reglab/statecodes huggingface dataset:
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.302. Removal or Replacement of Liquidating Agent

Sec. 96.302.  REMOVAL OR REPLACEMENT OF LIQUIDATING AGENT.  (a)  The commissioner, with or without cause, may remove a liquidating agent and appoint another agent.
(b)  If a liquidating agent resigns, dies, or otherwise becomes unable to serve, the commissioner shall promptly appoint another agent.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.303. Duties of Liquidating Agent

Sec. 96.303.  DUTIES OF LIQUIDATING AGENT.  (a)  Under the commissioner's supervision, the liquidating agent shall:
(1)  receive and take possession of the books, records, assets, and property of the savings bank;
(2)  sell, enforce collection of, and liquidate the assets and property of the savings bank;
(3)  sue in the name of the liquidating agent or the savings bank;
(4)  defend an action brought against the liquidating agent or the savings bank;
(5)  receive, examine, and pass on a claim brought against the savings bank, including a claim of a depositor;
(6)  make distributions to and pay creditors, deposit account holders, shareholders, and members of the savings bank as their interests appear;
(7)  from time to time make a ratable liquidation dividend on claims that have been proved to the satisfaction of the liquidating agent or that have been adjusted by a court;
(8)  after the savings bank's assets have been liquidated, make further liquidation dividends on claims previously proved or adjusted;  and
(9)  execute documents and perform any other action that the liquidating agent considers necessary or desirable for the liquidation.
(b)  For purposes of making a further liquidation dividend under Subsections (a)(7) and (8), the liquidating agent may accept the statement of an amount due a claimant as shown on the savings bank's books and records instead of a formal proof of claim on the claimant's behalf.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.304. Notice

Sec. 96.304.  NOTICE.  (a)  Under the commissioner's supervision, the liquidating agent shall give notice to creditors and deposit account holders directing them to present and prove their claims and requiring them to file a written proof of claim at the address designated in the notice.
(b)  The notice shall be published once a week for three successive weeks in a newspaper of general circulation in each county in which the savings bank maintained an office or branch to transact business on the date the savings bank ceased unrestricted operations.
(c)  Not later than the 30th day after the date on which the notice is first published, the liquidating agent shall mail a similar notice to each depositor and creditor named in the books of the savings bank at the address shown in those books.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.305. Presentation of Claim

Sec. 96.305.  PRESENTATION OF CLAIM.  (a)  To be entitled to priority, each person asserting a claim against a savings bank being liquidated under this subchapter must present the claim in writing to the commissioner or the liquidating agent, at the address designated in the notice under Section 96.304 on or before the last day of the 18th month after the date the notice is first published.
(b)  The claim must:
(1)  contain a statement of the facts supporting the claim;
(2)  set out any right of payment priority or other specific right asserted by the claimant;  and
(3)  be signed and sworn to by the claimant.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.306. Priority of Claims

Sec. 96.306.  PRIORITY OF CLAIMS.  When a savings bank is liquidated, claims for payment have the same priority that similar claims have when a federal savings bank is liquidated under federal law.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.307. Action on Claim

Sec. 96.307.  ACTION ON CLAIM.  (a)  Within three months after the date of receipt of a claim against a savings bank being liquidated, the liquidating agent shall approve or reject the claim in whole or in part unless that period is extended by written agreement with the claimant.
(b)  A liquidating agent who approves the claim or a part of the claim shall classify the claim and enter the claim and the action taken in a claim register.
(c)  A liquidating agent who rejects the claim in whole or in part, or who denies a right of payment priority or any other right asserted by the claimant, shall notify the claimant of the action by registered mail.
(d)  An approved claim presented after the declaration and payment of any dividend and on or before the last day of the 18th month after the date on which notice is first published under Section 96.304 qualifies to participate in dividends previously paid before an additional dividend is declared.  A claim that is presented after that period does not qualify to participate in a dividend or distribution of assets until all approved claims presented during the period are fully paid.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.308. Hearing on Claim; Appeal of Adverse Determination of Claim

Sec. 96.308.  HEARING ON CLAIM;  APPEAL OF ADVERSE DETERMINATION OF CLAIM.  (a)  A claimant may appeal an adverse determination of a claim by filing suit on the claim in a district court of Travis County within three months after the date on which notice is mailed under Section 96.307.
(b)  The determination on a claim becomes final on the expiration of the period prescribed by Subsection (a) if suit is not filed in accordance with that subsection.
(c)  Review by a district court under Subsection (a) is by trial de novo.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.309. Payment of Final Dividend

Sec. 96.309.  PAYMENT OF FINAL DIVIDEND.  (a)  The liquidating agent may not pay a final dividend before the first day of the 19th month after the date notice is first published under Section 96.304.
(b)  The liquidating agent shall declare and pay a final dividend after:
(1)  the prohibitory period prescribed by Subsection (a) expires;  and
(2)  the liquidating agent liquidates each asset of the savings bank capable of being liquidated or receives sufficient money from the liquidation to:
(A)  pay the costs of liquidation;
(B)  pay all claims that have been presented and approved;  and
(C)  leave money available to pay all nonclaiming deposit account holders and creditors of the savings bank.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.310. Deposit of Money by Liquidating Agent

Sec. 96.310.  DEPOSIT OF MONEY BY LIQUIDATING AGENT.  The liquidating agent shall deposit all unclaimed dividends and all money available for nonclaiming deposit account holders and creditors in one or more state-chartered financial institutions for the benefit of the deposit account holders and creditors entitled to the dividends or money.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.311. Payment of Nonclaiming Deposit Account Holders and Creditors

Sec. 96.311.  PAYMENT OF NONCLAIMING DEPOSIT ACCOUNT HOLDERS AND CREDITORS.  (a)  Except as provided by Subsection (b), the liquidating agent, on demand, shall pay a deposit account holder or creditor of the savings bank who does not make a claim under Section 96.305 any amount held by the liquidating agent for the benefit of the deposit account holder or creditor.
(b)  If the liquidating agent has a doubt about the identity of a claimant or the claimant's right to the money, the liquidating agent shall reject the claim and notify the claimant by registered mail.
(c)  The liquidating agent's rejection of a claim becomes final if the claimant does not file suit against the liquidating agent to recover money in a district court of Travis County within three months after the date on which the notice is mailed.
(d)  A suit under Subsection (c) is an action in rem.  Judgment is binding on all persons interested in the money.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.312. Cost of Liquidation

Sec. 96.312.  COST OF LIQUIDATION.  (a)  The commissioner shall determine the cost of the liquidation.
(b)  The cost of liquidation shall be paid from the savings bank's assets as the commissioner directs.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.313. Final Report

Sec. 96.313.  FINAL REPORT.  After paying a final dividend as provided by Section 96.309 and performing any necessary or proper action in liquidating the savings bank's assets for the benefit of the deposit account holders and creditors of the savings bank, the liquidating agent shall file with the commissioner a final report of the liquidation.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.314. Continued Existence of Savings Bank Following Liquidation

Sec. 96.314.  CONTINUED EXISTENCE OF SAVINGS BANK FOLLOWING LIQUIDATION.  For the purpose of adjusting and settling claims not disposed of during the liquidation, the savings bank continues to exist until the third anniversary of the date on which the liquidation order is issued.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.315. Special Liquidating Agent

Sec. 96.315.  SPECIAL LIQUIDATING AGENT.  At the completion of the liquidation, the commissioner may appoint a special liquidating agent if necessary to adjust and settle undisposed claims.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.316. Closing of Liquidation; Order and Liability

Sec. 96.316.  CLOSING OF LIQUIDATION;  ORDER AND LIABILITY.  (a)  The liquidating agent shall certify the completion of the liquidation to the commissioner, who shall then issue an order closing the liquidation.
(b)  After the closing order, the commissioner and the liquidating agent are discharged from any further duty or liability in connection with the administration of the savings bank's affairs.
(c)  After the closing order, a person does not have a claim, suit, or action against the commissioner or the liquidating agent, individually or in an official capacity, except a suit to recover an unclaimed deposit as provided by this subchapter.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter G. Liquidation › Section 96.317. Administrative Procedure

Sec. 96.317.  ADMINISTRATIVE PROCEDURE.  The procedures for a contested case hearing under Chapter 2001, Government Code, apply to a hearing set by the commissioner under this subchapter.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter H. Confidentiality › Section 96.351. Disclosure by Department Prohibited

Sec. 96.351.  DISCLOSURE BY DEPARTMENT PROHIBITED.  Except as otherwise provided by this subtitle or a rule adopted under this subtitle, the following are confidential and may not be disclosed by the commissioner or an examiner, supervisor, conservator, liquidator, inspector, deputy, or assistant clerk or other employee of the Department of Savings and Mortgage Lending who is appointed or acting under this subtitle:
(1)  information, regardless of the circumstances under which the information is obtained, regarding a financial institution or a shareholder, participant, officer, director, manager, affiliate, or service provider of a financial institution, other than information in a public statement or the public portion of a call report or profit and loss statement; and
(2)  all related files and records of the department.
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. 6.043, eff. September 1, 2007.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter H. Confidentiality › Section 96.352. Disclosure to Other Agencies

Sec. 96.352.  DISCLOSURE TO OTHER AGENCIES.  This subchapter does not prevent the proper exchange of information relating to savings banks with a representative of a regulatory authority of another state or any other department, agency, or instrumentality of this or another state or the United States if the commissioner determines the disclosure of the information 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 C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter H. Confidentiality › Section 96.353. Other Disclosure Prohibited

Sec. 96.353.  OTHER DISCLOSURE PROHIBITED.  (a)  Confidential information that is provided to a financial institution or an affiliate or service provider of a financial institution, whether in the form of a report of examination or otherwise, is the confidential property of the Department of Savings and Mortgage Lending.
(b)  The information may not be made public or disclosed by the recipient or by an officer, director, manager, employee, or agent of the recipient to a person not officially connected to the recipient as officer, director, employee, attorney, auditor, or independent auditor, except as authorized by a rule adopted under this subchapter or by the commissioner's written approval.
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. 6.044, eff. September 1, 2007.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter H. Confidentiality › Section 96.354. Civil Discovery

Sec. 96.354.  CIVIL DISCOVERY.  Discovery of confidential information from a person subject to this subchapter under subpoena or other legal process must comply with rules adopted under this subtitle.  The rules may:
(1)  restrict release of confidential information to the portion directly relevant to the legal dispute at issue;  and
(2)  require that a protective order, in the form and under circumstances specified by the rules, be issued by a court before release of the confidential information.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter H. Confidentiality › Section 96.355. Investigative Information

Sec. 96.355.  INVESTIGATIVE INFORMATION.  (a)  Notwithstanding any other law, the commissioner may refuse to release information or records in the custody of the Department of Savings and Mortgage Lending if the commissioner believes release of the information or records might jeopardize an investigation of possibly unlawful activities.
(b)  Unless this subtitle  provides otherwise, this subchapter does not apply to any information or to a report of an investigation obtained or made by the commissioner or the commissioner's staff in connection with an application for charter or with a hearing held by the commissioner under this subtitle.  The fact, information, or report may be included in the record of the appropriate hearing.
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. 6.045, eff. September 1, 2007.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter H. Confidentiality › Section 96.356. Examination Report

Sec. 96.356.  EXAMINATION REPORT.  Unless the commissioner determines that a good reason exists to make the report public, a report of an examination made to the commissioner is confidential.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter H. Confidentiality › Section 96.357. Removal for Violation

Sec. 96.357.  REMOVAL FOR VIOLATION.  A person who violates this subchapter or who wilfully makes a false official report on the condition of a financial institution shall be removed from office or further employment with the Department of Savings and Mortgage Lending.
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. 6.046, eff. September 1, 2007.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter I. Miscellaneous Provisions › Section 96.401. Derivative Suit

Sec. 96.401.  DERIVATIVE SUIT.  (a)  The commissioner may bring a derivative suit on behalf of a savings bank on an unpursued cause of action if:
(1)  the commissioner determines that the suit should be brought to protect the public interest or the interest of the savings bank or the shareholders, members, or creditors of the savings bank;  and
(2)  the savings bank has not brought suit on the action before the 30th day after the date on which the commissioner gives notice to the savings bank that suit should be brought.
(b)  Except as provided by another statute that provides for mandatory venue, venue is in a district court of Travis County.
(c)  The commissioner may employ legal counsel to bring and prosecute a derivative suit.  The commissioner may:
(1)  pay counsel from funds appropriated for the operation of the Department of Savings and Mortgage Lending; or
(2)  require the savings bank for which the suit is brought to pay the counsel directly or to reimburse the Department of Savings and Mortgage Lending for the payment.
(d)  The savings bank shall be paid an amount equal to the amount of the proceeds of a judgment on a suit brought under this section less unreimbursed costs and expenses, including attorney's fees incurred by the Department of Savings and Mortgage Lending in prosecuting the suit.
(e)  In this section, "unpursued cause of action" means an existing claim belonging to a savings bank on which a suit or other effective action has not been filed or taken by or on behalf of the savings bank on or before the last day of the sixth month after the date on which the cause of action arose, involving:
(1)  a claim for monetary damages or recovery of property;
(2)  a claim for equitable relief;
(3)  a cause of action for breach of contract or for enforcement of a contract;  or
(4)  a claim on a fidelity bond.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 6.047, eff. September 1, 2007.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter I. Miscellaneous Provisions › Section 96.402. Payment of Insured Deposit Liabilities by Fdic

Sec. 96.402.  PAYMENT OF INSURED DEPOSIT LIABILITIES BY FDIC.  If the Federal Deposit Insurance Corporation pays the insured deposit liabilities of a savings bank that has been closed or is being liquidated under this chapter, regardless of whether the Federal Deposit Insurance Corporation has become receiver or liquidating agent, the Federal Deposit Insurance Corporation is subrogated, to the extent of the payment, to all rights that the owners of the deposit accounts have against the savings bank.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter I. Miscellaneous Provisions › Section 96.403. Enforceability of Loan Promise or Agreement Made by Savings Bank Before Conservatorship or Supervisory Control

Sec. 96.403.  ENFORCEABILITY OF LOAN PROMISE OR AGREEMENT MADE BY SAVINGS BANK BEFORE CONSERVATORSHIP OR SUPERVISORY CONTROL.  If a promise or agreement to lend money is not otherwise unenforceable under Chapter 26, Business & Commerce Code, and if the promise or agreement is made by the savings bank before the savings bank is placed under conservatorship or supervisory control, the promise or agreement or a memorandum of the promise or agreement is enforceable against the savings bank only if the promise or agreement or memorandum:
(1)  is in writing and states the material terms of the loan and the loan's repayment;
(2)  is signed by an authorized officer or employee of the savings bank and the person to whom the promise or agreement was made;  and
(3)  is approved by the savings bank's board of directors.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter I. Miscellaneous Provisions › Section 96.404. Interest in Savings Bank Prohibited for Department

Sec. 96.404.  INTEREST IN SAVINGS BANK PROHIBITED FOR DEPARTMENT.  (a)  A savings bank or a director, officer, employee, or representative of a savings bank may not give a loan or gratuity, directly or indirectly, to the commissioner, an employee of the Department of Savings and Mortgage Lending, or a spouse of the commissioner or employee.
(b)  The commissioner or an employee of the Department of Savings and Mortgage Lending may not:
(1)  hold an office or position in a domestic savings bank or exercise a right to vote on a domestic savings bank matter because the person is a member of or shareholder in the savings bank;
(2)  hold an interest, directly or indirectly, in a domestic savings bank; or
(3)  undertake an indebtedness as a borrower, directly or indirectly, or endorser, surety, or guarantor or sell or otherwise dispose of a loan or investment to a domestic savings bank.
(c)  If the commissioner or an employee of the Department of Savings and Mortgage Lending has a prohibited, direct or indirect right or interest in a domestic savings bank at the time of appointment or employment, the commissioner or employee shall dispose of the right or interest not later than the 60th day after the date of appointment or employment.
(d)  If the commissioner or an employee of the Department of Savings and Mortgage Lending is indebted as a borrower, directly or indirectly, or is an endorser, surety, or guarantor on a note to a domestic savings bank at the time of appointment or employment, the commissioner or employee may continue in that capacity until that debt is paid.
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. 6.048, eff. September 1, 2007.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 96 - Supervision and Regulation › Subchapter I. Miscellaneous Provisions › Section 96.405. Permitted Transactions for Department Relating to Savings Bank

Sec. 96.405.  PERMITTED TRANSACTIONS FOR DEPARTMENT RELATING TO SAVINGS BANK.  (a)  The commissioner or an employee of the Department of Savings and Mortgage Lending may hold a deposit account at a savings bank and receive earnings on the account.
(b)  If a loan or other note of the commissioner or an employee of the Department of Savings and Mortgage Lending is acquired by a savings bank, the commissioner or employee may continue as a borrower, endorser, surety, or guarantor of the loan or note until the loan or note is paid.
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. 6.049, eff. September 1, 2007.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 97 - Holding Companies › Subchapter A. General Provisions Applicable to Holding Companies › Section 97.001. Rules

Sec. 97.001.  RULES.  (a)  The finance commission shall adopt rules:
(1)  providing for the registration of and reporting by holding companies;
(2)  setting limitations on the activities and investments of holding companies;  and
(3)  concerning other matters as appropriate under this chapter.
(b)  The finance commission may adopt rules governing transactions between a subsidiary savings bank of a holding company and an affiliate of the subsidiary.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 63, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 97 - Holding Companies › Subchapter A. General Provisions Applicable to Holding Companies › Section 97.002. Registration

Sec. 97.002.  REGISTRATION.  (a)  A holding company shall register with the commissioner, on a form prescribed by the commissioner, not later than the 90th day after the date the company becomes a holding company.
(b)  The registration must include information, including information on related matters the commissioner determines is necessary and appropriate, regarding the holding company's and its subsidiaries':
(1)  financial condition;
(2)  ownership;
(3)  operations;
(4)  management;  and
(5)  intercompany relations.
(c)  The commissioner may require the registration to be under oath.
(d)  On application, the commissioner may extend the time limit under Subsection (a).
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 97 - Holding Companies › Subchapter A. General Provisions Applicable to Holding Companies › Section 97.003. Release From Registration

Sec. 97.003.  RELEASE FROM REGISTRATION.  The commissioner, on the commissioner's own motion or on application, may release a registered holding company from the registration if the commissioner determines that the company no longer controls a savings bank.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 97 - Holding Companies › Subchapter A. General Provisions Applicable to Holding Companies › Section 97.004. Reports

Sec. 97.004.  REPORTS.  (a)  Each holding company and each subsidiary of a holding company, other than a savings bank, shall file with the commissioner reports required by the commissioner.
(b)  Each report must:
(1)  be made under oath;
(2)  be in the form and for the period prescribed by the commissioner;  and
(3)  contain information concerning the operations of the holding company and its subsidiaries as required by the commissioner.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 97 - Holding Companies › Subchapter A. General Provisions Applicable to Holding Companies › Section 97.005. Books and Records

Sec. 97.005.  BOOKS AND RECORDS.  Each holding company shall maintain books and records as required by the commissioner.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 97 - Holding Companies › Subchapter A. General Provisions Applicable to Holding Companies › Section 97.006. Examinations

Sec. 97.006.  EXAMINATIONS.  (a)  The commissioner may require an examination of a holding company and each subsidiary of a holding company.
(b)  The holding company shall pay the cost of an examination.
(c)  The confidentiality provisions of Subchapter H, Chapter 96, apply to this section.
(d)  The commissioner may furnish examination and other reports to any appropriate governmental department, agency, or instrumentality of this state, another state, or the United States.
(e)  For purposes of this section, the commissioner, if feasible, may use reports filed with or examinations made by appropriate federal agencies or regulatory authorities of other states.
(f)  The commissioner may:
(1)  examine a holding company that controls a state savings bank to the same extent as if the holding company were a state savings bank; and
(2)  bring an enforcement action under Chapter 96 against a holding company described by Subdivision (1) or other person that violates or participates in a violation of this subtitle, an agreement filed with the commissioner under this chapter, or a rule adopted by the finance commission or order issued by the commissioner under this subtitle, as if the holding company were a state savings bank.
(g)  The grounds, procedures, and effects of an enforcement action brought under Subsection (f) apply to a holding company, an officer, director, or employee of a holding company, or a controlling shareholder or other person participating in the affairs of a holding company in the same manner as the grounds, procedures, and effects apply to a state savings bank, an officer, director, or employee of a state savings bank, or a controlling shareholder or other person participating in the affairs of a state savings bank.
(h)  A state savings bank that is controlled by a holding company that is not a Texas holding company shall be subject to all laws of this state that are applicable to state savings banks that are controlled by Texas holding companies.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2021, 87th Leg., R.S., Ch. 963 (S.B. 1900), Sec. 3, eff. September 1, 2021.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 97 - Holding Companies › Subchapter A. General Provisions Applicable to Holding Companies › Section 97.007. Agent for Service of Process

Sec. 97.007.  AGENT FOR SERVICE OF PROCESS.  The commissioner may require a holding company or a person, other than a corporation, connected with a holding company to execute and file an irrevocable appointment of agent for service of process on a form prescribed by the commissioner.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 97 - Holding Companies › Subchapter B. Mutual Holding Companies › Section 97.051. Reorganization to Become Mutual Holding Company

Sec. 97.051.  REORGANIZATION TO BECOME MUTUAL HOLDING COMPANY.  (a)  Notwithstanding any other law, a savings bank may be reorganized as a mutual holding company by submitting to the commissioner an application for approval of reorganization.
(b)  Before submission, an application for reorganization must be approved by a majority vote of the members or shareholders of the savings bank cast at an annual meeting or a special meeting called to consider the reorganization.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.21, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 97 - Holding Companies › Subchapter B. Mutual Holding Companies › Section 97.052. Application for Approval of Reorganization

Sec. 97.052.  APPLICATION FOR APPROVAL OF REORGANIZATION.  The application for approval of reorganization must contain:
(1)  a brief statement summarizing a reorganization plan;
(2)  two copies of the proposed articles of incorporation of the subsidiary savings bank acknowledged by the incorporators of the subsidiary savings bank;
(3)  two copies of the proposed bylaws of the savings bank;
(4)  a statement that the plan of reorganization was advised, authorized, and approved by the savings bank in the manner and by the vote required by its charter and the laws of this state; and
(5)  a statement of the manner of approval.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.21, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 97 - Holding Companies › Subchapter B. Mutual Holding Companies › Section 97.053. Plan of Reorganization

Sec. 97.053.  PLAN OF REORGANIZATION.  (a)  The plan of reorganization must provide that:
(1)  a subsidiary savings bank shall:
(A)  be incorporated under Subchapter B, Chapter 92; or
(B)  on prior approval of the commissioner, be incorporated under Subchapter C, Chapter 92;
(2)  the savings bank shall transfer a substantial part of its assets to the subsidiary savings bank, and the subsidiary savings bank shall assume a substantial part of the savings bank's liabilities, including all depository liabilities;
(3)  as a result of the reorganization, the mutual holding company must hold more than 50 percent of the stock of the subsidiary savings bank; and
(4)  after transfer and assumption, persons with prior corresponding rights as depositors or creditors against a savings bank have the same rights with respect to the mutual holding company and the subsidiary savings bank.
(b)  The plan of reorganization must set forth the necessary corporate steps for the savings bank to reorganize into a mutual holding company, including:
(1)  all required charter amendments; and
(2)  a description of the corporate management of the reorganized mutual holding company.
(c)  The plan of reorganization may contain any other provision not inconsistent with law or finance commission rules.
Added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.21, eff. September 1, 2005.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 98 - Foreign Financial Institutions › Subchapter A. General Provisions › Section 98.001. Limitation on Right to Do Business as Savings Bank

Sec. 98.001.  LIMITATION ON RIGHT TO DO BUSINESS AS SAVINGS BANK.  (a)  A person may not do business as a savings bank in this state or maintain an office in this state for the purpose of doing business in this state unless the person is a:
(1)  domestic savings bank;
(2)  federal savings bank;  or
(3)  foreign savings bank that holds a certificate of authority issued under Subchapter I, Chapter 92, or Section 61, Chapter 61, General Laws, Acts of the 41st Legislature, 2nd Called Session, 1929 (Article 881a-60, Vernon's Texas Civil Statutes).
(b)  Subsection (a) does not prohibit activity that is not considered to be transacting business in this state under Section B, Article 8.01, Texas Business Corporation Act.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 98 - Foreign Financial Institutions › Subchapter A. General Provisions › Section 98.002. Application of Law and Rules

Sec. 98.002.  APPLICATION OF LAW AND RULES.  This subtitle  and each rule adopted under this subtitle apply to the operations in this state of a foreign savings bank and may be enforced by the commissioner.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 98 - Foreign Financial Institutions › Subchapter A. General Provisions › Section 98.003. Contracts Construed Under Law of This State

Sec. 98.003.  CONTRACTS CONSTRUED UNDER LAW OF THIS STATE.  A contract between a foreign savings bank and a resident of this state is governed by the laws of this state.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 98 - Foreign Financial Institutions › Subchapter A. General Provisions › Section 98.004. Federal Savings Bank

Sec. 98.004.  FEDERAL SAVINGS BANK.  A federal savings bank is not a foreign corporation or foreign savings bank for purposes of this subtitle.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 98 - Foreign Financial Institutions › Subchapter A. General Provisions › Section 98.005. Authorization to Retain Offices

Sec. 98.005.  AUTHORIZATION TO RETAIN OFFICES.  A federal savings bank that has been merged, consolidated, or converted into a domestic or foreign savings bank or association is entitled to retain any authorized office under the terms provided for a foreign savings bank under Subchapter I, Chapter 92.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.35(a), eff. Sept. 1, 1999.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 98 - Foreign Financial Institutions › Subchapter B. Powers of Foreign Savings Bank; Eligibility of Accounts for Investment › Section 98.101. Powers of Foreign Savings Bank; Eligibility of Accounts for Investment

Sec. 98.101.  POWERS OF FOREIGN SAVINGS BANK;  ELIGIBILITY OF ACCOUNTS FOR INVESTMENT.  (a)  A foreign savings bank operating under a certificate of authority issued under Subchapter I, Chapter 92, has the rights and privileges of a savings bank created under this subtitle.  The savings bank's deposit accounts are eligible for investment to the same extent as those of a domestic savings bank.
(b)  A foreign savings bank may not be considered a savings bank organized under the laws of this state.
(c)  A foreign savings bank operating in this state under this chapter may not exercise a power, perform a function, or offer a service that a domestic savings bank may not exercise, perform, or offer.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 98 - Foreign Financial Institutions › Subchapter C. Certificate of Authority › Section 98.201. Renewal of Certificate

Sec. 98.201.  RENEWAL OF CERTIFICATE.  A foreign savings bank may renew a certificate of authority issued under Subchapter I, Chapter 92, by paying a renewal fee in January of each year.  The finance commission by resolution shall set the fee annually.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 98 - Foreign Financial Institutions › Subchapter C. Certificate of Authority › Section 98.202. Revocation of Certificate

Sec. 98.202.  REVOCATION OF CERTIFICATE.  (a)  The commissioner may revoke a foreign savings bank's certificate of authority on the failure or refusal of the savings bank to comply with a final order of the commissioner.
(b)  On revocation under Subsection (a), an agent of the savings bank may not transact business in this state except to:
(1)  receive a payment to apply to an active loan contract;  or
(2)  pay a withdrawal request.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 98 - Foreign Financial Institutions › Subchapter D. Examination and Regulation › Section 98.301. Frequency of Examination

Sec. 98.301.  FREQUENCY OF EXAMINATION.  A foreign savings bank holding a certificate of authority issued under Subchapter I, Chapter 92, may be examined not more than once each year.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 98 - Foreign Financial Institutions › Subchapter D. Examination and Regulation › Section 98.302. Examination Charges

Sec. 98.302.  EXAMINATION CHARGES.  A foreign savings bank holding a certificate of authority issued under Subchapter I, Chapter 92, shall pay:
(1)  an examination fee in the amount set for a domestic savings bank under Section 91.007;
(2)  all travel expenses of the examination;  and
(3)  the amount of the examination expense that exceeds the amount of the examination fee, if any.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 98 - Foreign Financial Institutions › Subchapter D. Examination and Regulation › Section 98.303. Agreement With Regulatory Authority of Other State

Sec. 98.303.  AGREEMENT WITH REGULATORY AUTHORITY OF OTHER STATE.  (a)  The commissioner, in exercising the supervisory and regulatory authority granted under Chapter 96, may enter into a cooperative agreement with a regulatory authority of another state to facilitate the regulation of foreign savings banks doing business in this state.
(b)  The commissioner may accept a report of an examination and other records from the regulatory authority of the other state instead of conducting an examination outside this state.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 98 - Foreign Financial Institutions › Subchapter D. Examination and Regulation › Section 98.304. Commissioner's Authority to Issue Orders

Sec. 98.304.  COMMISSIONER'S AUTHORITY TO ISSUE ORDERS.  The commissioner may issue an order against a foreign savings bank holding a certificate of authority in the same manner provided by Chapter 96 for issuance of an order against a domestic savings bank.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 119 - Miscellaneous Provisions Applicable to Savings Banks › Subchapter A. General Miscellaneous Provisions › Section 119.001. Applicability of Chapter 4, Business & Commerce Code

Sec. 119.001.  APPLICABILITY OF CHAPTER 4, BUSINESS & COMMERCE CODE.  Chapter 4, Business & Commerce Code, applies to a savings bank with respect to an item paid, collected, settled, negotiated, or otherwise handled by the savings bank for a customer.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 119 - Miscellaneous Provisions Applicable to Savings Banks › Subchapter A. General Miscellaneous Provisions › Section 119.002. Applicability of Savings and Loan Laws to Savings Banks

Sec. 119.002.  APPLICABILITY OF SAVINGS AND LOAN LAWS TO SAVINGS BANKS.  (a)  Except as provided by Subsection (b), a statute of this state or a rule adopted under the statute that applies to or exempts a corporation or other organization incorporated or organized under Subtitle B  or an association as defined by Section 61.002 also applies to or exempts a savings bank.
(b)  Subsection (a) does not apply to Chapters 11-13, this subtitle, Subtitle A, Subtitle B, or the Penal Code.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 119 - Miscellaneous Provisions Applicable to Savings Banks › Subchapter A. General Miscellaneous Provisions › Section 119.003. Acknowledgment or Proof Taken by Member, Stockholder, or Employee of Savings Bank

Sec. 119.003.  ACKNOWLEDGMENT OR PROOF TAKEN BY MEMBER, STOCKHOLDER, OR EMPLOYEE OF SAVINGS BANK.  A public officer who is qualified to take an acknowledgment or proof of a written instrument and who is a member or employee of, or a shareholder in, a savings bank or federal savings bank is not disqualified because of that relationship to the savings bank or federal savings bank from taking an acknowledgment or proof of a written instrument in which a savings bank or federal savings bank is interested.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle C - Savings Banks › Chapter 119 - Miscellaneous Provisions Applicable to Savings Banks › Subchapter A. General Miscellaneous Provisions › Section 119.004. Rendition of Certain Personal Property for Ad Valorem Taxation

Sec. 119.004.  RENDITION OF CERTAIN PERSONAL PROPERTY FOR AD VALOREM TAXATION.  (a)  Each domestic savings bank and each federal savings bank shall render for ad valorem taxation all of its personal property, other than furniture, fixtures, equipment, and automobiles, as a whole at the value remaining after deducting the following from the total value of its entire assets:
(1)  all debts that it owes;
(2)  all tax-free securities that it owns;
(3)  its loss reserves and surplus;
(4)  its deposit liability;  and
(5)  the appraised value of its furniture, fixtures, and real property.
(b)  The domestic savings bank or federal savings bank shall render the personal property, other than furniture, fixtures, equipment, and automobiles, to the chief appraiser of the appraisal district in the county in which its principal office is located.
(c)  Furniture, fixtures, equipment, and automobiles of a domestic savings bank or federal savings bank shall be rendered and valued for ad valorem taxation as provided by the Tax Code.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.