account called for redemption, other than the right of the account holder of record to receive the redemption price, terminate as of the redemption date.
(e)  A savings bank may not redeem any of its deposit accounts if the savings bank is subject to a supervisory control or conservatorship action under Chapter 96, unless the commissioner directs the redemption.
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 95.009. Lien on Deposit Account

Sec. 95.009.  LIEN ON DEPOSIT ACCOUNT.  (a)  Without further agreement or pledge, a savings bank or a federal savings bank doing business in this state has a lien on all deposit accounts owned by an account holder to whom or on whose behalf the savings bank has advanced money by loan or otherwise.
(b)  On default in the payment or satisfaction of the account holder's obligation, the savings bank, without notice to or consent of the account holder, may cancel on its books all or part of the account holder's deposit account and apply that amount to payment of the obligation.
(c)  The savings bank by written instrument may waive its lien in whole or in part on a deposit account.
(d)  A savings bank may take the pledge of a deposit account of the savings bank that is owned by an account holder other than the borrower as additional security for a loan secured by:
(1)  a deposit account;
(2)  real property;  or
(3)  both a deposit account and real property.
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 95.010. Account as Legal Investment

Sec. 95.010.  ACCOUNT AS LEGAL INVESTMENT.  (a)  Each of the following persons may invest money held by the person in a deposit account of a savings bank doing business in this state:
(1)  any fiduciary, including an administrator, executor, guardian, or trustee;
(2)  a political subdivision or instrumentality of this state;
(3)  a business or nonprofit corporation;
(4)  a charitable or educational corporation or association;  and
(5)  a financial institution, including a bank, savings and loan association, or credit union.
(b)  An investment by an insurance company in a deposit account is eligible for tax reducing purposes under Chapters 221 and 222, Insurance Code.
(c)  An investment by a school district in a deposit account insured by the Federal Deposit Insurance Corporation meets the requirements of Sections 45.102 and 45.208, Education Code.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2005, 79th Leg., Ch. 728 (H.B. 2018), Sec. 11.110, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 95 - Deposit Accounts › Subchapter A. General Provisions › Section 95.011. Applicability of Estates Code

Sec. 95.011.  APPLICABILITY OF ESTATES CODE.  The applicable provisions of Subchapter B, Chapter 111, and Chapters 112 and 113, Estates Code, govern deposit accounts held in a savings bank.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 1236 (S.B. 1296), Sec. 20.011, eff. September 1, 2015.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 95 - Deposit Accounts › Subchapter B. Provisions Applicable to Specific Types of Accounts › Section 95.101. Account Held by Minor

Sec. 95.101.  ACCOUNT HELD BY MINOR.  (a)  A savings bank or a federal savings bank may accept a deposit account from a minor as the sole and absolute owner of the account.
(b)  On the minor's order, the savings bank may:
(1)  pay withdrawals;
(2)  accept pledges to the savings bank;  and
(3)  act in any other manner with respect to the account.
(c)  Subject to Subsection (e), a payment or delivery of rights to a minor, or an acquittance signed by a minor who holds a deposit account, is a discharge of the savings bank for that payment or delivery.
(d)  If the savings bank requires a minor to furnish an acquittance or pledge or take other action with respect to the minor's deposit account, that action is binding on the minor as if the minor had the capacity of an adult.
(e)  If a parent or guardian of a minor informs the savings bank in writing that the minor is not to have the authority to control the minor's deposit account, the minor may not control the account during the minority without the joinder of the parent or guardian.
(f)  If a minor dies, the acquittance of a parent or guardian of the minor discharges the savings bank for amounts that in the aggregate do not exceed $1,000.
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 B. Provisions Applicable to Specific Types of Accounts › Section 95.102. Pledge of Joint Account

Sec. 95.102.  PLEDGE OF JOINT ACCOUNT.  (a)  Unless the terms of the account provide otherwise, a person on whose signature money may be withdrawn from a deposit account in the names of two or more persons may, by a signed pledge, pledge and transfer to the savings bank or federal savings bank all or part of the account.
(b)  A pledge made under Subsection (a) does not sever or terminate the joint and survivorship ownership of the account.
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 B. Provisions Applicable to Specific Types of Accounts › Section 95.103. Account Held by Fiduciary

Sec. 95.103.  ACCOUNT HELD BY FIDUCIARY.  (a)  A savings bank or federal savings bank doing business in this state may accept a deposit account in the name of a fiduciary, including an administrator, executor, custodian, guardian, or trustee, for a named beneficiary.
(b)  A fiduciary may:
(1)  vote as a member as if the membership were held absolutely;  and
(2)  open, add to, or withdraw money from the account.
(c)  Except as otherwise provided by law, a payment to a fiduciary or an acquittance signed by the fiduciary to whom a payment is made is a discharge of the savings bank for the payment.
(d)  After a person holding a deposit account in a fiduciary capacity dies, the savings bank may pay or deliver to the beneficiary the withdrawal value of the account, plus earnings on the account, or other rights relating to the account, in whole or in part, if the savings bank has no written notice or order of the probate court of:
(1)  the revocation or termination of the fiduciary relationship;  or
(2)  any other disposition of the beneficial estate.
(e)  A savings bank has no further liability for a payment made or right delivered under Subsection (d).
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 B. Provisions Applicable to Specific Types of Accounts › Section 95.104. Trust Account: Undisclosed Trust Instrument

Sec. 95.104.  TRUST ACCOUNT:  UNDISCLOSED TRUST INSTRUMENT.  (a)  If a savings bank opens a deposit account for a person claiming to be the trustee for another and the savings bank has no other notice of the existence or terms of a trust other than a written claim against the account:
(1)  the person claiming to be the trustee may, on the person's signature, withdraw money from the account;  and
(2)  if that person dies, the savings bank may pay the withdrawal value of all or part of the account, plus earnings on the account, to the person for whom the account was opened.
(b)  A savings bank has no further liability for a payment made under Subsection (a).
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 B. Provisions Applicable to Specific Types of Accounts › Section 95.105. Power of Attorney Account

Sec. 95.105.  POWER OF ATTORNEY ACCOUNT.  (a)  A savings bank doing business in this state may continue to recognize the authority of an attorney-in-fact authorized in writing to manage or withdraw money from a deposit account of a member until the savings bank receives written or actual notice of the revocation of that authority.
(b)  For purposes of this section, written notice of the death or adjudication of incompetency of a member is considered to be written notice of revocation of the authority of the member's attorney-in-fact.
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 96 - Supervision and Regulation › Subchapter A. General Provisions › Section 96.001. General Duties

Sec. 96.001.  GENERAL DUTIES.  The Department of Savings and Mortgage Lending and the commissioner shall regulate savings banks and subsidiaries of savings banks operating under this subtitle.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 6.039, eff. September 1, 2007.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter B. Examinations and Reports › Section 96.051. Annual Audit

Sec. 96.051.  ANNUAL AUDIT.  (a)  Not later than the 90th day after the date its fiscal year closes, a savings bank shall obtain an audit by an independent accounting firm that is a member of the American Institute of Certified Public Accountants or its successor.
(b)  A copy of the audit and all correspondence reasonably related to the audit shall be provided to the commissioner.
(c)  The finance commission may adopt rules as necessary to implement this section.
(d)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 464, Sec. 15(4), eff. September 1, 2013.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 62, eff. Sept. 1, 2001.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 464 (S.B. 1008), Sec. 15(4), eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter B. Examinations and Reports › Section 96.053. Reports

Sec. 96.053.  REPORTS.  (a)  Repealed by Acts 2013, 83rd Leg., R.S., Ch. 464, Sec. 15(5), eff. September 1, 2013.
(b)  A savings bank shall make any report the commissioner may require to administer and enforce this chapter.  A report under this section must be:
(1)   in the form and manner the commissioner prescribes; and
(2)  filed on the date the commissioner prescribes.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.19, eff. September 1, 2005.
Acts 2013, 83rd Leg., R.S., Ch. 464 (S.B. 1008), Sec. 12, eff. September 1, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 464 (S.B. 1008), Sec. 15(5), eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter B. Examinations and Reports › Section 96.054. Examinations

Sec. 96.054.  EXAMINATIONS.  (a)  The commissioner shall periodically examine the affairs of each savings bank and its subsidiaries and the transactions of any holding company that are related to the savings bank subsidiaries of the holding company.
(b)  An examination under this section may be performed in conjunction with an examination by the Federal Deposit Insurance Corporation or another federal depository institutions regulatory agency having jurisdiction over a savings bank.  The commissioner may accept an examination made by an appropriate banking agency as a substitute for an examination required by this section.
(c)  On completion of a report, a copy of an examination conducted under this section shall be furnished promptly to 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 96 - Supervision and Regulation › Subchapter B. Examinations and Reports › Section 96.055. Additional Examinations

Sec. 96.055.  ADDITIONAL EXAMINATIONS.  (a)  The commissioner at the saving bank's cost may perform an additional examination or audit or devote extraordinary attention to a savings bank's affairs if the commissioner determines the conditions of the savings bank justify the examination, audit, or attention.
(b)  On completion of a report, a copy of an examination or audit report conducted under this section shall be furnished promptly to 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 96 - Supervision and Regulation › Subchapter B. Examinations and Reports › Section 96.0551. Regulation and Examination of Certain Related Entities

Sec. 96.0551.  REGULATION AND EXAMINATION OF CERTAIN RELATED ENTITIES.  (a)  In this section, "state savings bank" has the meaning assigned by Section 31.002.
(b)  The commissioner may regulate and examine, to the same extent as if the services or activities were performed by a state savings bank on its own premises:
(1)  the activities of a state savings bank affiliate; and
(2)  the services or activities of a third-party service provider that a state savings bank or state savings bank affiliate has contracted for or otherwise arranged to be performed on behalf of the state savings bank or state savings bank affiliate.
(c)  The commissioner may collect a fee from an examined third-party service provider or affiliate in connection with each examination to cover the cost of the examination or may collect that fee from the state savings banks that use the examined third-party service provider.
(d)  For purposes of this section, a third-party service provider or state savings bank affiliate does not include a company or firm in which ownership or membership is limited to individuals and conditioned by law on the existence and maintenance of professional licensing.
(e)  To promote regulatory efficiency, if, in the preceding 24 months, a third-party service provider or affiliate has been examined by a federal or state financial services regulatory agency or by a member agency of the Federal Financial Institutions Examination Council, or its successor agency, the commissioner may accept the results of that examination instead of conducting the commissioner's own examination of the third-party service provider or affiliate.  Nothing in this subsection shall be construed as limiting or restricting the commissioner from participating in an examination of a third-party service provider or affiliate conducted by a federal or state financial services regulatory agency or by a member agency of the Federal Financial Institutions Examination Council, or its successor agency.
(f)  A third-party service provider that refuses to submit to examination or to pay an assessed fee for examination under this section is subject to an enforcement action under Chapter 96.  With respect to a third-party service provider's refusal to submit to examination, the commissioner may notify all state savings banks of the refusal and warn that continued use of the third-party service provider may constitute an unsafe and unsound banking practice.
Added by Acts 2021, 87th Leg., R.S., Ch. 963 (S.B. 1900), Sec. 2, eff. September 1, 2021.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter B. Examinations and Reports › Section 96.056. Access to Books and Records

Sec. 96.056.  ACCESS TO BOOKS AND RECORDS.  The commissioner, a deputy commissioner, or an examiner or auditor of the commissioner shall be given free access to:
(1)  the books and records of a savings bank or a subsidiary or holding company of a savings bank;  and
(2)  the books and records relating to a savings bank's business kept by an officer, agent, or employee of the savings bank or the subsidiary or holding company 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 96 - Supervision and Regulation › Subchapter B. Examinations and Reports › Section 96.057. Subpoena; Administration of Oath or Affirmation

Sec. 96.057.  SUBPOENA;  ADMINISTRATION OF OATH OR AFFIRMATION.  (a)  In an examination conducted under this subchapter, the commissioner, the deputy commissioner, or an examiner or auditor of the commissioner may:
(1)  subpoena witnesses;
(2)  administer an oath or affirmation to a person, including a director, officer, agent, or employee of a savings bank or a savings bank's subsidiary or holding company;  or
(3)  require and compel by subpoena the production of documents, including records, books, papers, and contracts.
(b)  The commissioner may apply to a district court in Travis County for an order requiring a person to obey a subpoena or to appear or answer questions in connection with the examination.
(c)  The court shall issue an order under Subsection (b) if the court finds good cause to issue the subpoena or to take testimony.
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 96 - Supervision and Regulation › Subchapter C. Supervisory Intervention › Section 96.101. Intervention for Violations and Unsafe and Unsound Practices

Sec. 96.101.  INTERVENTION FOR VIOLATIONS AND UNSAFE AND UNSOUND PRACTICES.  (a)  The commissioner may intervene in the affairs of a savings bank if the savings bank or a person who participates in the affairs of the savings bank or a subsidiary or holding company of the savings bank:
(1)  engages in or is about to engage in an unsafe and unsound practice in conducting the affairs of the savings bank;  or
(2)  violates or is about to violate:
(A)  the articles of incorporation or bylaws of the savings bank;
(B)  a law or supervisory order applicable to the savings bank;  or
(C)  a condition that the commissioner or the finance commission has imposed on the savings bank by written order, directive, or agreement.
(b)  The commissioner may intervene in the affairs of a savings bank if a person who participates in the affairs of the savings bank or a subsidiary or holding company of the savings bank violates or is about to violate an order or instruction of the commissioner or a conservator or supervisor in charge of the savings bank's affairs.
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 96 - Supervision and Regulation › Subchapter C. Supervisory Intervention › Section 96.102. Intervention for Filing Inappropriate Information

Sec. 96.102.  INTERVENTION FOR FILING INAPPROPRIATE INFORMATION.  The commissioner may intervene in the affairs of a savings bank if the savings bank or a person who participates in the affairs of the savings bank or a subsidiary or holding company of the savings bank files materially false or misleading information in a filing required by Subchapter L, Chapter 92.
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 96 - Supervision and Regulation › Subchapter C. Supervisory Intervention › Section 96.103. Intervention for Activity Resulting in Actual or Potential Financial Loss

Sec. 96.103.  INTERVENTION FOR ACTIVITY RESULTING IN ACTUAL OR POTENTIAL FINANCIAL LOSS.  (a)  The commissioner may intervene in the affairs of a savings bank if a person who participates in the affairs of the savings bank or a subsidiary or holding company of the savings bank commits or is about to commit:
(1)  a fraudulent or criminal act in conducting the affairs that may cause the savings bank or a subsidiary of the savings bank to become or be in danger of becoming insolvent;
(2)  an act that threatens immediate or irreparable harm to the public or the savings bank, a subsidiary of the savings bank, or the deposit account holders or creditors of the savings bank;  or
(3)  a breach of fiduciary duty that results in actual or probable substantial financial losses or other damages to the savings bank or a subsidiary of the savings bank or that would seriously prejudice the interest of the deposit account holders or holders of other security issued by the savings bank.
(b)  The commissioner may intervene in the affairs of a savings bank if the savings bank:
(1)  is insolvent;
(2)  is in imminent danger of insolvency;  or
(3)  makes or is about to make:
(A)  a loan the value of the security for which is materially overstated;  or
(B)  an investment the market value of which is materially overstated.
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 96 - Supervision and Regulation › Subchapter C. Supervisory Intervention › Section 96.104. Intervention Relating to Examination of Affairs

Sec. 96.104.  INTERVENTION RELATING TO EXAMINATION OF AFFAIRS.  (a)  The commissioner may intervene in the affairs of a savings bank if a person who participates in the affairs of the savings bank or a subsidiary or holding company of the savings bank:
(1)  refuses or is about to refuse to submit to interrogation under oath by the commissioner or the commissioner's agent with respect to the savings bank's affairs;  or
(2)  materially alters, conceals, removes, or falsifies or is about to materially alter, conceal, remove, or falsify a book or record of the savings bank or a subsidiary or holding company of the savings bank.
(b)  The commissioner may intervene in the affairs of a savings bank if the savings bank:
(1)  fails to maintain books and records from which the true financial condition of the savings bank or the state of the savings bank's affairs can be determined;  or
(2)  refuses to direct a person having possession of the books, papers, records, or accounts of the savings bank or the savings bank's subsidiary to permit the commissioner or the commissioner's representative to examine those documents or accounts.
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 96 - Supervision and Regulation › Subchapter C. Supervisory Intervention › Section 96.105. Temporary Supervisory Order

Sec. 96.105.  TEMPORARY SUPERVISORY ORDER.  (a)  If the commissioner has reasonable cause to believe that one or more grounds for intervention under Sections 96.101-96.104 exist or are imminent, the commissioner may issue without notice and hearing one or more of the following types of temporary supervisory orders to correct and eliminate the grounds for supervisory action:
(1)  an order to cease and desist from continuing a particular action, an order to take affirmative action, or both;
(2)  an order suspending or prohibiting a person who participates in the affairs of the savings bank from further participating in the affairs of the savings bank or another savings bank;
(3)  an order requiring divestiture of control of a savings bank obtained under Subchapter L, Chapter 92;
(4)  an order requiring a person who participates in the affairs of the savings bank or another savings bank to forfeit and pay an administrative penalty in an amount of not more than $25,000;  or
(5)  an order placing the affairs of the savings bank under the control of a conservator designated in the order, who may take possession and control of the books, records, assets, liabilities, and business of the savings bank and manage the savings bank under the direction of the commissioner.
(b)  An order under this section:
(1)  must contain a reasonably detailed statement of the facts on which the order is based;  and
(2)  takes effect when issued.
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 96 - Supervision and Regulation › Subchapter C. Supervisory Intervention › Section 96.106. Service of Temporary Supervisory Order

Sec. 96.106.  SERVICE OF TEMPORARY SUPERVISORY ORDER.  (a)  A temporary supervisory order may be served by personal delivery by an agent of the commissioner or by certified or registered mail.
(b)  Service is complete when an officer or director of the savings bank receives the order.
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 96 - Supervision and Regulation › Subchapter C. Supervisory Intervention › Section 96.107. Hearing on Temporary Supervisory Order; Final Order

Sec. 96.107.  HEARING ON TEMPORARY SUPERVISORY ORDER;  FINAL ORDER.  (a)  A temporary supervisory order issued under Section 96.105 becomes final and unappealable on the 15th day after the date on which it is issued unless before that day the savings bank or a person affected by the order requests a hearing before the commissioner to determine whether the order should be vacated, made permanent, or modified.
(b)  The commissioner shall set the hearing to be held not earlier than the 10th day or later than the 30th day after the date of the request.  The hearing must be held at the offices of the Department of Savings and Mortgage Lending.
(c)  After the hearing, the commissioner may enter a final order that vacates the temporary order or makes the temporary order permanent in its original or a modified form that is consistent with the facts found by the commissioner.
(d)  The commissioner shall enter the final order not later than the 15th day after the date on which the hearing is completed.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 6.041, eff. September 1, 2007.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter C. Supervisory Intervention › Section 96.108. Plan of Operation of Savings Bank After Order of Temporary Conservatorship

Sec. 96.108.  PLAN OF OPERATION OF SAVINGS BANK AFTER ORDER OF TEMPORARY CONSERVATORSHIP.  (a)  Before or during a hearing under Section 96.107 on a temporary supervisory order placing a savings bank under the control of a conservator, the board of the savings bank may present to the commissioner a plan to continue the operation of the savings bank in a manner that will correct or eliminate the grounds for the order.
(b)  If the commissioner approves the plan or a modification of the plan, the commissioner shall vacate the order and place the savings bank under conservatorship, conditioned on the implementation and diligent prosecution of the plan.
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 96 - Supervision and Regulation › Subchapter C. Supervisory Intervention › Section 96.109. Enforcement of Supervisory Order

Sec. 96.109.  ENFORCEMENT OF SUPERVISORY ORDER.  (a)  The commissioner, after giving notice, may assess against a savings bank or another person designated in a final supervisory order who violates the order, or both, an administrative penalty of not more than $1,000 each for each day of the violation.  The savings bank may not reimburse or indemnify a person for any part of the penalty.
(b)  In addition to any other remedy provided by law, the commissioner may institute in a district court in Travis County:
(1)  a suit for injunctive relief to stop or prevent a violation of a supervisory order;  or
(2)  a suit for injunctive relief and to collect the administrative penalty.
(c)  A bond is not required of the commissioner with respect to injunctive relief granted under this section.
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 96 - Supervision and Regulation › Subchapter C. Supervisory Intervention › Section 96.110. Stay of Supervisory Order

Sec. 96.110.  STAY OF SUPERVISORY ORDER.  (a)  A temporary supervisory order may not be stayed pending a hearing unless the commissioner orders a stay.
(b)  A final supervisory order may not be stayed pending judicial review unless the reviewing court orders a stay for good cause.
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 96 - Supervision and Regulation › Subchapter C. Supervisory Intervention › Section 96.111. Disclosure of Information in Supervisory Order; Confidentiality

Sec. 96.111.  DISCLOSURE OF INFORMATION IN SUPERVISORY ORDER;  CONFIDENTIALITY.  (a)  When a supervisory order is issued under this chapter, the commissioner shall report the existence of the order promptly to the finance commission but shall maintain the confidentiality of the content of the order.
(b)  Except as provided by Subsection (c) or (d), information contained in a temporary or final supervisory order or a notice, correspondence, or other record relating to the order is confidential.
(c)  The commissioner, for good reason as determined by the commissioner, may disclose the information described by Subsection (b) in a hearing or judicial proceeding under Section 96.107, 96.109, or 96.110 or in a proceeding to assert a defense under Section 96.403.
(d)  The commissioner may disclose the information described by Subsection (b) to a department, agency, or instrumentality of this or another state or the United States if the commissioner determines that disclosure is necessary or proper to enforce the laws of this or another state or the United States.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 464 (S.B. 1008), Sec. 13, eff. September 1, 2013.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter D. Conservatorship › Section 96.151. Placement of Savings Bank Under Conservatorship

Sec. 96.151.  PLACEMENT OF SAVINGS BANK UNDER CONSERVATORSHIP.  If the commissioner does not approve a plan to continue the operation of a savings bank under Section 96.108, the conservator shall continue to manage the affairs of the savings bank unless the temporary conservatorship order is modified or vacated:
(1)  by order of the commissioner;  or
(2)  as a result of judicial review.
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 96 - Supervision and Regulation › Subchapter D. Conservatorship › Section 96.152. Duties of Conservator

Sec. 96.152.  DUTIES OF CONSERVATOR.  (a)  The conservator and any deputy or assistant conservator appointed by the commissioner, under the direction and supervision of the commissioner, shall:
(1)  take possession and control of the books, records, property, assets, liabilities, and business of the savings bank;  and
(2)  conduct the business and affairs of the savings bank.
(b)  The conservator shall:
(1)  remove the causes and conditions that made the conservatorship necessary;  and
(2)  report to the commissioner as required by the commissioner.
(c)  The conservator shall preserve, protect, and recover the assets or property of the savings bank, including a claim or cause of action that belongs to or may be asserted by the savings bank.  The conservator may deal with that property in the capacity of conservator.
(d)  The conservator may file, prosecute, or defend a suit brought by or against the savings bank if the conservator considers it necessary to protect the interested party or property affected by the suit.
(e)  A suit filed by the conservator under Subsection (c) must be brought in Travis County.
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 96 - Supervision and Regulation › Subchapter D. Conservatorship › Section 96.153. Term of Conservator

Sec. 96.153.  TERM OF CONSERVATOR.  The conservator shall serve until the purposes of the conservatorship are accomplished.
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 96 - Supervision and Regulation › Subchapter D. Conservatorship › Section 96.154. Transfer of Management of Rehabilitated Savings Bank

Sec. 96.154.  TRANSFER OF MANAGEMENT OF REHABILITATED SAVINGS BANK.  If the savings bank is rehabilitated to the satisfaction of the commissioner, the conservator shall return the management of the savings bank to the savings bank's board under terms that are reasonable and necessary to prevent a recurrence of the conditions that created the need for conservatorship.
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 96 - Supervision and Regulation › Subchapter D. Conservatorship › Section 96.155. Scope of Authority of Other Persons During Conservatorship

Sec. 96.155.  SCOPE OF AUTHORITY OF OTHER PERSONS DURING CONSERVATORSHIP.  During the conservatorship, a person who participates in the affairs of the savings bank shall act according to the conservator's instructions and may exercise only the authority that the conservator expressly grants.
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 96 - Supervision and Regulation › Subchapter D. Conservatorship › Section 96.156. Limiting Order During Conservatorship

Sec. 96.156.  LIMITING ORDER DURING CONSERVATORSHIP.  (a)  During a conservatorship, the commissioner by order may impose limitations on withdrawals from deposit accounts if the commissioner determines that the interests of deposit account holders and creditors of the savings bank are best protected by the limitations.
(b)  An order under this section:
(1)  must detail the limitations imposed;
(2)  must contain a reasonably detailed statement of the facts on which the order is based;  and
(3)  becomes effective when served on the conservator.
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 96 - Supervision and Regulation › Subchapter D. Conservatorship › Section 96.157. Service of Limiting Order

Sec. 96.157.  SERVICE OF LIMITING ORDER.  (a)  A limiting order may be served by personal delivery by an agent of the commissioner or by certified or registered mail.
(b)  Service is complete when the conservator receives the order.
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 96 - Supervision and Regulation › Subchapter D. Conservatorship › Section 96.158. Effect of Limiting Order

Sec. 96.158.  EFFECT OF LIMITING ORDER.  (a)  Immediately after receiving a limiting order, the conservator shall post a copy of the order at the main entrance of the savings bank.
(b)  A deposit account withdrawal that violates a limiting order may not be permitted after the conservator posts the order.
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 96 - Supervision and Regulation › Subchapter D. Conservatorship › Section 96.159. Hearing on Limiting Order; Final Order

Sec. 96.159.  HEARING ON LIMITING ORDER;  FINAL ORDER.  (a)  The limiting order becomes final and unappealable on the 15th day after the date on which the order is posted as provided by Section 96.158 unless before that day at least 20 percent of the total number of deposit account holders affected by the order request a hearing before the commissioner to determine whether the order should be vacated, made permanent, or modified.
(b)  The commissioner shall set the hearing to be held not earlier than the 10th day or later than the 30th day after the date of the request.  The hearing must be held at the offices of the Department of Savings and Mortgage Lending.
(c)  After the hearing, the commissioner may issue a final order that vacates the limiting order or makes the limiting order permanent in its original or a modified form consistent with the facts found by the commissioner.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 6.042, eff. September 1, 2007.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter D. Conservatorship › Section 96.160. Stay of Limiting Order

Sec. 96.160.  STAY OF LIMITING ORDER.  (a)  A limiting order may not be stayed pending a hearing unless the commissioner orders a stay.
(b)  A final order may not be stayed pending judicial review unless the reviewing court orders a stay for good cause.
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 96 - Supervision and Regulation › Subchapter D. Conservatorship › Section 96.161. Cost of Conservatorship

Sec. 96.161.  COST OF CONSERVATORSHIP.  (a)  The commissioner shall determine the cost of the conservatorship.
(b)  The cost of the conservatorship shall be paid from the savings bank's assets as the commissioner directs.
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 96 - Supervision and Regulation › Subchapter D. Conservatorship › Section 96.162. Venue

Sec. 96.162.  VENUE.  A suit filed against a savings bank or its conservator while a conservatorship order is in effect must be brought in Travis County.
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 96 - Supervision and Regulation › Subchapter E. Voluntary Supervisory Control › Section 96.201. Placement of Savings Bank Under Voluntary Supervisory Control

Sec. 96.201.  PLACEMENT OF SAVINGS BANK UNDER VOLUNTARY SUPERVISORY CONTROL.  (a)  A savings bank's board may consent to the commissioner's placement of the savings bank under supervisory control.
(b)  The commissioner may appoint the supervisor and one or more deputy supervisors.
(c)  Supervisory control continues until the conditions for which the supervisory control was imposed are corrected.
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 96 - Supervision and Regulation › Subchapter E. Voluntary Supervisory Control › Section 96.202. Powers of Supervisors

Sec. 96.202.  POWERS OF SUPERVISORS.  A supervisor or deputy supervisor has the powers of a conservator under Subchapter D  and any other power established by agreement between the commissioner and the savings bank's board of directors.
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 96 - Supervision and Regulation › Subchapter E. Voluntary Supervisory Control › Section 96.203. Cost of Supervisory Control

Sec. 96.203.  COST OF SUPERVISORY CONTROL.  The cost of the supervisory control of a savings bank shall be set by the commissioner and paid 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 96 - Supervision and Regulation › Subchapter F. Closing › Section 96.251. Closing of Savings Bank by Board Resolution

Sec. 96.251.  CLOSING OF SAVINGS BANK BY BOARD RESOLUTION.  A savings bank's board, by resolution and with the commissioner's consent, may close the savings bank and tender to the commissioner for disposition as provided by this subchapter the assets and all the affairs 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 96 - Supervision and Regulation › Subchapter F. Closing › Section 96.252. Closing of Savings Bank by Commissioner's Order

Sec. 96.252.  CLOSING OF SAVINGS BANK BY COMMISSIONER'S ORDER.  The commissioner or the commissioner's representative may close a savings bank if the commissioner determines after an examination that:
(1)  the interests of the deposit account holders and creditors of the savings bank are jeopardized because of:
(A)  the savings bank's insolvency or imminent insolvency;  or
(B)  a substantial dissipation of the savings bank's assets or earnings because of a violation of a law or an unsafe or unsound practice;  and
(2)  it is in the best interests of the deposit account holders and creditors to close the savings bank and liquidate the savings bank's assets.
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 96 - Supervision and Regulation › Subchapter F. Closing › Section 96.253. Effect of Closing

Sec. 96.253.  EFFECT OF CLOSING.  (a)  On closing a savings bank under this subchapter, the commissioner may:
(1)  liquidate the savings bank as provided by Subchapter G;   or
(2)  tender the savings bank's assets and all the savings bank's affairs to the Federal Deposit Insurance Corporation and appoint the Federal Deposit Insurance Corporation as receiver or liquidating agent to act in accordance with this chapter or federal law.
(b)  The Federal Deposit Insurance Corporation, on accepting the tender and appointment prescribed by Subsection (a)(2), may:
(1)  act without bond or other security as to the appointment;  and
(2)  without court supervision, exercise any right, power, or privilege provided by the laws of this state to a receiver or liquidating agent, as applicable, and any applicable right, power, or privilege available under federal law.
(c)  On acceptance of the appointment prescribed by Subsection (a)(2), possession of and title to all the assets, business, and property of the savings bank pass to the Federal Deposit Insurance Corporation without the execution of any instrument transferring title or right of use.
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 96 - Supervision and Regulation › Subchapter F. Closing › Section 96.254. Hearing on Commissioner's Order

Sec. 96.254.  HEARING ON COMMISSIONER'S ORDER.  (a)  Not later than the second day, excluding legal holidays, after the date on which the commissioner closes a savings bank under Section 96.252, the savings bank, by resolution of its board, may sue in a district court of Travis County to prohibit the commissioner from taking further action under this subchapter.
(b)  The court may restrain the commissioner from taking further action until a hearing on the suit is held.  If the court restrains the commissioner, the court shall instruct the commissioner to hold the assets and affairs of the savings bank in the commissioner's possession until disposition of the suit.  On receipt of this instruction, the commissioner shall refrain from taking further action, other than a necessary or proper action approved by the court to prevent loss or depreciation in the value of the assets.
(c)  The court as soon as possible shall hear the suit and shall enter a judgment prohibiting or refusing to prohibit the commissioner from proceeding under this subchapter.
(d)  The commissioner, regardless of the judgment entered by the court or any supersedeas bond filed, retains possession of the savings bank's assets until final disposition of any appeal of the judgment.
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 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.301. Liquidation of Savings Bank

Sec. 96.301.  LIQUIDATION OF SAVINGS BANK.  (a)  If the commissioner doubts that a savings bank subject to a conservatorship order can be rehabilitated, the commissioner may close the savings bank as provided by Subchapter F  or set a hearing to determine whether the savings bank should be liquidated.  Not later than the 10th day before the hearing date, notice of the hearing shall be given by certified mail to the officers and directors of the savings bank and by publication in a newspaper of general circulation in the county in which the principal office of the savings bank is located.
(b)  If the commissioner closes a savings bank or finds after a hearing under Subsection (a) that the savings bank cannot be rehabilitated and that it is in the public interest and the best interests of the deposit account holders and creditors of the savings bank that the bank be closed and its assets liquidated, the commissioner by liquidation order may appoint a liquidating agent and dissolve the savings bank.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.