reglab/statecodes huggingface dataset:
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 279 - Banking and Credit Union Development Districts › Subchapter B. Banking Development Districts › Section 279.053. Application for Designation of Banking Development District

Sec. 279.053.  APPLICATION FOR DESIGNATION OF BANKING DEVELOPMENT DISTRICT.  A local government, in conjunction with a financial institution, may submit an application to the finance commission for the designation of a banking development district.
Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626), Sec. 1, eff. September 1, 2015.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 279 - Banking and Credit Union Development Districts › Subchapter B. Banking Development Districts › Section 279.054. Application by Financial Institution to Open Branch in District

Sec. 279.054.  APPLICATION BY FINANCIAL INSTITUTION TO OPEN BRANCH IN DISTRICT.  A financial institution may apply to open a branch in the proposed banking development district at the time the local government submits an application in conjunction with the institution under Section 279.053.
Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626), Sec. 1, eff. September 1, 2015.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 279 - Banking and Credit Union Development Districts › Subchapter B. Banking Development Districts › Section 279.055. Determination by Finance Commission

Sec. 279.055.  DETERMINATION BY FINANCE COMMISSION.  (a)  Not later than the 120th day after the date an application for the designation of a banking development district is submitted under Section 279.053, the finance commission shall make a determination regarding whether to approve the application.
(b)  If the finance commission approves the application, the finance commission shall notify the:
(1)  local government;
(2)  financial institution;
(3)  comptroller;
(4)  Texas Economic Development and Tourism Office;
(5)  lieutenant governor; and
(6)  speaker of the house of representatives.
Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626), Sec. 1, eff. September 1, 2015.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 279 - Banking and Credit Union Development Districts › Subchapter C. Credit Union Development Districts › Section 279.101. Administration of Program

Sec. 279.101.  ADMINISTRATION OF PROGRAM.  The Credit Union Commission shall administer and monitor a credit union development district program under this chapter to encourage the establishment of branches of a credit union in geographic areas where there is a demonstrated need for services provided by a credit union.
Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626), Sec. 1, eff. September 1, 2015.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 279 - Banking and Credit Union Development Districts › Subchapter C. Credit Union Development Districts › Section 279.102. Rules

Sec. 279.102.  RULES.  (a)  Subject to Subsection (b), the Credit Union Commission shall adopt rules to implement this subchapter and Subchapter D with respect to credit unions in credit union development districts.
(b)  The Credit Union Commission, in consultation with the Texas Economic Development and Tourism Office, shall adopt rules regarding the criteria for the designation of credit union development districts under this subchapter.  The rules must require the Credit Union Commission to consider:
(1)  the location, number, and proximity of sites where services provided by a credit union are available in the proposed credit union development district;
(2)  consumer needs for services provided by a credit union in the proposed district;
(3)  the economic viability and local credit needs of the community in the proposed district;
(4)  the existing commercial development in the proposed district; and
(5)  the impact additional services provided by a credit union would have on potential economic development in the proposed district.
Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626), Sec. 1, eff. September 1, 2015.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 279 - Banking and Credit Union Development Districts › Subchapter C. Credit Union Development Districts › Section 279.103. Application for Designation of Credit Union Development District

Sec. 279.103.  APPLICATION FOR DESIGNATION OF CREDIT UNION DEVELOPMENT DISTRICT.  A local government, in conjunction with a credit union, may submit an application to the Credit Union Commission for the designation of a credit union development district.
Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626), Sec. 1, eff. September 1, 2015.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 279 - Banking and Credit Union Development Districts › Subchapter C. Credit Union Development Districts › Section 279.104. Application by Credit Union to Open Branch in District

Sec. 279.104.  APPLICATION BY CREDIT UNION TO OPEN BRANCH IN DISTRICT.  A credit union may apply to open a branch in the proposed credit union development district at the time the local government submits an application in conjunction with the credit union under Section 279.103.
Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626), Sec. 1, eff. September 1, 2015.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 279 - Banking and Credit Union Development Districts › Subchapter C. Credit Union Development Districts › Section 279.105. Determination by Credit Union Commission

Sec. 279.105.  DETERMINATION BY CREDIT UNION COMMISSION.  (a)  Not later than the 120th day after the date an application for the designation of a credit union development district is submitted under Section 279.103, the Credit Union Commission shall make a determination regarding whether to approve the application.
(b)  If the Credit Union Commission approves the application, the Credit Union Commission shall notify the:
(1)  local government;
(2)  credit union;
(3)  comptroller;
(4)  Texas Economic Development and Tourism Office;
(5)  lieutenant governor; and
(6)  speaker of the house of representatives.
Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626), Sec. 1, eff. September 1, 2015.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 279 - Banking and Credit Union Development Districts › Subchapter D. Deposit of Public Funds in District Depository › Section 279.151. Designation of District Depository

Sec. 279.151.  DESIGNATION OF DISTRICT DEPOSITORY.  (a)  The governing body of a local government in which a banking development district has been designated under Subchapter B may by resolution designate a financial institution located in the district as a banking district depository for purposes of this subchapter.
(b)  The governing body of a local government in which a credit union development district has been designated under Subchapter C may by resolution designate a credit union located in the district as a credit union district depository for purposes of this subchapter.
(c)  A resolution adopted under Subsection (a) or (b) must specify the maximum amount that may be kept on deposit with the banking district or credit union district depository, as appropriate.
(d)  In calculating the yield under Section 2256.006, Government Code, of public funds deposited in a banking district or credit union district depository, the governing body of a local government may consider the benefit to this state of stimulating economic development.
Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626), Sec. 1, eff. September 1, 2015.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 279 - Banking and Credit Union Development Districts › Subchapter D. Deposit of Public Funds in District Depository › Section 279.152. Deposit of Public Funds by Local Government

Sec. 279.152.  DEPOSIT OF PUBLIC FUNDS BY LOCAL GOVERNMENT.  (a)  A local government may deposit public funds with a financial institution designated as a banking district depository or a credit union designated as a credit union district depository under Section 279.151 regardless of whether the financial institution or credit union is designated by the comptroller as a state depository under Subchapter C, Chapter 404, Government Code.
(b)  Subject to an agreement between the governing body and the banking district or credit union district depository, public funds deposited in the district depository may earn a fixed interest rate that is at or below the financial institution's or credit union's posted two-year certificate of deposit rate, as appropriate.  The terms of the agreement must be specified in the applicable resolution adopted under Section 279.151.
Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626), Sec. 1, eff. September 1, 2015.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 279 - Banking and Credit Union Development Districts › Subchapter D. Deposit of Public Funds in District Depository › Section 279.153. Deposit of Public Funds by State

Sec. 279.153.  DEPOSIT OF PUBLIC FUNDS BY STATE.  (a)  If the comptroller designates the financial institution as a state depository under Subchapter C, Chapter 404, Government Code, the comptroller may deposit public funds with a financial institution designated as a banking district depository under Section 279.151(a).
(b)  If the comptroller designates the credit union as a state depository under Subchapter C, Chapter 404, Government Code, the comptroller may deposit public funds with a credit union designated as a credit union district depository under Section 279.151(b).
(c)  For purposes of Subsections (a) and (b), a financial institution or credit union is subject to the collateral requirements of Section 404.031, Government Code.
(d)  Subject to an agreement between the comptroller and the banking district or credit union district depository, public funds deposited in the district depository may earn a fixed interest rate that is at or below the financial institution's or credit union's posted two-year certificate of deposit rate, as appropriate.
(e)  In calculating the yield under Section 2256.006, Government Code, of public funds deposited in a banking district or credit union district depository, the comptroller may consider the benefit to this state of stimulating economic development.
Added by Acts 2015, 84th Leg., R.S., Ch. 967 (H.B. 1626), Sec. 1, eff. September 1, 2015.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 280 - Savings Promotion Raffle › Section 280.001. Short Title

Sec. 280.001.  SHORT TITLE.  This chapter may be cited as the Texas Savings Promotion Act.
Added by Acts 2017, 85th Leg., R.S., Ch. 978 (H.B. 471), Sec. 3, eff. November 7, 2017.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 280 - Savings Promotion Raffle › Section 280.002. Definitions

Sec. 280.002.  DEFINITIONS.  In this chapter:
(1)  "Credit union" means:
(A)  a credit union as defined by Section 121.002; or
(B)  a federal credit union doing business in this state.
(2)  "Deposit," with respect to a financial institution, has the meaning assigned by Section 31.002.
(3)  "Finance commission" means the Finance Commission of Texas.
(4)  "Financial institution" has the meaning assigned by Section 31.002.
(5)  "Savings promotion raffle" means a raffle conducted by a credit union or financial institution in which the sole action required for a chance of winning a designated prize is the deposit of at least a specified amount of money in a savings account or other savings program offered by the credit union or financial institution.
Added by Acts 2017, 85th Leg., R.S., Ch. 978 (H.B. 471), Sec. 3, eff. November 7, 2017.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 280 - Savings Promotion Raffle › Section 280.003. Savings Promotion Raffle by Credit Union

Sec. 280.003.  SAVINGS PROMOTION RAFFLE BY CREDIT UNION.  (a)  A credit union may conduct a savings promotion raffle if:
(1)  each ticket or token representing an entry in the raffle has an equal probability of being drawn; and
(2)  the raffle is conducted in a manner that:
(A)  does not jeopardize the ability of the credit union to operate in a safe and sound manner; and
(B)  does not mislead the credit union's members.
(b)  A credit union may not require consideration for participation in a savings promotion raffle.  A deposit of an amount of money in a savings account or other savings program that results in an entry in a savings promotion raffle is not consideration.
(c)  A credit union may not require a person to pay a premium or fee for opening or using a savings account or other savings program that is subject to a savings promotion raffle, unless the premium or fee is commensurate with the premium or fee that the credit union charges for opening or using comparable savings accounts or savings programs that are not subject to a savings promotion raffle.
(d)  A credit union may not limit the withdrawal of money from a savings account or other savings program that is subject to a savings promotion raffle, unless the withdrawal limits are commensurate with the withdrawal limits that the credit union imposes on comparable savings accounts or savings programs that are not subject to a savings promotion raffle.  This subsection does not prohibit a credit union from requiring a deposit of an amount of money to remain in a savings account or other savings program for a certain period of time in order for the deposit to represent an entry in a savings promotion raffle.
(e)  A credit union shall pay interest or dividends on a savings account or other savings program that is subject to a savings promotion raffle at a rate that is commensurate with the interest or dividend rate that the credit union pays on comparable savings accounts or savings programs that are not subject to a savings promotion raffle.
(f)  A credit union that conducts a savings promotion raffle under this section shall maintain all records that the Credit Union Commission determines are necessary for the Credit Union Department to examine the raffle.
(g)  The provisions of this section applicable to a credit union apply to an organization composed exclusively of credit unions.
(h)  The Credit Union Commission shall adopt rules and procedures for the administration of this section.
Added by Acts 2017, 85th Leg., R.S., Ch. 978 (H.B. 471), Sec. 3, eff. November 7, 2017.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 280 - Savings Promotion Raffle › Section 280.004. Savings Promotion Raffle by Financial Institution

Sec. 280.004.  SAVINGS PROMOTION RAFFLE BY FINANCIAL INSTITUTION.  (a)  A financial institution may conduct a savings promotion raffle if:
(1)  each ticket or token representing an entry in the raffle has an equal probability of being drawn; and
(2)  the raffle is conducted in a manner that:
(A)  does not jeopardize the ability of the financial institution to operate in a safe and sound manner; and
(B)  does not mislead the institution's depositors.
(b)  A financial institution may not require consideration for participation in a savings promotion raffle.  A deposit of an amount of money in a savings account or other savings program that results in an entry in a savings promotion raffle is not consideration.
(c)  A financial institution may not require a person to pay a premium or fee for opening or using a savings account or other savings program that is subject to a savings promotion raffle, unless the premium or fee is commensurate with the premium or fee that the financial institution charges for opening or using comparable savings accounts or savings programs that are not subject to a savings promotion raffle.
(d)  A financial institution may not limit the withdrawal of money from a savings account or other savings program that is subject to a savings promotion raffle, unless the withdrawal limits are commensurate with the withdrawal limits that the financial institution imposes on comparable savings accounts or savings programs that are not subject to a savings promotion raffle.  This subsection does not prohibit a financial institution from requiring a deposit of an amount of money to remain in a savings account or other savings program for a certain period of time in order for the deposit to represent an entry in a savings promotion raffle.
(e)  A financial institution shall pay interest or dividends on a savings account or other savings program that is subject to a savings promotion raffle at a rate that is commensurate with the interest or dividend rate that the financial institution pays on comparable savings accounts or savings programs that are not subject to a savings promotion raffle.
(f)  A financial institution that conducts a savings promotion raffle under this section shall maintain all records that the finance commission determines are necessary for the financial regulatory agency of this state having regulatory jurisdiction over that financial institution to examine the raffle.
(g)  The provisions of this section applicable to a financial institution apply to an organization composed exclusively of financial institutions.
(h)  The finance commission shall adopt rules and procedures for the administration of this section.
Added by Acts 2017, 85th Leg., R.S., Ch. 978 (H.B. 471), Sec. 3, eff. November 7, 2017.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 280 - Savings Promotion Raffle › Section 280.005. Account or Deposit Not Consideration

Sec. 280.005.  ACCOUNT OR DEPOSIT NOT CONSIDERATION.  For purposes of Chapter 47, Penal Code, or other state law, opening or making a deposit in an account is not considered a purchase, payment, or provision of a thing of value for participation in a savings promotion raffle and is not considered to require a substantial expenditure of time, effort, or inconvenience.
Added by Acts 2017, 85th Leg., R.S., Ch. 978 (H.B. 471), Sec. 3, eff. November 7, 2017.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 281 - Protection of Vulnerable Adults From Financial Exploitation › Section 281.001. Definitions

Sec. 281.001.  DEFINITIONS.  In this chapter:
(1)  "Department" means the Department of Family and Protective Services.
(2)  "Exploitation" means the act of forcing, compelling, or exerting undue influence over a person causing the person to act in a way that is inconsistent with the person's relevant past behavior or causing the person to perform services for the benefit of another person.
(3)  "Financial exploitation" means:
(A)  the wrongful or unauthorized taking, withholding, appropriation, or use of the money, assets, or other property or the identifying information of a person; or
(B)  an act or omission by a person, including through the use of a power of attorney on behalf of, or as the conservator or guardian of, another person, to:
(i)  obtain control, through deception, intimidation, fraud, or undue influence, over the other person's money, assets, or other property to deprive the other person of the ownership, use, benefit, or possession of the property; or
(ii)  convert the money, assets, or other property of the other person to deprive the other person of the ownership, use, benefit, or possession of the property.
(4)  "Financial institution" has the meaning assigned by Section 277.001.
(5)  "Vulnerable adult" means:
(A)  an elderly person as that term is defined by Section 48.002, Human Resources Code; or
(B)  a person with a disability as that term is defined by Section 48.002, Human Resources Code.
Added by Acts 2017, 85th Leg., R.S., Ch. 376 (H.B. 3921), Sec. 1, eff. September 1, 2017.
Redesignated from Finance Code, Chapter 280 by Acts 2019, 86th Leg., R.S., Ch. 467 (H.B. 4170), Sec. 21.001(19), eff. September 1, 2019.
Amended by:
Acts 2021, 87th Leg., R.S., Ch. 502 (H.B. 4477), Sec. 1, eff. September 1, 2021.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 281 - Protection of Vulnerable Adults From Financial Exploitation › Section 281.002. Reporting Suspected Financial Exploitation of Vulnerable Adults

Sec. 281.002.  REPORTING SUSPECTED FINANCIAL EXPLOITATION OF VULNERABLE ADULTS.  (a)  If an employee of a financial institution has cause to believe that financial exploitation of a vulnerable adult who is an account holder with the financial institution has occurred, is occurring, or has been attempted, the employee shall notify the financial institution of the suspected financial exploitation.
(b)  If a financial institution is notified of suspected financial exploitation under Subsection (a) or otherwise has cause to believe that financial exploitation of a vulnerable adult who is an account holder with the financial institution has occurred, is occurring, or has been attempted, the financial institution shall assess the suspected financial exploitation and submit a report to the department in the same manner as and containing the same information required to be included in a report under Section 48.051, Human Resources Code.  The financial institution shall submit the report required by this subsection not later than the earlier of:
(1)  the date the financial institution completes the financial institution's assessment of the suspected financial exploitation; or
(2)  the fifth business day after the date the financial institution is notified of the suspected financial exploitation under Subsection (a) or otherwise has cause to believe that the suspected financial exploitation has occurred, is occurring, or has been attempted.
(c)  A financial institution that submits a report to the department of suspected financial exploitation of a vulnerable adult under Subsection (b) is not required to make an additional report of suspected abuse, neglect, or exploitation under Section 48.051, Human Resources Code, for the same conduct constituting the reported suspected financial exploitation.
(d)  Each financial institution shall adopt internal policies, programs, plans, or procedures for:
(1)  the employees of the financial institution to make the notification required under Subsection (a); and
(2)  the financial institution to conduct the assessment and submit the report required under Subsection (b).
(e)  The policies, programs, plans, or procedures adopted under Subsection (d) may authorize the financial institution to report the suspected financial exploitation to other appropriate agencies and entities in addition to the department, including the attorney general, the Federal Trade Commission, and the appropriate law enforcement agency.
Added by Acts 2017, 85th Leg., R.S., Ch. 376 (H.B. 3921), Sec. 1, eff. September 1, 2017.
Redesignated from Finance Code, Chapter 280 by Acts 2019, 86th Leg., R.S., Ch. 467 (H.B. 4170), Sec. 21.001(19), eff. September 1, 2019.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 281 - Protection of Vulnerable Adults From Financial Exploitation › Section 281.003. Notifying Third Parties of Suspected Financial Exploitation of Vulnerable Adults

Sec. 281.003.  NOTIFYING THIRD PARTIES OF SUSPECTED FINANCIAL EXPLOITATION OF VULNERABLE ADULTS.  If a financial institution submits a report of suspected financial exploitation of a vulnerable adult to the department under Section 281.002(b), the financial institution may at the time the financial institution submits the report also notify a third party reasonably associated with the vulnerable adult of the suspected financial exploitation, unless the financial institution suspects the third party of financial exploitation of the vulnerable adult.
Added by Acts 2017, 85th Leg., R.S., Ch. 376 (H.B. 3921), Sec. 1, eff. September 1, 2017.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 467 (H.B. 4170), Sec. 21.002(6), eff. September 1, 2019.
Redesignated from Finance Code, Chapter 280 by Acts 2019, 86th Leg., R.S., Ch. 467 (H.B. 4170), Sec. 21.001(19), eff. September 1, 2019.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 281 - Protection of Vulnerable Adults From Financial Exploitation › Section 281.004. Temporary Hold on Transactions in Certain Cases of Suspected Financial Exploitation of Vulnerable Adults

Sec. 281.004.  TEMPORARY HOLD ON TRANSACTIONS IN CERTAIN CASES OF SUSPECTED FINANCIAL EXPLOITATION OF VULNERABLE ADULTS.  (a)  Notwithstanding any other law, a financial institution:
(1)  may place a hold on any transaction that involves an account of a vulnerable adult if the financial institution:
(A)  submits a report of suspected financial exploitation of the vulnerable adult to the department under Section 281.002(b); and
(B)  has cause to believe the transaction is related to the suspected financial exploitation alleged in the report; and
(2)  must place a hold on any transaction involving an account of a vulnerable adult if the hold is requested by the department or a law enforcement agency.
(b)  Subject to Subsection (c), a hold placed on any transaction under Subsection (a) expires on the 10th business day after the date the hold is placed.
(c)  The financial institution may extend a hold placed on any transaction under Subsection (a) for a period not to exceed 30 business days after the expiration of the period prescribed by Subsection (b) if requested by a state or federal agency or a law enforcement agency investigating the suspected financial exploitation.  The financial institution may also petition a court to extend a hold placed on any transaction under Subsection (a) beyond the period prescribed by Subsection (b).   A court may enter an order extending or shortening a hold or providing other relief.
(d)  Each financial institution shall adopt internal policies, programs, plans, or procedures for placing a hold on a transaction involving an account of a vulnerable adult under this section.
Added by Acts 2017, 85th Leg., R.S., Ch. 376 (H.B. 3921), Sec. 1, eff. September 1, 2017.
Redesignated from Finance Code, Chapter 280 by Acts 2019, 86th Leg., R.S., Ch. 467 (H.B. 4170), Sec. 21.001(19), eff. September 1, 2019.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 467 (H.B. 4170), Sec. 21.002(7), eff. September 1, 2019.
Acts 2021, 87th Leg., R.S., Ch. 502 (H.B. 4477), Sec. 2, eff. September 1, 2021.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 281 - Protection of Vulnerable Adults From Financial Exploitation › Section 281.005. Immunity

Sec. 281.005.  IMMUNITY.  (a)  An employee of a financial institution who makes a notification under Section 281.002(a), a financial institution that submits a report under Section 281.002(b) or makes a notification to a third party under Section 281.003, or an employee who or financial institution that testifies or otherwise participates in a judicial proceeding arising from a notification or report is immune from any civil or criminal liability arising from the notification, report, testimony, or participation in the judicial proceeding, unless the employee or financial institution acted in bad faith or with a malicious purpose.
(b)  A financial institution that in good faith and with the exercise of reasonable care places or does not place a hold on any transaction under Section 281.004(a)(1) is immune from any civil or criminal liability or disciplinary action resulting from that action or failure to act.
Added by Acts 2017, 85th Leg., R.S., Ch. 376 (H.B. 3921), Sec. 1, eff. September 1, 2017.
Redesignated from Finance Code, Chapter 280 by Acts 2019, 86th Leg., R.S., Ch. 467 (H.B. 4170), Sec. 21.001(19), eff. September 1, 2019.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 467 (H.B. 4170), Sec. 21.002(8), eff. September 1, 2019.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle Z - Miscellaneous Provisions Relating to Financial Institutions and Businesses › Chapter 281 - Protection of Vulnerable Adults From Financial Exploitation › Section 281.006. Records

Sec. 281.006.  RECORDS.  To the extent permitted by state or federal law, a financial institution shall provide, on request, access to or copies of records relevant to the suspected financial exploitation of a vulnerable adult to the department, the commissioner, a law enforcement agency, or a prosecuting attorney's office, either as part of a report to the department, commissioner, law enforcement agency, or prosecuting attorney's office or at the request of the department, commissioner, law enforcement agency, or prosecuting attorney's office in accordance with an investigation.
Added by Acts 2017, 85th Leg., R.S., Ch. 376 (H.B. 3921), Sec. 1, eff. September 1, 2017.
Redesignated from Finance Code, Chapter 280 by Acts 2019, 86th Leg., R.S., Ch. 467 (H.B. 4170), Sec. 21.001(19), eff. September 1, 2019.
Amended by:
Acts 2023, 88th Leg., R.S., Ch. 989 (H.B. 3574), Sec. 8, eff. June 18, 2023.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 301 - General Provisions › Section 301.001. Short Title

Sec. 301.001.  SHORT TITLE.  This title may be cited as the Texas Credit Title.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 302 - Interest Rates › Subchapter A. Usurious Interest › Section 302.001. Contracting For, Charging, or Receiving Interest or Time Price Differential; Usurious Interest

Sec. 302.001.  CONTRACTING FOR, CHARGING, OR RECEIVING INTEREST OR TIME PRICE DIFFERENTIAL;  USURIOUS INTEREST.  (a)  A creditor may contract for, charge, and receive from an obligor interest or time price differential.
(b)  The maximum rate or amount of interest is 10 percent a year except as otherwise provided by law.  A greater rate of interest than 10 percent a year is usurious unless otherwise provided by law.  All contracts for usurious interest are contrary to public policy and subject to the appropriate penalty prescribed by Chapter 305.
(c)  To determine the interest rate of a loan under this subtitle, all interest at any time contracted for shall be aggregated and amortized using the actuarial method during the stated term of the loan.
(d)  In addition to interest authorized by Subsection (b), a loan providing for a rate of interest that is 10 percent a year or less may provide for a delinquency charge on the amount of any payment in default for a period of not less than 10 days in an amount not to exceed the greater of five percent of the amount of the payment or $7.50.  The charging of the delinquency charge does not make the loan subject to Chapter 342 or any other provision of Subtitle B.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999;  Acts 2001, 77th Leg., ch. 916, Sec. 8, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 302 - Interest Rates › Subchapter A. Usurious Interest › Section 302.002. Accrual of Interest When No Rate Specified

Sec. 302.002.  ACCRUAL OF INTEREST WHEN NO RATE SPECIFIED.  If a creditor has not agreed with an obligor to charge the obligor any interest, the creditor may charge and receive from the obligor legal interest at the rate of six percent a year on the principal amount of the credit extended beginning on the 30th day after the date on which the amount is due.  If an obligor has agreed to pay to a creditor any compensation that constitutes interest, the obligor is considered to have agreed on the rate produced by the amount of that interest, regardless of whether that rate is stated in the agreement.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 302 - Interest Rates › Subchapter B. Other Rates and Provisions on Loans Secured by Real Property › Section 302.101. Determining Rates of Interest by Spreading

Sec. 302.101.  DETERMINING RATES OF INTEREST BY SPREADING.  (a)  To determine whether a loan secured in any part by an interest in real property, including a lien, mortgage, or security interest, is usurious, the interest rate is computed by amortizing or spreading, using the actuarial method during the stated term of the loan, all interest at any time contracted for, charged, or received in connection with the loan.
(b)  If a loan described by Subsection (a) is paid in full before the end of the stated term of the loan and the amount of interest received for the period that the loan exists exceeds the amount that produces the maximum rate authorized by law for that period, the lender shall:
(1)  refund the amount of the excess to the borrower;  or
(2)  credit the amount of the excess against amounts owing under the loan.
(c)  A lender who complies with Subsection (b) is not subject to any of the penalties provided by law for contracting for, charging, or receiving interest in excess of the maximum rate authorized.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 302 - Interest Rates › Subchapter B. Other Rates and Provisions on Loans Secured by Real Property › Section 302.102. Prohibition on Prepayment Penalty

Sec. 302.102.  PROHIBITION ON PREPAYMENT PENALTY.  If the interest rate on a loan for property that is or is to be the residential homestead of the borrower is greater than 12 percent a year, a prepayment penalty may not be collected on the loan unless the penalty is required by an agency created by federal law.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999;  Acts 1999, 76th Leg., ch. 909, Sec. 2.02, eff. Sept. 1, 1999.
Sec. 302.103.  EFFECT OF FEDERAL PREEMPTION ON LATE CHARGES.  On loans subject to 12 U.S.C. Sections 1735f-7 and 1735f-7a, as amended, any late charges assessed are interest that is included in computing the amount or rate of interest on the loan and, therefore, covered by the federal preemption of state interest rate limitations.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 302 - Interest Rates › Subchapter B. Other Rates and Provisions on Loans Secured by Real Property › Section 302.104. Loan to Purchase Interest in Entity With Foreign Real Property as Principal Asset

Sec. 302.104.  LOAN TO PURCHASE INTEREST IN ENTITY WITH FOREIGN REAL PROPERTY AS PRINCIPAL ASSET.  (a)  A loan the proceeds of which are used primarily to purchase an interest in a trust or other entity that has as its principal asset real property located outside the United States is:
(1)  not subject to Subtitle B;  and
(2)  subject to the interest rate limitations of Chapter 303.
(b)  For the purpose of determining the interest rate on a loan to which this section applies, all interest contracted for, charged, or received shall be amortized, prorated, allocated, and spread over the full stated term of the loan.
(c)  This section does not affect application of a law of this state governing collateral that may be used to secure a loan to which this section applies.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.001. Use of Ceilings

Sec. 303.001.  USE OF CEILINGS.  (a)  Except as provided by Subchapter B, a person may contract for, charge, or receive a rate or amount that does not exceed the applicable interest rate ceiling provided by this chapter.  The use of a ceiling provided by this chapter for any contract is optional, and a contract may provide for a rate or amount allowed by other applicable law.
(b)  A contract that is subject to Chapter 342, 345, 347, 348, or 353, including a contract for an open-end account, may, as an alternative to an interest rate or amount of time price differential allowed under that chapter, provide for a simple or precomputed rate or amount of time price differential that does not exceed the applicable ceiling provided by this chapter or by the equivalent yield authorized by Chapter 342, 345, 347, 348, or 353.
(c)  Except as inconsistent with this chapter, a party to a contract that is subject to Chapter 342, 345, 347, 348, or 353, or the party's assignee, has all rights, duties, and obligations under the applicable chapter, including those relating to refund credits on prepayment or acceleration.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 2, eff. September 1, 2011.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.002. Weekly Ceiling

Sec. 303.002.  WEEKLY CEILING.  The parties to a written agreement may agree to an interest rate, or in an agreement described by Chapter 345, 347, 348, or 353, an amount of time price differential producing a rate, that does not exceed the applicable weekly ceiling.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 117 (H.B. 2559), Sec. 3, eff. September 1, 2011.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.003. Computation of Weekly Ceiling

Sec. 303.003.  COMPUTATION OF WEEKLY CEILING.  (a)  The weekly ceiling is computed by:
(1)  multiplying the auction rate by two;  and
(2)  rounding the result obtained under Subdivision (1) to the nearest one-quarter of one percent.
(b)  The weekly rate ceiling becomes effective on Monday of each week and remains in effect through the following Sunday.
(c)  In this subchapter, "auction rate" means the auction average rate quoted on a bank discount basis for 26-week treasury bills issued by the United States government, as published by the Federal Reserve Board, for the week preceding the week in which the weekly rate ceiling is to take effect.
Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999;  Acts 1999, 76th Leg., ch. 909, Sec. 2.03, eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.004. Monthly Ceiling

Sec. 303.004.  MONTHLY CEILING.  (a)  The monthly ceiling may be used as an alternative to the weekly ceiling only for a contract that:
(1)  provides for a variable rate, including a contract for an open-end account;  and
(2)  is not made for personal, family, or household use.
(b)  A contract that provides for the use of the monthly ceiling may not provide for the use of another rate ceiling provided under this subchapter.
(c)  If the parties agree that the rate may be adjusted monthly, they may agree that the rate from time to time in effect may not exceed the monthly ceiling from time to time in effect, and the monthly ceiling is the ceiling on those contracts.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.005. Computation of Monthly Ceiling

Sec. 303.005.  COMPUTATION OF MONTHLY CEILING.  (a)  The consumer credit commissioner shall compute the monthly ceiling on the first business day of the calendar month in which the rate applies.  The monthly ceiling is effective for one month beginning on the first calendar day of each month.
(b)  The monthly ceiling is computed by averaging all of the weekly ceilings computed using rates from auctions held during the calendar month preceding the computation date of the monthly ceiling.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.006. Quarterly Ceiling

Sec. 303.006.  QUARTERLY CEILING.  (a)  A written contract, including a contract that involves an open-end account, may, as an alternative to the weekly ceiling, provide for an interest rate or an amount of time price differential producing a rate that does not exceed the applicable quarterly ceiling.
(b)  A variable rate contract authorized under Section 303.015 may not provide for use of both the weekly ceiling and the quarterly ceiling.
(c)  Notwithstanding other provisions of this subchapter, the rate of interest on an open-end account authorized under Section 342.455 or 346.003, or an amount owed for a credit card transaction under another type of credit card agreement, in connection with which a merchant discount is imposed or received by the creditor may not exceed the applicable quarterly ceiling.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.007. Annualized Ceiling

Sec. 303.007.  ANNUALIZED CEILING.  The annualized ceiling may be used as an alternative to the weekly ceiling only for a written contract that involves an open-end account.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.008. Computation of Quarterly and Annualized Ceiling

Sec. 303.008.  COMPUTATION OF QUARTERLY AND ANNUALIZED CEILING.  (a)  On December 1, March 1, June 1, and September 1 of each year, the consumer credit commissioner shall compute the quarterly ceiling and annualized ceiling for the calendar quarter effective the following January 1, April 1, July 1, and October 1, respectively.  The quarterly ceiling becomes effective for three-month periods beginning on the effective dates set out in this subsection and is subject to adjustment after each three-month period.  The annualized ceiling becomes effective on each of the effective dates set out in this subsection and remains in effect for a period of 12 months, after which it is subject to adjustment.
(b)  The quarterly ceiling and annualized ceiling are computed by averaging all of the weekly ceilings computed using average auction rates during the three calendar months preceding the computation date of the ceiling.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.009. Maximum and Minimum Weekly, Monthly, Quarterly, or Annualized Ceiling

Sec. 303.009.  MAXIMUM AND MINIMUM WEEKLY, MONTHLY, QUARTERLY, OR ANNUALIZED CEILING.  (a)  If the rate computed for the weekly, monthly, quarterly, or annualized ceiling is less than 18 percent a year, the ceiling is 18 percent a year.
(b)  Except as provided by Subsection (c), if the rate computed for the weekly, monthly, quarterly, or annualized ceiling is more than 24 percent a year, the ceiling is 24 percent a year.
(c)  For a contract made, extended, or renewed under which credit is extended for a business, commercial, investment, or similar purpose, the limitation on the ceilings determined by those computations is 28 percent a year.
(d)  For an open-end account credit agreement that provides for credit card transactions on which a merchant discount is not imposed or received by the creditor or a retail charge agreement under Chapter 345 without a merchant discount, the ceiling is 21 percent a year.
(e)  Repealed by Acts 1999, 76th Leg., ch. 1348, Sec. 5, eff. Sept. 1, 1999.
(f)  In this chapter, "weekly ceiling," "monthly ceiling," "quarterly ceiling," or "annualized ceiling" refers to that ceiling as determined after the application of this section.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 1348, Sec. 5, eff. Sept. 1, 1999.
Amended by:
Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 2.02, eff. September 1, 2005.
Acts 2011, 82nd Leg., R.S., Ch. 1182 (H.B. 3453), Sec. 3, eff. September 1, 2011.
2023 Texas Statutes › Finance Code › Title 4 - Regulation of Interest, Loans, and Financed Transactions › Subtitle A - Interest › Chapter 303 - Optional Rate Ceilings › Subchapter A. Rate Ceilings: Applicability, Computation, and Publication › Section 303.010. Computation of Ceiling if Information Unavailable

Sec. 303.010.  COMPUTATION OF CEILING IF INFORMATION UNAVAILABLE.  If any of the information required to compute a ceiling is discontinued or is otherwise not available to the consumer credit commissioner from the Federal Reserve Board in the time required for the computation, the ceiling last computed remains in effect until the information becomes available and a new ceiling is computed from the obtained information.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff. Sept. 1, 1999.