reglab/statecodes huggingface dataset:
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter I. Additional Provisions for Merger or Consolidation of Domestic and Foreign Associations › Section 62.404. Denial by Commissioner of Application

Sec. 62.404.  DENIAL BY COMMISSIONER OF APPLICATION.  If the surviving association is a foreign association, the commissioner shall deny the application if:
(1)  the laws of the state in which the foreign association has its principal place of business do not permit a savings and loan association of that state to merge or consolidate with a domestic association if the surviving association is a domestic association;  or
(2)  the foreign association is controlled by a savings and loan holding company that has its principal place of business in a state whose laws do not permit a savings and loan association of that state to merge or consolidate with a domestic association if the surviving association is a domestic association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter I. Additional Provisions for Merger or Consolidation of Domestic and Foreign Associations › Section 62.405. Approval by Commissioner of Plan

Sec. 62.405.  APPROVAL BY COMMISSIONER OF PLAN.  (a)  If the commissioner approves the plan of merger or consolidation, the commissioner shall issue an order approving the merger or consolidation.
(b)  If the surviving association is a foreign association, the commissioner shall issue and deliver to the surviving association a certificate of authority to do business as an association in this state for the period expiring on January 31 of the next calendar year.
(c)  A surviving association that is a domestic association shall operate under:
(1)  the articles and bylaws of the merging or consolidating domestic association;  and
(2)  the laws applicable to a domestic association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter I. Additional Provisions for Merger or Consolidation of Domestic and Foreign Associations › Section 62.406. Enforcement of Condition, Restriction, or Requirement on Surviving Foreign Association

Sec. 62.406.  ENFORCEMENT OF CONDITION, RESTRICTION, OR REQUIREMENT ON SURVIVING FOREIGN ASSOCIATION.  If the surviving association is a foreign association, the commissioner may enforce a condition, restriction, or requirement on the surviving association that could have been enforced by the state in which the foreign association has its principal place of business if the merger or consolidation had occurred in that state and the surviving association were a domestic association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter J. Merger of Subsidiary Corporation › Section 62.451. Authority to Merge

Sec. 62.451.  AUTHORITY TO MERGE.  One or more corporations organized under a law of this state may merge into an association that owns all of the corporations' capital stock if:
(1)  the board of directors of the association and each corporation by a majority vote adopt the plan of merger;  and
(2)  the secretary of state and the commissioner approve the merger.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter J. Merger of Subsidiary Corporation › Section 62.452. Articles of Merger

Sec. 62.452.  ARTICLES OF MERGER.  (a)  The articles of merger must:
(1)  be executed by the president or vice president and a secretary or assistant secretary of the association and each corporation;  and
(2)  include:
(A)  the name of the association and each corporation;
(B)  a copy of the resolution of the association and each corporation adopting the plan of merger;
(C)  a statement of the number of shares of each class issued or authorized by each corporation;
(D)  a statement that all capital stock of each corporation is owned by the association;  and
(E)  a statement incorporating the provisions of Section 62.454(b).
(b)  An original and a copy of the articles of merger shall be submitted to the secretary of state and the commissioner.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter J. Merger of Subsidiary Corporation › Section 62.453. Approval of Merger

Sec. 62.453.  APPROVAL OF MERGER.  (a)  The secretary of state shall approve the articles of merger if the secretary of state determines that:
(1)  the articles of merger comply with applicable law;  and
(2)  all fees and franchise taxes due from each corporation have been paid.
(b)  The commissioner shall approve the articles of merger if the commissioner determines that:
(1)  the articles of merger comply with applicable law;  and
(2)  the merger is in the best interest of the association.
(c)  On approval of the articles of merger, each approving officer shall:
(1)  endorse on the original and copy of the articles of merger the word "filed" and the date of the approval;
(2)  file the original articles of merger in the records of the officer's office;  and
(3)  issue and deliver to the association a certificate of merger with an attached copy of the articles of merger.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter J. Merger of Subsidiary Corporation › Section 62.454. Effect of Merger

Sec. 62.454.  EFFECT OF MERGER.  (a)  A merger takes effect on the date the last required certificate of merger is issued.
(b)  After the merger takes effect:
(1)  a corporation that was merged ceases to exist;
(2)  the association assumes the rights and obligations of the corporation and owns the property of the association;  and
(3)  the association's articles of incorporation are considered amended to the extent that a change is stated in the plan of merger.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter J. Merger of Subsidiary Corporation › Section 62.455. Inapplicability of Subchapter H

Sec. 62.455.  INAPPLICABILITY OF SUBCHAPTER H.  Subchapter H does not apply to a merger under this subchapter.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter K. Voluntary Liquidation › Section 62.501. Resolution to Liquidate and Dissolve; Approval by Commissioner

Sec. 62.501.  RESOLUTION TO LIQUIDATE AND DISSOLVE;  APPROVAL BY COMMISSIONER.  (a)  An association may liquidate and dissolve if:
(1)  at an annual meeting or a special meeting called for that purpose, the members and shareholders by majority vote adopt a resolution to liquidate and dissolve;  and
(2)  a copy of the resolution certified to by the president and the secretary of the association and an itemized statement of the association's assets and liabilities sworn to by a majority of its board is filed with and approved by the commissioner.
(b)  On the approval by the commissioner of the resolution:
(1)  the association may not accept additional savings accounts or additions to savings accounts or make additional loans;  and
(2)  the association's income and receipts in excess of actual expenses of liquidation shall be applied to the discharge of its liabilities.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter K. Voluntary Liquidation › Section 62.502. Distribution of Assets

Sec. 62.502.  DISTRIBUTION OF ASSETS.  (a)  The board, under the commissioner's supervision and in accordance with the approved liquidation plan, shall liquidate the affairs of the association and reduce the association's assets to cash for the purpose of paying, satisfying, and discharging all existing liabilities and obligations of the association, including the withdrawal value of all savings accounts.
(b)  The board shall distribute any remaining balance pro rata among the savings account members of record on the date the association adopted the resolution to liquidate.
(c)  The board of a capital stock association shall distribute any assets remaining after liabilities and obligations are fully paid and satisfied, including the withdrawal value of savings accounts, among the shareholders according to their liquidation rights.
(d)  The board shall pay from the assets of the association all expenses incurred by the commissioner and the commissioner's representatives during the course of the liquidation.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter K. Voluntary Liquidation › Section 62.503. Final Report and Accounting

Sec. 62.503.  FINAL REPORT AND ACCOUNTING.  (a)  On completion of the liquidation, the board shall file with the commissioner a final report and accounting of the liquidation.
(b)  The commissioner's approval of the report is a complete and final discharge of the board and each member in connection with the liquidation of the association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter L. Change of Control of Association › Section 62.551. Inapplicability of Subchapter

Sec. 62.551.  INAPPLICABILITY OF SUBCHAPTER.  This subchapter does not apply to a conversion, reorganization, merger, consolidation, or voluntary liquidation under Subchapter E, F, G, H, J, or K.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter L. Change of Control of Association › Section 62.552. Effect of Subchapter on Other Law

Sec. 62.552.  EFFECT OF SUBCHAPTER ON OTHER LAW.  This subchapter does not:
(1)  excuse or diminish the notice requirements prescribed by this subtitle;  or
(2)  prevent the commissioner from investigating, commenting on, or seeking to enjoin or set aside a transfer of voting securities that the commissioner considers to be contrary to the public interest, regardless of whether the transfer is governed by this subchapter.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter L. Change of Control of Association › Section 62.553. Application for Change of Control

Sec. 62.553.  APPLICATION FOR CHANGE OF CONTROL.  (a)  Control of an association may be changed only if an application for approval of the change is filed with and approved by the commissioner.
(b)  The application must be:
(1)  on a form prescribed by the commissioner;
(2)  sworn to;  and
(3)  accompanied by the appropriate filing fee.
(c)  Unless the commissioner expressly waives a requirement of this subsection, the application must contain:
(1)  the identity, personal history, business background and experience, and financial condition of each person by whom or on whose behalf the acquisition is to be made, including a description of:
(A)  the managerial resources and future prospects of each acquiring party;  and
(B)  any material pending legal or administrative proceedings to which the person is a party;
(2)  the terms of any proposed acquisition and the manner in which the acquisition is to be made;
(3)  the identity, source, and amount of the money or other consideration used or to be used in making the acquisition and, if any part of the money or other consideration has been or will be borrowed or otherwise obtained for the purpose of making the acquisition, a description of the transaction, the names of the parties, and arrangements, agreements, or understandings with the parties;
(4)  any plan or proposal of an acquiring party to liquidate the association, sell the association's assets, merge the association with another company, or make other major changes in the association's business or corporate structure or management;
(5)  the terms of any offer, invitation, agreement, or arrangement under which a voting security will be acquired and any contract affecting that security or its financing after it is acquired;
(6)  information establishing that the requirements under Section 62.555(b) are satisfied;  and
(7)  other information:
(A)  the finance commission by rule requires to be furnished in an application;  or
(B)  the commissioner orders to be included in a particular application.
(d)  The commissioner may require each member of a group proposing to acquire voting securities under this subchapter to provide the information required by the commissioner.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 26, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter L. Change of Control of Association › Section 62.554. Application Filing Fee

Sec. 62.554.  APPLICATION FILING FEE.  (a)  The finance commission by rule shall adopt a schedule of fees for filing applications and holding hearings.  The schedule may be graduated so that an application or hearing that is more difficult to review or administer requires a larger fee.
(b)  An application fee is not refundable if the application is denied.  The commissioner may refund a portion of the fee if the application is withdrawn before the commissioner completes reviewing the application.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter L. Change of Control of Association › Section 62.555. Denial of Application

Sec. 62.555.  DENIAL OF APPLICATION.  (a)  The commissioner by order shall deny an application unless the applicant establishes that:
(1)  the acquisition would not:
(A)  substantially lessen competition;
(B)  restrain trade in a manner that would result in a monopoly;  or
(C)  further a combination or conspiracy to monopolize or attempt to monopolize the savings and loan industry in any part of this state;
(2)  the financial condition of an acquiring party would not jeopardize the financial stability of the association being acquired;
(3)  the plan or proposal to liquidate or sell the association or any assets is in the best interest of the association;
(4)  the experience, ability, standing, competence, trustworthiness, and integrity of the applicant are sufficient to ensure that the acquisition is in the best interest of the association;  and
(5)  the association would be solvent, have adequate capital structure, and be in compliance with the laws of this state.
(b)  The commissioner is not required to deny an application that fails to comply with Subsection (a)(1) if the commissioner determines that:
(1)  the anticompetitive effects of the acquisition are clearly outweighed in the public interest by the probable effect of the acquisition in meeting the convenience and needs of the community to be served;  and
(2)  the acquisition does not violate a law of this state or the United States.
(c)  Notwithstanding Subsections (a) and (b), the commissioner shall issue an order denying an application if the commissioner determines that the applicant:
(1)  has failed to furnish all of the information pertinent to the application reasonably requested by the commissioner;  or
(2)  is not acting in good faith.
(d)  If the commissioner does not deny an application before the 61st day after the date the application is filed, the acquisition may be consummated.  The acquisition may be consummated before the expiration of the 60-day period if the commissioner notifies the applicant in writing that the application will not be denied.
(e)  An agreement entered into by the applicant and the commissioner as a condition that the application will not be denied is enforceable against the association and is considered an agreement under this subtitle.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter L. Change of Control of Association › Section 62.556. Appeal to Commissioner of Denial

Sec. 62.556.  APPEAL TO COMMISSIONER OF DENIAL.  (a)  If the commissioner denies an application, the applicant is entitled to a hearing if the applicant submits a written request for a hearing not later than the later of:
(1)  the 30th day after the date the application is filed;  or
(2)  the 15th day after the date the application is denied.
(b)  Not later than the 30th day after the date the hearing is closed, the commissioner shall enter a final order affirming or withdrawing the denial of the application.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter L. Change of Control of Association › Section 62.557. Judicial Review

Sec. 62.557.  JUDICIAL REVIEW.  (a)  An applicant may appeal the commissioner's denial of an application or the commissioner's order affirming the denial only after a final order is entered.  The commissioner is defendant in the appeal.
(b)  A party to the action may appeal the court's decision.  The appeal is returnable to the appellate court at once and has precedence in that court over any cause of a different character pending in that court.
(c)  The commissioner is not required to give an appeal bond in a cause arising under this subchapter.
(d)  Filing an appeal under this section does not stay an order of the commissioner that is adverse to the applicant.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter L. Change of Control of Association › Section 62.558. Unauthorized Change of Control

Sec. 62.558.  UNAUTHORIZED CHANGE OF CONTROL.  If it appears that a change in control may have taken place without approval, the commissioner may call a hearing to determine whether:
(1)  a change in control has occurred without approval or an unauthorized person without any apparent ownership interest in the association, acting alone or with others, effectively has indirect controlling or dominating influence over the management or policies of the association;  and
(2)  if control or indirect controlling or dominating influence has been acquired as provided by Subdivision (1), an appropriate supervisory order should be issued, including an order requiring a divestiture of that control or indirect controlling or dominating influence.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter L. Change of Control of Association › Section 62.559. Confidentiality

Sec. 62.559.  CONFIDENTIALITY.  (a)  Except as provided by this section, information obtained by the commissioner under this subchapter is confidential and may not be disclosed by the commissioner or an officer or employee of the Department of Savings and Mortgage Lending.
(b)  The commissioner may disclose the information to a department, agency, or instrumentality of this state or the United States if the commissioner considers disclosure to be necessary or proper to the enforcement of the laws of this state or the United States and in the best interest of the public.
(c)  When the commissioner receives the application, the commissioner shall submit to the Texas Register notice of the application, its date of filing, and the identity of each party to the application.  The information submitted shall be published in the Texas Register in the next issue following the date the information is received.
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. 6.028, eff. September 1, 2007.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter L. Change of Control of Association › Section 62.560. Injunction

Sec. 62.560.  INJUNCTION.  (a)  The attorney general on behalf of the commissioner may apply for equitable relief, including an order enjoining a violation, if the commissioner believes a person has violated or is about to violate this subchapter or a rule of the finance commission or order of the commissioner adopted under this subchapter.
(b)  The suit must be brought in a district court of Travis County.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 27, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 62 - Organizational and Financial Requirements › Subchapter L. Change of Control of Association › Section 62.561. Criminal Penalty

Sec. 62.561.  CRIMINAL PENALTY.  (a)  A person commits an offense if the person intentionally makes a materially false or misleading statement to the commissioner with respect to the information required by this subchapter.
(b)  An offense under this section is a misdemeanor punishable by:
(1)  a fine in an amount not to exceed $2,000;
(2)  confinement in county jail for a period not to exceed one year;  or
(3)  both the fine and confinement.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 63 - General Powers › Section 63.001. General Corporate Powers

Sec. 63.001.  GENERAL CORPORATE POWERS.  (a)  An association has all the powers authorized by this subtitle and any other right, privilege, or power incidental to or reasonably necessary to accomplish the purposes of the association.
(b)  With the commissioner's prior approval, an association may engage in business as a savings and loan association in any state of the United States to the extent permitted by the laws of that state, either directly or through the ownership of an association incorporated under the laws of another state.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 63 - General Powers › Section 63.002. Enlargement of Powers

Sec. 63.002.  ENLARGEMENT OF POWERS.  Notwithstanding any other provision of this subtitle, an association may:
(1)  perform a function or engage in an activity, including making a loan or investment, to the same extent as a federal association;
(2)  raise capital in the same manner and form as a federal association;
(3)  issue a certificate in the same form as a federal association;  or
(4)  pay a dividend, earnings, or interest on a certificate in the same manner as a federal association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 63 - General Powers › Section 63.003. Powers of Federal Association

Sec. 63.003.  POWERS OF FEDERAL ASSOCIATION.  A federal association and its members have all the powers, privileges, benefits, immunities, and exemptions provided by the law of this state for an association and the association's members.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 63 - General Powers › Section 63.004. Power to Borrow

Sec. 63.004.  POWER TO BORROW.  (a)  An association may:
(1)  borrow from any nongovernmental source an aggregate amount that does not exceed 25 percent of the amount of the association's savings liability on the date of borrowing;  and
(2)  pledge the association's assets to secure repayment of the borrowed money.
(b)  Except as provided by Subsection (c), an association may borrow from a nongovernmental source an amount exceeding the amount described in Subsection (a)(1) only with the prior written approval of the commissioner.
(c)  An association that is a member of a Federal Home Loan Bank may borrow or obtain an advance from that bank in an amount and on terms prescribed by that bank.
(d)  An association at any time through action of its board may issue a capital note, debenture, or other capital obligation authorized by rules adopted under Section 11.302.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 63 - General Powers › Section 63.005. Fiscal Agent

Sec. 63.005.  FISCAL AGENT.  (a)  An association may act as fiscal agent of the United States.  An association designated as fiscal agent of the United States by the secretary of the treasury shall act under regulations as required by the secretary and may act as fiscal agent for an instrumentality of the United States.
(b)  An association may act as fiscal agent of this state or of a governmental subdivision or instrumentality of this state.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 63 - General Powers › Section 63.006. Power to Act Under Certain Federal Retirement Plans

Sec. 63.006.  POWER TO ACT UNDER CERTAIN FEDERAL RETIREMENT PLANS.  An association or a federal association, to the extent that its charter and applicable federal regulations permit, may:
(1)  exercise any power necessary to qualify as a trustee or custodian for:
(A)  a retirement plan meeting the requirements of 26 U.S.C. Section 401(d) or 408;  or
(B)  a similar plan permitted or recognized by federal law;  and
(2)  invest money the association holds as trustee or custodian under Subdivision (1) in the association's savings accounts if the plan does not prohibit that investment.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 63 - General Powers › Section 63.007. Right to Act to Avoid Loss

Sec. 63.007.  RIGHT TO ACT TO AVOID LOSS.  This subtitle or another statute of this state does not deny an association the right to invest its money, operate a business, manage or deal in property, or take other action during any period that is reasonably necessary to avoid loss on a prior loan or investment or on an obligation created in good faith.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 63 - General Powers › Section 63.008. Closing Place of Business

Sec. 63.008.  CLOSING PLACE OF BUSINESS.  An association or a federal savings and loan association operating in this state may close its place of business at any time its board determines.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 63 - General Powers › Section 63.009. Emergency Closing

Sec. 63.009.  EMERGENCY CLOSING.  (a)  If the officers of an association determine that an emergency that affects or may affect the association's offices or operations exists or is impending, the officers, as reasonable, may determine:
(1)  not to conduct the involved operations or open the offices on any business or banking day;  or
(2)  if the association is open, to close the offices or the involved operations for the duration of the emergency.
(b)  Subject to Subsection (c), a closed office or operation under this section shall remain closed until the officers determine that the emergency has ended and for any additional time reasonably required to reopen.
(c)  An association that closes an office or an operation under this section shall notify the commissioner of its action by any means available and as promptly as conditions permit.  An office or operation may not be closed for more than 48 consecutive hours, excluding other legal holidays, without the commissioner's approval.
(d)  In this section, "emergency" means a condition or occurrence that may interfere physically with the conduct of normal business at the offices of an association or with the conduct of a particular association operation or that poses an imminent or existing threat to the safety or security of persons, property, or both.  The term includes a condition or occurrence arising from:
(1)  fire, flood, earthquake, hurricane, tornado, wind, rain, or snowstorm;
(2)  labor dispute and strike;
(3)  power failure;
(4)  transportation failure;
(5)  interruption of communication facilities;
(6)  shortage of fuel, housing, food, transportation, or labor;
(7)  robbery, burglary, or attempted robbery or burglary;
(8)  actual or threatened enemy attack;
(9)  epidemic or other catastrophe;
(10)  riot or civil commotion;  or
(11)  any other actual or threatened unlawful or violent act.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 63 - General Powers › Section 63.010. Effect of Closing

Sec. 63.010.  EFFECT OF CLOSING.  (a)  A day on which an association or one or more of its operations is closed under Section 63.009 during all or part of its normal business hours is considered to be a legal holiday to the extent the association suspends operations.
(b)  An association or a director, officer, or employee of the association does not incur liability or loss of rights from a closing authorized by this subtitle.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter A. General Provisions › Section 64.001. Adoption of Rules

Sec. 64.001.  ADOPTION OF RULES.  (a)  The finance commission shall adopt rules relating to the power of associations operating under this subtitle to make loans and investments.
(b)  Rules adopted under this section must contain provisions reasonably necessary to ensure that:
(1)  a loan made by an association is consistent with sound lending practices;  and
(2)  an investment made by an association promotes the purposes of this subtitle.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 28, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter A. General Provisions › Section 64.002. Content of Rules

Sec. 64.002.  CONTENT OF RULES.  Rules adopted under this subchapter may include provisions governing:
(1)  types of loans an association may originate, make, or sell;
(2)  conditions under which an association may originate, make, or sell a loan;
(3)  conditions under which an association may purchase or participate in a loan made by another lender;
(4)  conditions for servicing a loan for another lender;
(5)  conditions under which an association may lend money on the security of a loan made by another lender;
(6)  conditions under which an association may pledge a loan held by the association as collateral for money borrowed by the association;
(7)  conditions under which an association may invest in securities and debt instruments;
(8)  documentation that an association must have in the association's loan files when the association funds, purchases, or participates in a loan;
(9)  the form and content of statements of expenses, fees, and other charges paid, or required to be paid, by a borrower;
(10)  title information required to be maintained in force;
(11)  insurance coverage required to be provided by a borrower for property that secures a loan;
(12)  appraisal reports;
(13)  financial statements of borrowers;
(14)  fees or other compensation that may be paid to an officer, director, employee, affiliated person, consultant, or third party in connection with procuring a loan for an association;
(15)  conditions under which an association may advance money to pay taxes, assessments, insurance premiums, and similar charges for the protection of the association's interest in property securing a loan;
(16)  terms under which an association may acquire and deal in real property;
(17)  valuation on an association's books of real property held by the association;
(18)  terms governing an association's investment in a subsidiary corporation;
(19)  powers that may be exercised by a subsidiary of an association;  and
(20)  any other matter necessary for proper administration of transactions conducted by an association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter A. General Provisions › Section 64.003. Prohibited Transactions

Sec. 64.003.  PROHIBITED TRANSACTIONS.  An association may not engage in a transaction that violates a rule adopted under this subchapter.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter B. Loan Expenses › Section 64.021. Borrower Payment of Loan Expenses

Sec. 64.021.  BORROWER PAYMENT OF LOAN EXPENSES.  An association may require a borrower to pay all reasonable expenses incurred in connection with making, closing, disbursing, extending, readjusting, or renewing a loan.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter B. Loan Expenses › Section 64.022. Collection of Loan Expenses

Sec. 64.022.  COLLECTION OF LOAN EXPENSES.  An expense payment authorized by Section 64.021 may be:
(1)  collected by the association from the borrower and:
(A)  retained by the association;  or
(B)  paid to a person rendering a service for which a charge was made, including an officer, director, or employee of the association rendering the service;  or
(2)  paid directly by a borrower to the person rendering the service.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter B. Loan Expenses › Section 64.023. Character of Loan Expense Payments

Sec. 64.023.  CHARACTER OF LOAN EXPENSE PAYMENTS.  An expense payment authorized by Section 64.021 is not interest or compensation charged by an association for the loan of money.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter C. Loan Payments › Section 64.041. Penalty for Prepayment or Late Payment

Sec. 64.041.  PENALTY FOR PREPAYMENT OR LATE PAYMENT.  An association may charge a penalty for a prepayment of or late payment on a loan.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter C. Loan Payments › Section 64.042. Application of Prepayments to Loan Installments

Sec. 64.042.  APPLICATION OF PREPAYMENTS TO LOAN INSTALLMENTS.  Unless otherwise agreed in writing, an association shall apply:
(1)  a prepayment of principal to the final installment of the obligation until the final installment is fully paid;  and
(2)  additional prepayments on installments in the inverse order of their maturity.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter D. Charges Relating to Real Property Loans › Section 64.061. Advances Paid by Association

Sec. 64.061.  ADVANCES PAID BY ASSOCIATION.  (a)  An association may pay taxes, assessments, insurance premiums, and similar charges for the protection of the association's interest in property that secures a real property loan of the association.
(b)  A payment under Subsection (a) is an advance, and the association may:
(1)  carry the payment on the association's books as an asset of the association for which the association may charge interest;  or
(2)  add the payment to the unpaid balance of the loan to which it applies as of the first day of the month in which the payment is made.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter D. Charges Relating to Real Property Loans › Section 64.062. Advances Are Lien on Property

Sec. 64.062.  ADVANCES ARE LIEN ON PROPERTY.  A payment under Section 64.061 is a lien against the real property that secures the loan for which it is made.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter D. Charges Relating to Real Property Loans › Section 64.063. Payment of Estimated Charges by Borrower

Sec. 64.063.  PAYMENT OF ESTIMATED CHARGES BY BORROWER.  (a)  To enable the association to pay charges as they become due, an association may require a borrower to pay monthly in advance, in addition to interest or interest and principal, an amount equal to one-twelfth of the estimated annual taxes, assessments, insurance premiums, and other charges on the real property securing a loan.
(b)  An association may increase or decrease the amount of the loan payment as necessary to meet the charges.
(c)  An association may:
(1)  carry payments in trust in an account;  or
(2)  credit the payments to the indebtedness and advance the money for charges as the charges become due.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter D. Charges Relating to Real Property Loans › Section 64.064. Record of Charges

Sec. 64.064.  RECORD OF CHARGES.  An association shall keep a record of the status of taxes, assessments, insurance premiums, and other charges on real property securing the association's loans.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter E. Investment in Local Service Area › Section 64.081. Required Investments

Sec. 64.081.  REQUIRED INVESTMENTS.  An association shall maintain in the association's portfolio not less than 15 percent of the association's deposits from its local service area designated under Section 64.082 in:
(1)  first and second lien residential mortgage loans or foreclosed residential mortgage loans originated in the association's local service area;
(2)  home improvement loans;
(3)  interim residential construction loans;
(4)  mortgage-backed securities secured by loans in the association's local service area;  and
(5)  loans for community reinvestment.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter E. Investment in Local Service Area › Section 64.082. Designation of Local Service Area

Sec. 64.082.  DESIGNATION OF LOCAL SERVICE AREA.  (a)  The commissioner shall designate an association's local service area at the time of the association's incorporation.
(b)  Unless the commissioner and the association otherwise agree, an association may rely on the designation of the local service area for the duration of corporate existence as an association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter E. Investment in Local Service Area › Section 64.083. Rules

Sec. 64.083.  RULES.  The finance commission shall adopt rules to implement this subchapter, including rules that define the categories of loans and investments described by Section 64.081.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 867, Sec. 29, eff. Sept. 1, 2001.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter E. Investment in Local Service Area › Section 64.084. Waivers

Sec. 64.084.  WAIVERS.  The commissioner may grant a limited-term waiver from the requirements of Section 64.081 if quality loans in the categories described by that section are not available in an association's local service area.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter F. Property of Association › Section 64.101. Real Property on Which Association Facility Is Located

Sec. 64.101.  REAL PROPERTY ON WHICH ASSOCIATION FACILITY IS LOCATED.  An association may own real property on which a facility used in connection with the operation of the association is located.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter F. Property of Association › Section 64.102. Disposal of Other Real Property

Sec. 64.102.  DISPOSAL OF OTHER REAL PROPERTY.  An association shall dispose of real property, other than real property described by Section 64.101, that is acquired by the association in the course of the association's business not later than the fifth anniversary of the date on which it is acquired unless the commissioner extends the time for disposal.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter F. Property of Association › Section 64.103. Transactions Relating to Association's Real Property

Sec. 64.103.  TRANSACTIONS RELATING TO ASSOCIATION'S REAL PROPERTY.  On authorization by the association's board of directors, an association may sell, convey, exchange for other real property, lease, improve, repair, or mortgage real property.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 64 - Loans and Investments › Subchapter F. Property of Association › Section 64.104. Record of Charges on Real and Personal Property

Sec. 64.104.  RECORD OF CHARGES ON REAL AND PERSONAL PROPERTY.  An association shall keep a record of the status of taxes, assessments, insurance premiums, and other charges on all real and personal property owned by the association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 65 - Savings Accounts › Subchapter A. General Provisions › Section 65.001. Limitations on Accounts

Sec. 65.001.  LIMITATIONS ON ACCOUNTS.  The board of directors of an association may limit the number and value of savings accounts the association may accept.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 65 - Savings Accounts › Subchapter A. General Provisions › Section 65.002. Investment in Accounts

Sec. 65.002.  INVESTMENT IN ACCOUNTS.  (a)  Any person may be the holder of a savings account.
(b)  An investment in a savings account may be made only in cash.
(c)  A person may invest in a savings account in the person's own right or in a trust or other fiduciary capacity.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
2023 Texas Statutes › Finance Code › Title 3 - Financial Institutions and Businesses › Subtitle B - Savings and Loan Associations › Chapter 65 - Savings Accounts › Subchapter A. General Provisions › Section 65.003. Savings Contract

Sec. 65.003.  SAVINGS CONTRACT.  (a)  Each holder of a savings account must execute a savings contract.  The contract must specify:
(1)  any special terms applicable to the account;  and
(2)  the conditions on which withdrawals may be made.
(b)  The association shall hold a savings contract in the records pertaining to the account.
(c)  A savings contract pertaining to a savings account of a public or governmental entity must provide that the holder of the account may not become a member of the association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.