reglab/statecodes huggingface dataset:
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter F. Closing › Section 66.255. Hearing on Commissioner's Order

Sec. 66.255.  HEARING ON COMMISSIONER'S ORDER.  (a)  Not later than the second day, excluding legal holidays, after the date on which the commissioner closes an association under Section 66.252, the association, by resolution of its board, may sue in a district court of Travis County to enjoin the commissioner from taking further action under this subchapter.
(b)  The court, without notice or hearing, may restrain the commissioner from taking further action until after 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 association 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 enjoining or refusing to enjoin the commissioner from proceeding under this subchapter.
(d)  The commissioner, regardless of the judgment entered by the court or any supersedeas bond filed, shall retain possession of the association'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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.301. Liquidation of Association

Sec. 66.301.  LIQUIDATION OF ASSOCIATION.  (a)  If the commissioner doubts that an association subject to a conservatorship order can be rehabilitated, the commissioner may set a hearing to determine whether the association 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 association and by publication in a newspaper of general circulation in the county in which the principal office of the association is located.
(b)  If the commissioner finds that the association cannot be rehabilitated and it is in the public interest and the best interest of the savings account holders and creditors of the association that the bank be closed and its assets liquidated, the commissioner by liquidation order may appoint a liquidating agent and dissolve the association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.302. Removal or Replacement of Liquidating Agent

Sec. 66.302.  REMOVAL OR REPLACEMENT OF LIQUIDATING AGENT.  (a)  The commissioner, with or without cause, may remove a liquidating agent and appoint another agent.
(b)  If a liquidating agent resigns, dies, or otherwise becomes unable to serve, the commissioner shall promptly appoint another agent.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.303. Duties of Liquidating Agent

Sec. 66.303.  DUTIES OF LIQUIDATING AGENT.  (a)  Under the commissioner's supervision, the liquidating agent shall:
(1)  receive and take possession of the books, records, assets, and property of the association;
(2)  sell, enforce collection of, and liquidate the assets and property of the association;
(3)  sue in the name of the liquidating agent or the association;
(4)  defend an action brought against the liquidating agent or the association;
(5)  receive, examine, and pass on a claim brought against the association, including a claim of a depositor;
(6)  make distributions to and pay creditors, depositors, shareholders, and members of the association as their interests appear;
(7)  from time to time make a ratable liquidation dividend on claims that have been proved to the satisfaction of the association's board of directors or the liquidating agent or that have been adjusted by a court;
(8)  after the association's assets have been liquidated, make further liquidation dividends on claims previously proved or adjusted;  and
(9)  execute documents and perform any other action that the liquidating agent considers necessary or desirable to the liquidation.
(b)  For purposes of making a further liquidation dividend under Subsections (a)(7) and (8), the liquidating agent may accept the statement of an amount due a claimant as shown on the association's books and records instead of a formal proof of claim filed on the claimant's behalf.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.304. Notice

Sec. 66.304.  NOTICE.  (a)  Under the commissioner's supervision, the liquidating agent shall give notice to creditors and savings account holders directing them to present and prove their claims and requiring them to file a written proof of claim at the address designated in the notice.
(b)  The notice shall be published once a week for three successive weeks in a newspaper of general circulation in each county in which the association maintained an office or branch to transact business on the date the association ceased unrestricted operations.
(c)  Not later than the 30th day after the date on which the notice is first published, the liquidating agent shall mail a similar notice to each depositor and creditor named in the books of the association at the address shown in those books.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.305. Presentation of Claim

Sec. 66.305.  PRESENTATION OF CLAIM.  (a)  To be entitled to priority, each person asserting a claim against an association being liquidated under this subchapter must present the claim in writing to the commissioner or the liquidating agent at the address designated in the notice under Section 66.304 before the last day of the 18th month after the date the notice is first published.
(b)  The claim must:
(1)  contain a statement of the facts on which the claim is based;
(2)  set out any right of payment priority or other specific right asserted by the claimant;  and
(3)  be signed and sworn to by the claimant.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.306. Priority of Claims

Sec. 66.306.  PRIORITY OF CLAIMS.  On liquidation of an association, claims for payment have the following priority:
(1)  obligations incurred by the commissioner or the liquidating agent, fees and assessments due the Department of Savings and Mortgage Lending, and expenses of liquidation, all of which may be covered by the proper reserve of money;
(2)  approved claims of creditors, to the extent that the claims are secured by, or constitute a lien on, the assets or property of the association;
(3)  approved claims of depositors against the general liquidating account of the association;
(4)  approved claims of general creditors and the unsecured portion of a creditor obligation described by Subdivision (2);
(5)  otherwise approved claims that were not filed within the time prescribed by Section 66.305;
(6)  approved claims of subordinated creditors; and
(7)  claims of shareholders of the association.
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. 6.032, eff. September 1, 2007.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.307. Action on Claim

Sec. 66.307.  ACTION ON CLAIM.  (a)  Within three months after the date of receipt of a claim against an association being liquidated, the liquidating agent shall approve or reject the claim in whole or in part, unless that period is extended by written agreement with the claimant.
(b)  A liquidating agent who approves the claim or a part of the claim shall classify the claim and enter the claim and the action taken in a claim register.
(c)  A liquidating agent who rejects the claim in whole or in part, or who denies a right of payment priority or any other right asserted by the claimant, shall notify the claimant of the action by registered mail.
(d)  An approved claim presented after the declaration and payment of any dividend and on or before the last day of the 18th month after the date on which notice is first published under Section 66.304 qualifies to participate in dividends previously paid before an additional dividend is declared.  A claim that was not presented during that period does not qualify to participate in a dividend or distribution of assets until all approved claims filed during that period are fully paid.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.308. Hearing on Claim; Appeal of Adverse Determination of Claim

Sec. 66.308.  HEARING ON CLAIM;  APPEAL OF ADVERSE DETERMINATION OF CLAIM.  (a)  A claimant may appeal an adverse determination of a claim by filing suit on the claim in a district court of Travis County within three months after the date on which notice is mailed under Section 66.307.
(b)  The determination on a claim becomes final and is not subject to review if suit is not filed in accordance with Subsection (a).
(c)  Review by a district court under Subsection (a) is by trial de novo.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.309. Payment of Final Dividend

Sec. 66.309.  PAYMENT OF FINAL DIVIDEND.  (a)  The liquidating agent may not pay a final dividend before the first day of the 19th month after the date notice is first published under Section 66.304.
(b)  The liquidating agent shall declare and pay a final dividend after:
(1)  the period provided by Subsection (a) expires;  and
(2)  the liquidating agent liquidates each asset of the association capable of being liquidated or receives sufficient money from the liquidation to:
(A)  pay the costs of the liquidation;
(B)  pay all claims that have been presented and established;  and
(C)  leave money available to pay all nonclaiming depositors and creditors of the association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.310. Deposit of Money by Liquidating Agent

Sec. 66.310.  DEPOSIT OF MONEY BY LIQUIDATING AGENT.  The liquidating agent shall deposit all unclaimed dividends and all money available for nonclaiming depositors and creditors in one or more state-chartered financial institutions for the benefit of the depositors and creditors entitled to the dividends or 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.311. Payment of Nonclaiming Depositors and Creditors

Sec. 66.311.  PAYMENT OF NONCLAIMING DEPOSITORS AND CREDITORS.  (a)  Except as provided by Subsection (b), the liquidating agent, on demand, shall pay a depositor or creditor of the association who does not make a claim under Section 66.305 any amount held by the liquidating agent for the benefit of the depositor or creditor.
(b)  If the liquidating agent has a doubt about the identity of a claimant or the claimant's right to the money, the liquidating agent shall reject the claim and notify the claimant by registered mail.
(c)  The liquidating agent's rejection of a claim becomes final if the claimant does not file suit against the liquidating agent to recover the money in a district court of Travis County within three months after the date on which the notice is mailed.
(d)  A suit under Subsection (c) is an action in rem.  Judgment is binding on all persons interested in the 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.312. Cost of Liquidation

Sec. 66.312.  COST OF LIQUIDATION.  (a)  The commissioner shall determine the cost of the liquidation.
(b)  The cost of liquidation shall be paid from the association'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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.313. Final Report

Sec. 66.313.  FINAL REPORT.  After paying a final dividend as provided by Section 66.309 and performing any necessary or proper action in liquidating the association's assets for the benefit of the depositors and creditors of the association, the liquidating agent shall file with the commissioner a final report of the liquidation.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.314. Continued Existence of Association Following Liquidation

Sec. 66.314.  CONTINUED EXISTENCE OF ASSOCIATION FOLLOWING LIQUIDATION.  For the purposes of adjusting and settling claims not disposed of during the liquidation, the association continues to exist until the third anniversary of the date the liquidation order is 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.315. Special Liquidating Agent

Sec. 66.315.  SPECIAL LIQUIDATING AGENT.  At the completion of the liquidation, the commissioner may appoint a special liquidating agent if necessary to adjust and settle undisposed claims.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.316. Closing of Liquidation; Order and Liability

Sec. 66.316.  CLOSING OF LIQUIDATION;  ORDER AND LIABILITY.  (a)  The liquidating agent shall certify the completion of the liquidation to the commissioner, who shall then issue an order closing the liquidation.
(b)  After the commissioner issues the order, the commissioner and the liquidating agent are discharged from any further duty or liability in connection with the administration of the association's affairs.
(c)  After the closing order, a person does not have a claim, suit, or action against the commissioner or the liquidating agent, individually or in an official capacity, except a suit to recover an unclaimed deposit as provided by this subchapter.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter G. Liquidation › Section 66.317. Administrative Procedure

Sec. 66.317.  ADMINISTRATIVE PROCEDURE.  The procedures for a contested case hearing under Chapter 2001, Government Code, apply to a hearing set by the commissioner under this subchapter.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter H. Receivership of Uninsured Associations › Section 66.351. Placement of Certain Associations in Receivership

Sec. 66.351.  PLACEMENT OF CERTAIN ASSOCIATIONS IN RECEIVERSHIP.  (a)  After a final liquidation order has been issued under Subchapter F or G  for an association the deposits of which are not insured by the Federal Deposit Insurance Corporation or another state or federal agency, the commissioner or liquidating agent may apply to a district court of Travis County to appoint a receiver for the association.
(b)  The court shall appoint a receiver if the court finds substantial evidence that:
(1)  the commissioner has met all applicable requirements of Subchapter F or G for issuing the liquidation order;
(2)  service of the liquidation order has been completed as provided by Section 66.106;  and
(3)  the order is a final unappealable order under Subchapter F or G.
(c)  The court shall appoint the liquidating agent appointed during the liquidation of the association to serve as transitional receiver during the first 60 days of the receivership.  The court may appoint a different receiver for the remainder of the receivership.
(d)  After the court appoints a receiver, liquidation of the association under the supervision of the commissioner ends and the receiver shall liquidate the association under the supervision of the court.
(e)  A receiver is governed by:
(1)  Subchapter F, to the extent that subchapter is not inconsistent with this section;
(2)  Subchapter G, other than Sections 66.302 and 66.316, and to the extent that subchapter is not inconsistent with this section;  and
(3)  state law applicable to receiverships generally to the extent the law is not inconsistent with this chapter.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter H. Receivership of Uninsured Associations › Section 66.352. Duties of Receiver

Sec. 66.352.  DUTIES OF RECEIVER.  On appointment, the receiver shall:
(1)  immediately take charge of the affairs of the association, subject to the direction of the court;  and
(2)  conduct the business of the association or act as necessary to conserve the assets and protect the rights of the depositors or creditors and shareholders and members of the association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter H. Receivership of Uninsured Associations › Section 66.353. Compensation of Receiver

Sec. 66.353.  COMPENSATION OF RECEIVER.  The receiver is entitled to compensation as determined by the court.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter H. Receivership of Uninsured Associations › Section 66.354. Effect of Receivership on Commissioner and Liquidating Agent

Sec. 66.354.  EFFECT OF RECEIVERSHIP ON COMMISSIONER AND LIQUIDATING AGENT.  (a)  On appointment of the receiver, the commissioner and liquidating agent are discharged from further duty in connection with the administration or regulation of the affairs of the association and are not liable, individually or in an official capacity, for an action or a failure to act while the association was in liquidation under this chapter.
(b)  The appointment or the action of a receiver under this subchapter does not invalidate an authorized action taken by the liquidating agent under Subchapter G.  The prior action of the liquidating agent is considered valid as if the action had been approved by the court in the receivership proceedings.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter H. Receivership of Uninsured Associations › Section 66.355. Receipt of Items as Evidence in Receivership Proceeding; Certification

Sec. 66.355.  RECEIPT OF ITEMS AS EVIDENCE IN RECEIVERSHIP PROCEEDING;  CERTIFICATION.  (a)  A book, record, document, or paper of the association received and held by the receiver during the receivership proceeding or a certified copy of one of those items, under the hand and official seal of the receiver, is admissible as evidence in a case brought by or against the receiver without additional evidence of authenticity except for a certificate of the receiver stating that the item was received from the custody of the association or found among the association's effects.
(b)  In a case brought by or against the receiver, the receiver may:
(1)  certify the correctness of a paper, document, or record of the receiver's office, including an item described by Subsection (a);  and
(2)  certify under seal of the receiver to a fact contained in the paper, document, or record in evidence in a case in which the original would be evidence.
(c)  When admitted into evidence, the original or a certified copy or part of an item described by Subsection (b) becomes prima facie evidence of the facts disclosed in the item.
(d)  This section applies to a case brought by or against the liquidating agent before the appointment of a receiver as if the case had been brought by or against the receiver.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter H. Receivership of Uninsured Associations › Section 66.356. Title and Custody of Association's Assets

Sec. 66.356.  TITLE AND CUSTODY OF ASSOCIATION'S ASSETS.  (a)  The property and assets of the association are in the custody of the court from the date the receivership begins.
(b)  The receiver and a receiver's successor in office have title to all property, contracts, and rights of action of the association, wherever located, beginning on the date the order directing the receiver to take possession is entered.  The title of the receiver relates back to the date the liquidation of the association begins unless the court provides otherwise.
(c)  The filing or recording of the order in a record office of the state has the same effect for notice purposes as a filed or recorded deed, bill of sale, or other evidence of title.
(d)  If the court considers it desirable to protect the assets of the association, the court may require a bond from the receiver, in an amount set by the court, to be paid from the association'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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter I. Miscellaneous Provisions › Section 66.401. Derivative Suit

Sec. 66.401.  DERIVATIVE SUIT.  (a)  The commissioner may bring a derivative suit on behalf of an association on an unpursued cause of action if:
(1)  the commissioner determines that the suit should be brought to protect the public interest or the interest of the association or the shareholders, members, or creditors of the association;  and
(2)  the association has not brought suit on the action before the 31st day after the date on which the commissioner gives notice to the association that suit should be brought.
(b)  Except as provided by another statute that provides for mandatory venue, venue is in a district court of Travis County.
(c)  The commissioner may employ legal counsel to bring and prosecute a derivative suit.  The commissioner may:
(1)  pay the counsel from funds appropriated for the operation of the Department of Savings and Mortgage Lending; or
(2)  require the association for which the suit is brought to pay the counsel directly or to reimburse the Department of Savings and Mortgage Lending for the payment.
(d)  The association shall be paid an amount equal to the amount of the proceeds of a judgment on a suit brought under this section less unreimbursed costs and expenses, including attorney's fees, incurred by the Department of Savings and Mortgage Lending in prosecuting the suit.
(e)  In this section, "unpursued cause of action" means an existing claim belonging to an association on which a suit or other effective action has not been filed or taken by or on behalf of the association on or before the last day of the sixth month after the date on which the cause of action arose, involving:
(1)  a claim for monetary damages or recovery of property;
(2)  a claim for equitable relief;
(3)  a cause of action for breach of contract or for enforcement of a contract;  or
(4)  a claim on a fidelity bond.
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. 6.033, eff. September 1, 2007.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter I. Miscellaneous Provisions › Section 66.402. Payment of Insured Deposit Liabilities by Fdic

Sec. 66.402.  PAYMENT OF INSURED DEPOSIT LIABILITIES BY FDIC.  If the Federal Deposit Insurance Corporation pays the insured deposit liabilities of an association that has been closed or is being liquidated under this chapter, regardless of whether the Federal Deposit Insurance Corporation has become receiver or liquidating agent, the Federal Deposit Insurance Corporation is subrogated, to the extent of the payment, to all rights that the owners of the savings accounts or deposits have against the association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter I. Miscellaneous Provisions › Section 66.403. Enforceability of Loan Promise or Agreement Made by Association Before Conservatorship or Supervisory Control

Sec. 66.403.  ENFORCEABILITY OF LOAN PROMISE OR AGREEMENT MADE BY ASSOCIATION BEFORE CONSERVATORSHIP OR SUPERVISORY CONTROL.  If a promise or agreement to lend money is not otherwise unenforceable under Chapter 26, Business & Commerce Code, and if the promise or agreement is made by the association before the association is placed under conservatorship or supervisory control, the promise or agreement or a memorandum of the promise or agreement is enforceable against the association only if the promise or agreement or memorandum:
(1)  is in writing and states the material terms of the loan and the loan's repayment;
(2)  is signed by an authorized officer or employee of the association and the person to whom the promise or agreement was made;  and
(3)  is approved by the association's board.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 67 - Foreign Financial Institutions › Subchapter A. General Provisions › Section 67.001. Limitation on Right to Do Business as Savings and Loan Association

Sec. 67.001.  LIMITATION ON RIGHT TO DO BUSINESS AS SAVINGS AND LOAN ASSOCIATION.  (a)  A person may not do business as a savings and loan association in this state or maintain an office in this state for the purpose of doing business unless the person is a:
(1)  domestic association;
(2)  federal association;  or
(3)  foreign association that holds a certificate of authority issued under Subchapter I, Chapter 62, or Section 61, Chapter 61, General Laws, Acts of the 41st Legislature, 2nd Called Session, 1929 (Article 881a-60, Vernon's Texas Civil Statutes).
(b)  Subsection (a) does not prohibit activity that is not considered to be transacting business in this state under Section B, Article 8.01, Texas Business Corporation 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 B - Savings and Loan Associations › Chapter 67 - Foreign Financial Institutions › Subchapter A. General Provisions › Section 67.002. Application of Law and Rules

Sec. 67.002.  APPLICATION OF LAW AND RULES.  This subtitle and each rule adopted under this subtitle apply to the operations in this state of a foreign association and may be enforced by 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 B - Savings and Loan Associations › Chapter 67 - Foreign Financial Institutions › Subchapter A. General Provisions › Section 67.003. Contracts Construed Under Law of This State

Sec. 67.003.  CONTRACTS CONSTRUED UNDER LAW OF THIS STATE.  A contract between a foreign association and a resident of this state is governed by the laws 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 B - Savings and Loan Associations › Chapter 67 - Foreign Financial Institutions › Subchapter A. General Provisions › Section 67.004. Federal Associations

Sec. 67.004.  FEDERAL ASSOCIATIONS.  A federal association is not a foreign corporation or foreign association for purposes of this subtitle.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 67 - Foreign Financial Institutions › Subchapter B. Powers of Foreign Association; Eligibility of Accounts for Investment › Section 67.101. Powers of Foreign Association; Eligibility of Accounts for Investment

Sec. 67.101.  POWERS OF FOREIGN ASSOCIATION;  ELIGIBILITY OF ACCOUNTS FOR INVESTMENT.  (a)  A foreign association operating under a certificate of authority has the rights and privileges of an association created under this subtitle.  The association's accounts are eligible for investment to the same extent as those of a domestic association.
(b)  A foreign association may not be considered an association organized under the laws of this state.
(c)  A foreign association operating in this state under this chapter may not exercise a power, perform a function, or offer a service that a domestic association may not exercise, perform, or offer.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 67 - Foreign Financial Institutions › Subchapter C. Certificate of Authority › Section 67.201. Renewal of Certificate

Sec. 67.201.  RENEWAL OF CERTIFICATE.  A foreign association may renew a certificate of authority by paying a renewal fee in January of each year.  The finance commission by resolution shall set the fee annually.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 67 - Foreign Financial Institutions › Subchapter C. Certificate of Authority › Section 67.202. Revocation of Certificate

Sec. 67.202.  REVOCATION OF CERTIFICATE.  (a)  The commissioner may revoke a foreign association's certificate of authority on the failure or refusal of the association to comply with a final order of the commissioner.
(b)  On revocation under Subsection (a), an agent of the association may not transact business in this state except to:
(1)  receive a payment to apply to an active loan contract;  or
(2)  pay a withdrawal request.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 67 - Foreign Financial Institutions › Subchapter D. Examination and Regulation › Section 67.301. Frequency of Examination

Sec. 67.301.  FREQUENCY OF EXAMINATION.  A foreign association may not be examined more than once each year.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 67 - Foreign Financial Institutions › Subchapter D. Examination and Regulation › Section 67.302. Examination Charges

Sec. 67.302.  EXAMINATION CHARGES.  A foreign association holding a certificate of authority shall pay:
(1)  an examination fee in the amount set for a domestic association under Section 61.007;
(2)  all travel expenses of the examination;  and
(3)  the amount of the examination expense that exceeds the amount of the examination fee, if any.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 67 - Foreign Financial Institutions › Subchapter D. Examination and Regulation › Section 67.303. Agreement With Regulatory Authority of Other State

Sec. 67.303.  AGREEMENT WITH REGULATORY AUTHORITY OF OTHER STATE.  (a)  The commissioner, in exercising the supervisory and regulatory authority granted under Chapter 66, may enter into a cooperative agreement with a regulatory authority of another state to facilitate regulation of a foreign association doing business in this state.
(b)  The commissioner may accept a report of examination and other records from the regulatory authority of the other state instead of conducting an examination outside 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 B - Savings and Loan Associations › Chapter 67 - Foreign Financial Institutions › Subchapter D. Examination and Regulation › Section 67.304. Commissioner's Authority to Issue Orders

Sec. 67.304.  COMMISSIONER'S AUTHORITY TO ISSUE ORDERS.  The commissioner may issue an order against a foreign association holding a certificate of authority in the same manner provided by Chapter 66 for issuance of an order against a domestic association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 89 - Miscellaneous Provisions Applicable to Savings and Loan Associations › Subchapter A. General Miscellaneous Provisions › Section 89.001. Applicability of Chapter 4, Business & Commerce Code

Sec. 89.001.  APPLICABILITY OF CHAPTER 4, BUSINESS & COMMERCE CODE.  Chapter 4, Business & Commerce Code, applies to an association with respect to an item paid, collected, settled, negotiated, or otherwise handled by the association for a customer.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 89 - Miscellaneous Provisions Applicable to Savings and Loan Associations › Subchapter A. General Miscellaneous Provisions › Section 89.002. Acknowledgment or Proof Taken by Member, Stockholder, or Employee of Association

Sec. 89.002.  ACKNOWLEDGMENT OR PROOF TAKEN BY MEMBER, STOCKHOLDER, OR EMPLOYEE OF ASSOCIATION.  A public officer who is qualified to take an acknowledgment or proof of a written instrument and who is a member or employee of, or a shareholder in, an association or federal association is not disqualified because of that relationship to the association or federal association from taking an acknowledgment or proof of a written instrument in which an association or federal association is interested.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 89 - Miscellaneous Provisions Applicable to Savings and Loan Associations › Subchapter A. General Miscellaneous Provisions › Section 89.003. Rendition of Certain Personal Property for Ad Valorem Taxation

Sec. 89.003.  RENDITION OF CERTAIN PERSONAL PROPERTY FOR AD VALOREM TAXATION.  (a)  Each association and each federal association shall render for ad valorem taxation all of its personal property, other than furniture, fixtures, equipment, and automobiles, as a whole at the value remaining after deducting the following from the total value of its entire assets:
(1)  all debts that it owes;
(2)  all tax-free securities that it owns;
(3)  its loss reserves and surplus;
(4)  its savings liability;  and
(5)  the appraised value of its furniture, fixtures, and real property.
(b)  The association or federal association shall render the personal property, other than furniture, fixtures, equipment, and automobiles, to the chief appraiser of the appraisal district in the county in which its principal office is located.
(c)  Furniture, fixtures, equipment, and automobiles of an association or federal association shall be rendered and valued for ad valorem taxation as provided by the Tax Code.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 89 - Miscellaneous Provisions Applicable to Savings and Loan Associations › Subchapter A. General Miscellaneous Provisions › Section 89.004. Initiation of Rulemaking by Associations

Sec. 89.004.  INITIATION OF RULEMAKING BY ASSOCIATIONS.  The finance commission shall initiate rulemaking proceedings if at least 20 percent of the associations petition the finance commission in writing requesting the adoption, amendment, or repeal of a rule.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 32, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 89 - Miscellaneous Provisions Applicable to Savings and Loan Associations › Subchapter A. General Miscellaneous Provisions › Section 89.005. Exemption From Securities Laws

Sec. 89.005.  EXEMPTION FROM SECURITIES LAWS.  A savings account, certificate, or other evidence of an interest in the savings liability of an association or federal association is not considered a security under The Securities Act (Title 12, Government Code). A security of these associations, other than an interest in the savings liability of an association, is not subject to the registration requirements of that act.  A person whose principal occupation is being an officer of an association is exempt from the registration and licensing provisions of that act with respect to that person's participation in a sale or other transaction involving securities of the association of which the person is an officer.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.12, eff. January 1, 2022.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 89 - Miscellaneous Provisions Applicable to Savings and Loan Associations › Subchapter A. General Miscellaneous Provisions › Section 89.006. Liability of Commissioner and Other Commission Personnel; Defense by Attorney General

Sec. 89.006.  LIABILITY OF COMMISSIONER AND OTHER COMMISSION PERSONNEL;  DEFENSE BY ATTORNEY GENERAL.  (a)  The commissioner, a member of the finance commission, a deputy commissioner, an examiner, or any other officer or employee of the Department of Savings and Mortgage Lending is not personally liable for damages arising from the person's official act or omission unless the act or omission is corrupt or malicious.
(b)  The attorney general shall defend an action brought against a person described by Subsection (a) because of the person's official act or omission without regard to whether the person is an officer or employee of the department at the time the action is instituted.
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. 6.034, eff. September 1, 2007.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 89 - Miscellaneous Provisions Applicable to Savings and Loan Associations › Subchapter A. General Miscellaneous Provisions › Section 89.007. Association Authorized to Conduct Savings and Loan Business Under Prior Law Now Subject to Subtitle

Sec. 89.007.  ASSOCIATION AUTHORIZED TO CONDUCT SAVINGS AND LOAN BUSINESS UNDER PRIOR LAW NOW SUBJECT TO SUBTITLE.  (a)  An association or corporation that was authorized to conduct a building and loan association, savings and loan association, building society, or other similar business before January 1, 1964, and that has substantially the same purpose as a savings and loan association is subject to this subtitle.  The name, rights, powers, privileges, and immunities of each of those associations or corporations are governed, construed, extended, and limited by this subtitle to the same extent and effect as if the association or corporation had been incorporated under this subtitle.
(b)  Except as provided by Subsection (d) and notwithstanding anything to the contrary in the entity's certificate of incorporation, bylaws, constitution, or rules, each association or corporation described by Subsection (a) has the rights, powers, privileges, and immunities conferred by this subtitle and is subject to the duties, liabilities, and restrictions imposed by this subtitle.
(c)  Except as provided by Subsection (d), the articles of association, certificate of incorporation, or charter and the bylaws, constitutions, or other rules of each of those associations or corporations are:
(1)  considered modified and amended to conform to this subtitle, regardless of whether the commissioner has issued or approved a conformed copy of the document;  and
(2)  void to the extent that the document is inconsistent with this subtitle.
(d)  The obligations existing on January 1, 1964, of each association or corporation described by Subsection (a), including an obligation between the entity and one or more of its members and between the entity and any other person, are not impaired by this subtitle.  Any valid contract existing on January 1, 1964, either between the members of the entity or between the entity and any other person, is not impaired by this subtitle.  An association is not required to change its name.
(e)  An association or corporation described by Subsection (a) may enforce in its name any contractual obligation of the association or corporation incurred before January 1, 1964.  A demand, claim, or right of action against the association or corporation may be enforced against the association or corporation as fully and completely as it might have been enforced before January 1, 1964.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 89 - Miscellaneous Provisions Applicable to Savings and Loan Associations › Subchapter A. General Miscellaneous Provisions › Section 89.008. Offices of Federal Associations

Sec. 89.008.  OFFICES OF FEDERAL ASSOCIATIONS.  A federal association that has been merged, consolidated, or converted into a domestic or foreign savings bank or association is entitled to retain any authorized office under the terms provided for a foreign savings bank under Subchapter I, Chapter 92.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.31(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 89 - Miscellaneous Provisions Applicable to Savings and Loan Associations › Subchapter B. Access to and Disclosure of Certain Information › Section 89.051. Access to Books and Records of Association

Sec. 89.051.  ACCESS TO BOOKS AND RECORDS OF ASSOCIATION.  (a)  The books and records of an association may be examined only by:
(1)  the commissioner or the commissioner's representative in accordance with Sections 66.051, 66.053, and 66.054;
(2)  a person authorized to act for the association;
(3)  an agent of a governmental agency that has insured the savings accounts of the association;  or
(4)  a borrower or savings account holder of the association, in accordance with Subsection (b).
(b)  A borrower or savings account holder of an association is entitled to examine only the books and records of the association that pertain to the person's loan or savings account.
(c)  A person is entitled to a partial or complete list of the stockholders of a stock association or of the members of a mutual association only if expressly permitted by the association's board.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.