reglab/statecodes huggingface dataset:
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 65 - Savings Accounts › Subchapter A. General Provisions › Section 65.004. Evidence of Account

Sec. 65.004.  EVIDENCE OF ACCOUNT.  An association shall issue an account book or certificate to the holder of a savings account as evidence 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 B - Savings and Loan Associations › Chapter 65 - Savings Accounts › Subchapter A. General Provisions › Section 65.005. Account Ownership

Sec. 65.005.  ACCOUNT OWNERSHIP.  Unless an association has acknowledged in writing a pledge of a savings account, the association may treat the holder of record of the account as the owner of the account for all purposes and is unaffected by notice to the contrary.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 65 - Savings Accounts › Subchapter A. General Provisions › Section 65.006. Transfer of Account

Sec. 65.006.  TRANSFER OF ACCOUNT.  (a)  A savings account may be transferred only on the books of an association on presentation to the association of:
(1)  evidence of transfer satisfactory to the association;  and
(2)  an application for transfer by the transferee.
(b)  A transferee accepts an account subject to the terms of the:
(1)  savings contract;  and
(2)  association's charter and bylaws.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 65 - Savings Accounts › Subchapter A. General Provisions › Section 65.007. Lost or Destroyed Account Book or Certificate

Sec. 65.007.  LOST OR DESTROYED ACCOUNT BOOK OR CERTIFICATE.  (a)  An association may issue a new account book or certificate in the name of the holder of record of a savings account if:
(1)  the holder or the holder's legal representative requests;  and
(2)  proof is presented satisfactory to the association that the original book or certificate is lost or destroyed.
(b)  A new account book or certificate must expressly state that:
(1)  it is issued to replace a lost or destroyed account book or certificate;  and
(2)  the association may not be held liable on the original account book or certificate.
(c)  An association may require indemnification against any loss resulting from issuing a new account book or certificate.
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 65 - Savings Accounts › Subchapter A. General Provisions › Section 65.008. Account Withdrawals

Sec. 65.008.  ACCOUNT WITHDRAWALS.  (a)  A savings account holder at any time may present a written order for withdrawal of all or part of the holder's account except to the extent the account is pledged to the association or to another person on the association's books.
(b)  The association may:
(1)  pay in full a withdrawal order as presented;  and
(2)  collect an early withdrawal penalty provided by the certificate or contract applicable to the account.
(c)  With the approval of the Finance Commission of Texas and the governor, the commissioner may impose a uniform limitation on amounts withdrawable from savings accounts of associations if that limitation is necessary in the public interest.
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 65 - Savings Accounts › Subchapter A. General Provisions › Section 65.009. Interest or Dividends Paid on Accounts

Sec. 65.009.  INTEREST OR DIVIDENDS PAID ON ACCOUNTS.  (a)  An association whose bylaws contain the provision authorized by Section 65.012 may contract to pay interest on savings accounts.
(b)  An association whose bylaws do not contain the provision authorized by Section 65.012 may pay earnings on savings accounts in the form of dividends declared by the association's board.
(c)  An association shall compute and pay interest and dividends according to rules of the finance commission.
(d)  An association shall credit a dividend to a savings account on the association's books unless the account holder requests and the association has agreed that the association will pay dividends on the account in cash.
(e)  An association may pay a cash dividend by check or bank draft.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 30, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 65 - Savings Accounts › Subchapter A. General Provisions › Section 65.010. Redemption of Savings Account

Sec. 65.010.  REDEMPTION OF SAVINGS ACCOUNT.  (a)  An association may redeem in the manner the board determines all or part of its savings accounts if the association:
(1)  redeems the accounts on a dividend date;
(2)  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 association;  and
(3)  not later than the redemption date, sets aside the amount necessary for the redemption and keeps the amount available for redemption.
(b)  The redemption price of a savings account is the withdrawal value of the account.
(c)  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.
(d)  An association may not redeem any of its savings accounts if the association:
(1)  is subject to supervisory control, a conservatorship, or a receivership action under Chapter 66, unless the commissioner directs the redemption;  or
(2)  has applications for withdrawal that have been on file for more than 30 days and have not been 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 65 - Savings Accounts › Subchapter A. General Provisions › Section 65.011. Lien on Savings Account

Sec. 65.011.  LIEN ON SAVINGS ACCOUNT.  (a)  Without further agreement or pledge, an association or a federal association doing business in this state has a lien on all savings accounts owned by a member to whom or on whose behalf the association has advanced money by loan or otherwise.
(b)  On default in the payment or satisfaction of the member's obligation, the association, without notice to or consent of the member, may cancel on its books all or part of the member's savings account and apply that amount to payment of the obligation.
(c)  The association by written instrument may waive its lien in whole or in part on a savings account.
(d)  The association may take the pledge of a savings account of the association that is owned by a member other than the borrower as additional security for a:
(1)  loan secured by an account;
(2)  loan secured by an account and real property;  or
(3)  real property loan.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 65 - Savings Accounts › Subchapter A. General Provisions › Section 65.012. Priority of Accounts; Notice of Withdrawal

Sec. 65.012.  PRIORITY OF ACCOUNTS;  NOTICE OF WITHDRAWAL.  (a)  An association's bylaws may provide that on voluntary or involuntary liquidation, dissolution, or winding up of the association, or in any other situation in which the priority of savings accounts is in controversy, all savings accounts are, to the extent of their withdrawal value, debts of the association having the same priority as the claims of general creditors of the association not having priority, other than a priority resulting from consensual subordination, over claims of other general creditors of the association.
(b)  An association's bylaws may require not more than 60 days' notice before the date a withdrawal application may be paid.
(c)  An association that requires notice of withdrawal and does not pay a withdrawal application by the end of the notice period is considered to be subject to supervisory control, a conservatorship, or a receivership proceeding under Chapter 66.
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 65 - Savings Accounts › Subchapter A. General Provisions › Section 65.013. Account as Legal Investment

Sec. 65.013.  ACCOUNT AS LEGAL INVESTMENT.  (a)  Each of the following persons may invest money held by the person in a savings account of an association or a federal association:
(1)  any fiduciary, including an administrator, executor, guardian, or trustee;
(2)  a political subdivision or instrumentality of this state;
(3)  an insurance company doing business in this state;
(4)  a business or nonprofit corporation;
(5)  a charitable or educational corporation or association;  and
(6)  a financial institution, including a bank or credit union.
(b)  An investment by an insurance company in a savings account is eligible for tax reducing purposes under Chapter 221, Insurance Code.
(c)  An investment by a school district in a savings account insured by the Federal Deposit Insurance Corporation is considered to meet the requirements of Section 45.102, 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. 11.109, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 65 - Savings Accounts › Subchapter B. Provisions Applicable to Specific Types of Accounts › Section 65.101. Account Held by Minor

Sec. 65.101.  ACCOUNT HELD BY MINOR.  (a)  An association or a federal savings and loan association doing business in this state may accept a savings account from a minor as the sole and absolute owner of the account.
(b)  On the minor's order the association may:
(1)  pay withdrawals;
(2)  accept pledges to the association;  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 savings account, is a discharge of the association for that payment or delivery.
(d)  If the association requires a minor to furnish an acquittance or pledge or take other action with respect to the minor's savings 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 association in writing that the minor is not to have the authority to control the minor's savings 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 association 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 B - Savings and Loan Associations › Chapter 65 - Savings Accounts › Subchapter B. Provisions Applicable to Specific Types of Accounts › Section 65.102. Account Held by More Than One Person

Sec. 65.102.  ACCOUNT HELD BY MORE THAN ONE PERSON.  (a)  If a savings account is opened in an association or a federal savings and loan association doing business in this state in the names of more than one person, whether the persons are minors or adults, and the savings contract specifies that money in the account may be paid to or on the order of any one of the account holders, the association may pay the money in the account to or on the order of any one of the account holders before or after the death of any of the other account holders.  An association has no further liability for a payment made under this subsection.
(b)  If a savings contract specifies that a check, receipt, or withdrawal order requires the signature of more than one of the account holders or of more than one of the surviving account holders after the death of an account holder, the association shall pay the money in the account according to the terms of the savings contract.
(c)  If a savings account holder gives written notification to the association not to permit withdrawals according to the terms of the savings contract, the association may refuse, without liability, to honor any check, receipt, or withdrawal request on the account pending a determination of the rights of the account holders.
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 65 - Savings Accounts › Subchapter B. Provisions Applicable to Specific Types of Accounts › Section 65.103. Joint Tenancy Account Held by Husband and Wife

Sec. 65.103.  JOINT TENANCY ACCOUNT HELD BY HUSBAND AND WIFE.  (a)  A husband and wife may enter into a savings contract that creates a joint tenancy with right of survivorship with respect to community property deposited in a savings account and any future additions or dividends made or credited to the account.
(b)  An agreement under Subsection (a) must be in writing and subscribed to by the husband and wife but is not required to be acknowledged.
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 65 - Savings Accounts › Subchapter B. Provisions Applicable to Specific Types of Accounts › Section 65.104. Pledge of Joint Account

Sec. 65.104.  PLEDGE OF JOINT ACCOUNT.  (a)  Unless the terms of the savings account provide otherwise, a person on whose signature money may be withdrawn from an account in the names of two or more persons may, by a signed pledge, pledge and transfer to the association or federal association 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 B - Savings and Loan Associations › Chapter 65 - Savings Accounts › Subchapter B. Provisions Applicable to Specific Types of Accounts › Section 65.105. Account Held by Fiduciary

Sec. 65.105.  ACCOUNT HELD BY FIDUCIARY.  (a)  An association or a federal savings and loan association doing business in this state may accept a savings account in the name of a fiduciary, including an administrator, executor, custodian, guardian, or trustee, for one or more named beneficiaries.
(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 association for the payment.
(d)  After a person holding a savings account in a fiduciary capacity dies, the association may pay or deliver to the beneficiary the withdrawal value of the account, plus dividends on the account, or other rights relating to the account, in whole or in part, if the association 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)  An association 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 B - Savings and Loan Associations › Chapter 65 - Savings Accounts › Subchapter B. Provisions Applicable to Specific Types of Accounts › Section 65.106. Trust Account; Undisclosed Trust Instrument

Sec. 65.106.  TRUST ACCOUNT;  UNDISCLOSED TRUST INSTRUMENT.  (a)  If an association opens a savings account for a person claiming to be the trustee for another and the association has no other written notice of the existence or terms of a trust:
(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, an association may pay the withdrawal value of all or part of the account, plus dividends on the account, to the person for whom the account was opened.
(b)  An association 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 B - Savings and Loan Associations › Chapter 65 - Savings Accounts › Subchapter B. Provisions Applicable to Specific Types of Accounts › Section 65.107. Power of Attorney Account

Sec. 65.107.  POWER OF ATTORNEY ACCOUNT.  (a)  An association or a federal association 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 savings account of a member until the association 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter A. General Provisions › Section 66.001. General Duties

Sec. 66.001.  GENERAL DUTIES.  The Department of Savings and Mortgage Lending and the commissioner shall regulate associations and subsidiaries of associations 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. 6.029, 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 A. General Provisions › Section 66.002. Adoption of Rules

Sec. 66.002.  ADOPTION OF RULES.  The finance commission may adopt rules relating to:
(1)  the minimum amounts of capital stock and paid-in surplus required for incorporation as a capital stock association;
(2)  the minimum amounts of savings liability and expense funds required for incorporation as a mutual association;
(3)  the fees and procedures for processing, hearing, and deciding applications filed with the commissioner or the Department of Savings and Mortgage Lending under this subtitle;
(4)  the books and records that an association is required to keep and the location at which the books and records are required to be maintained;
(5)  the accounting principles and practices that an association is required to observe;
(6)  the conditions under which records may be copied or reproduced for permanent storage before the original records are destroyed;
(7)  the form, contents, and time of publication of statements of condition;
(8)  the form and contents of annual reports and other reports that an association is required to prepare and publish or file;
(9)  the manner in which assets, liabilities, and transactions in general are to be described when entered in the books of an association, so that the entry accurately describes the subject matter of the entry; and
(10)  the conditions under which the commissioner may require an asset to be charged off or reserves established by transfer from surplus or paid-in capital because of the depreciation of or overstated value of the asset.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 31, eff. Sept. 1, 2001.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 6.030, 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 B. Examinations › Section 66.051. Examinations

Sec. 66.051.  EXAMINATIONS.  (a)  The commissioner shall periodically examine the affairs of each association, including the subsidiaries and transactions of the association and the dealings of any savings and loan holding company that are related to the savings and loan subsidiaries of the association.
(b)  An examination must include an audit if an independent audit is not available or is unsatisfactory to the commissioner.
(c)  On completion of an audit, the auditor shall sign and certify the audit report.  A copy shall be filed promptly with the commissioner.
(d)  An examination under this section may be made in conjunction with an examination by the Federal Home Loan Bank Board, a Federal Home Loan Bank, or the Federal Deposit Insurance Corporation.  The commissioner shall accept an audit made by or accepted by one of those agencies in an examination of an 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 B. Examinations › Section 66.052. Additional Examinations

Sec. 66.052.  ADDITIONAL EXAMINATIONS.  (a)  The commissioner at the association's cost shall conduct an additional examination or audit or devote extraordinary attention to an association's affairs if the commissioner determines that the condition of the association makes it necessary or expedient to do so.
(b)  A copy of the report of an examination or audit conducted under this section shall be furnished promptly to the association.  The report shall be:
(1)  presented to the board of the association at its next regular meeting or at a special meeting called for purposes of permitting the presentation of the report;  and
(2)  noted in the minutes of the meeting.
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 B. Examinations › Section 66.053. Access to Books and Records

Sec. 66.053.  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 an association;
(2)  the books and records of a subsidiary or savings and loan holding company of an association relating to the association's business;  and
(3)  the books and records kept by an officer, agent, or employee of the association, subsidiary, or savings and loan holding company relating to the association's business.
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 B. Examinations › Section 66.054. Subpoena; Administration of Oath or Affirmation

Sec. 66.054.  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 an association;  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 an 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter C. Supervisory Intervention › Section 66.101. Intervention for Violations and Unsafe and Unsound Practices

Sec. 66.101.  INTERVENTION FOR VIOLATIONS AND UNSAFE AND UNSOUND PRACTICES.  The commissioner may intervene in the affairs of an association if the association or a person who participates in the affairs of the association or a subsidiary of the association:
(1)  engages in or is about to engage in an unsafe and unsound practice in conducting the affairs of the association;  or
(2)  violates or is about to violate:
(A)  the articles of incorporation or bylaws of the association;
(B)  a law or supervisory order applicable to the association;  or
(C)  a condition that the commissioner or the finance commission has imposed on the association by written order or agreement.
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 C. Supervisory Intervention › Section 66.102. Intervention for Filing Inappropriate Information

Sec. 66.102.  INTERVENTION FOR FILING INAPPROPRIATE INFORMATION.  The commissioner may intervene in the affairs of an association if the association or a person who participates in the affairs of the association or a subsidiary of the association files materially false or misleading information in a filing required by Subchapter L, Chapter 62.
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 C. Supervisory Intervention › Section 66.103. Intervention for Activity Resulting in Actual or Potential Loss

Sec. 66.103.  INTERVENTION FOR ACTIVITY RESULTING IN ACTUAL OR POTENTIAL LOSS.  (a)  The commissioner may intervene in the affairs of an association if a person who participates in the affairs of the association or a subsidiary or savings and loan holding company of the association commits or is about to commit:
(1)  a fraudulent or criminal act in conducting the affairs that may cause the association or a subsidiary of the association to become or be in danger of becoming insolvent;
(2)  an act that threatens immediate or irreparable harm to the public or the association, a subsidiary of the association, or the account holders or creditors of the association;  or
(3)  a breach of fiduciary duty that results in actual or probable substantial financial losses or other damages to the association or a subsidiary of the association or that would seriously prejudice the interest of savings account holders or holders of other security issued by the association.
(b)  The commissioner may intervene in the affairs of an association if the association:
(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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter C. Supervisory Intervention › Section 66.104. Intervention Relating to Examination of Affairs

Sec. 66.104.  INTERVENTION RELATING TO EXAMINATION OF AFFAIRS.  (a)  The commissioner may intervene in the affairs of an association if a person who participates in the affairs of the association or a subsidiary or savings and loan holding company of the association:
(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 association'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 association or a subsidiary of the association.
(b)  The commissioner may intervene in the affairs of an association if the association:
(1)  fails to maintain books and records from which the true financial condition of the association or the state of the association's affairs can be determined;  or
(2)  refuses to direct a person having possession of the books, papers, records, or accounts of the association or the association's subsidiary to permit the commissioner or the commissioner's authorized representative to inspect or 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter C. Supervisory Intervention › Section 66.105. Temporary Supervisory Order

Sec. 66.105.  TEMPORARY SUPERVISORY ORDER.  (a)  If the commissioner has reasonable cause to believe that one or more of the grounds for intervention under Section 66.101 exists or is 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 association from further participating in the affairs of the association or of another association;
(3)  an order requiring divestiture of control of an association obtained under Subchapter L, Chapter 62;   or
(4)  an order placing the affairs of the association under the control of a conservator designated in the order, who may take possession and control of the books, records, property, assets, liabilities, and business of the association and manage the association 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter C. Supervisory Intervention › Section 66.106. Service of Temporary Supervisory Order

Sec. 66.106.  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 association 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter C. Supervisory Intervention › Section 66.107. Hearing on Temporary Supervisory Order; Final Order

Sec. 66.107.  HEARING ON TEMPORARY SUPERVISORY ORDER;  FINAL ORDER.  (a)  A temporary supervisory order issued under Section 66.105 becomes final and unappealable on the 16th day after the date on which the order is issued unless before that day the association 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 matter for hearing to be held not earlier than the 11th 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 in Austin.
(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 form or a modified form that is 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. 6.031, 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 C. Supervisory Intervention › Section 66.108. Plan of Operation of Association After Order of Temporary Conservatorship

Sec. 66.108.  PLAN OF OPERATION OF ASSOCIATION AFTER ORDER OF TEMPORARY CONSERVATORSHIP.  (a)  Before or during a hearing under Section 66.107 on a temporary supervisory order placing an association under the control of a conservator, the board of the association may present to the commissioner a plan to continue the operation of the association in a manner that will correct or eliminate the grounds on which the order is based.
(b)  If the commissioner approves the plan or a modification of the plan, the commissioner shall vacate the order placing the association 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter C. Supervisory Intervention › Section 66.109. Enforcement of Supervisory Order

Sec. 66.109.  ENFORCEMENT OF SUPERVISORY ORDER.  (a)  The commissioner, after giving notice, may assess against an association 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 association 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter C. Supervisory Intervention › Section 66.110. Stay of Supervisory Order

Sec. 66.110.  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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter C. Supervisory Intervention › Section 66.111. Disclosure of Information in Supervisory Order; Confidentiality

Sec. 66.111.  DISCLOSURE OF INFORMATION IN SUPERVISORY ORDER;  CONFIDENTIALITY.  (a)  Except as provided by Subsection (b) or (c), information contained in a temporary or final supervisory order or a notice, correspondence, or other record relating to the order is confidential.
(b)  The commissioner, for good reason as determined by the commissioner, may disclose the information described by Subsection (a) in a hearing or judicial proceeding under Section 66.107, 66.109, or 66.110 or in a proceeding to assert a defense under Section 66.403.
(c)  The commissioner may disclose the information described by Subsection (a) 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.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter D. Conservatorship › Section 66.151. Placement of Association Under Conservatorship

Sec. 66.151.  PLACEMENT OF ASSOCIATION UNDER CONSERVATORSHIP.  If the commissioner does not approve a plan to continue the operation of an association under Section 66.108, the conservator shall continue to manage the affairs of the association 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter D. Conservatorship › Section 66.152. Duties of Conservator

Sec. 66.152.  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 association;  and
(2)  conduct the business and affairs of the association.
(b)  The conservator shall:
(1)  undertake to remove the causes and conditions that made the conservatorship necessary;  and
(2)  during the conservatorship, report to the commissioner as required by the commissioner.
(c)  The conservator shall take measures necessary to preserve, protect, and recover the assets or property of the association, including a claim or cause of action that belongs to or may be asserted by the association.  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 association 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter D. Conservatorship › Section 66.153. Term of Conservator

Sec. 66.153.  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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter D. Conservatorship › Section 66.154. Transfer of Management of Rehabilitated Association

Sec. 66.154.  TRANSFER OF MANAGEMENT OF REHABILITATED ASSOCIATION.  If the association is rehabilitated, the conservator shall return the management of the association to the association's board under terms that are reasonable and necessary to prevent a recurrence of the conditions that created the need for the 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter D. Conservatorship › Section 66.155. Scope of Authority of Other Persons During Conservatorship

Sec. 66.155.  SCOPE OF AUTHORITY OF OTHER PERSONS DURING CONSERVATORSHIP.  During the conservatorship, a person who participates in the affairs of the association 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter D. Conservatorship › Section 66.156. Cost of Conservatorship

Sec. 66.156.  COST OF CONSERVATORSHIP.  (a)  The commissioner shall determine the cost of the conservatorship.
(b)  The cost of conservatorship shall 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 D. Conservatorship › Section 66.157. Venue

Sec. 66.157.  VENUE.  A suit filed against an association 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter E. Voluntary Supervisory Control › Section 66.201. Placement of Association Under Voluntary Supervisory Control

Sec. 66.201.  PLACEMENT OF ASSOCIATION UNDER VOLUNTARY SUPERVISORY CONTROL.  (a)  An association's board may consent to the commissioner's placement of the association 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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter E. Voluntary Supervisory Control › Section 66.202. Powers of Supervisors

Sec. 66.202.  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 association'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 B - Savings and Loan Associations › Chapter 66 - Enforcement and Regulation › Subchapter E. Voluntary Supervisory Control › Section 66.203. Cost of Supervisory Control

Sec. 66.203.  COST OF SUPERVISORY CONTROL.  The cost of the supervisory control of an association shall be set by the commissioner and paid by 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 F. Closing › Section 66.251. Closing of Association by Board Resolution

Sec. 66.251.  CLOSING OF ASSOCIATION BY BOARD RESOLUTION.  An association's board, by resolution and with the commissioner's consent, may close the association and tender to the commissioner for disposition as provided by this subchapter the assets and all the affairs 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 F. Closing › Section 66.252. Closing of Association by Commissioner's Order

Sec. 66.252.  CLOSING OF ASSOCIATION BY COMMISSIONER'S ORDER.  The commissioner or the commissioner's representative may close an association if the commissioner determines after an examination that:
(1)  the interests of the depositors and creditors of the association are jeopardized because of:
(A)  the association's insolvency or imminent insolvency;  or
(B)  a substantial dissipation of the association's assets or earnings because of a violation of a law or an unsafe or unsound practice;  and
(2)  it is in the best interest of the depositors and creditors to close the association and liquidate 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 F. Closing › Section 66.253. Notice of Closing

Sec. 66.253.  NOTICE OF CLOSING.  (a)  Immediately after an association is closed by its board or by the commissioner under this subchapter, the commissioner shall post at the main entrance of the association an appropriate notice of the closure.  After notice is posted, a judgment lien, attachment lien, or other voluntary lien may not attach to an asset of the association, and a director or an officer or agent of the association may not:
(1)  act for the association;  or
(2)  convey, transfer, assign, pledge, mortgage, or encumber an asset of the association.
(b)  An attempt to take an action prohibited under Subsection (a)(2) after the notice is posted or in anticipation of posting the notice, including preferring in any manner a depositor or creditor of the association, is void.
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 F. Closing › Section 66.254. Effect of Closing

Sec. 66.254.  EFFECT OF CLOSING.  (a)  On closing an association under this subchapter, the commissioner may:
(1)  liquidate the association as provided by Subchapter E;   or
(2)  tender the association's assets and all the association'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 association 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.