Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 15 - CORPORATE ACTIVITIES › Subchapter F - APPLICATIONS FOR MERGER, CONVERSION, AND PURCHASE OR SALE OF ASSETS › Section 15.113 - Approval; Conditional Approval; Denial of Application; Hearings

Current through Reg. 49, No. 28; July 12, 2024
(a) Approval,
				  conditional approval, or denial. Except for expedited filings and applications
				  for change of control governed by Finance Code, §
										RSA
				  33.003, the banking commissioner will approve
				  or deny an application on or before a date that is 60 days after the date the
				  application is accepted for filing pursuant to §
										RSA
				  15.4 of this title (relating to Required
				  Information and Abandoned Filings). Provided, however, that the banking
				  commissioner shall have the discretion to extend the timeframe for processing
				  any application, if one of the conditions listed in §
										RSA
				  15.103(d) of this title
				  (relating to Expedited Filings) exists.
(b) Pre-decision hearing. The banking
				  commissioner may, in the exercise of discretion, before the expiration of the
				  initial period for decision provided by subsection (a) of this section, give
				  the applicant written notice that the banking commissioner will convene a
				  hearing to obtain evidence related to the application. Notice by the banking
				  commissioner suspends the specified period for approval or denial of an
				  application, and the banking commissioner will approve or deny the application
				  on or before a date that is 30 days after the date the final proposal for
				  decision resulting from the hearing is provided to the banking commissioner and
				  the applicant.
(c) Acceptance of
				  conditional approval. The banking commissioner may give the applicant written
				  notice that the application has been approved subject to certain conditions.
				  The applicant must provide the banking commissioner with written confirmation
				  of acceptance of the conditions on or before a date that is 10 days after the
				  date of notification to the applicant of the conditional approval. An agreement
				  between the applicant and the banking commissioner concerning conditional
				  approval is enforceable against the applicant. In the event an applicant who
				  has received conditional approval does not provide the banking commissioner
				  with written confirmation as required by this subsection, consummation of the
				  transaction constitutes confirmation of acceptance of the conditions imposed by
				  the banking commissioner and is considered for all purposes an agreement
				  enforceable against the applicant.
(d) Requests for hearing. An applicant may
				  request a hearing on or before a date that is 30 days after the effective date
				  of notice of denial or conditional approval of an application under this
				  subchapter by the banking commissioner. The request for hearing must be in
				  writing and state with specificity the reasons the applicant alleges that the
				  decision of the banking commissioner is in error. The applicant has the burden
				  of proof for each issue specified in the request for hearing. The request for
				  hearing and the banking commissioner's decision to deny or condition the
				  application will be made a part of the record.
(e) Hearings on denial of applications.
				  Requests for hearing under this subchapter will be forwarded to the
				  administrative law judge who must enter appropriate orders and conduct the
				  hearing on or before a date that is 60 days after the date the request for
				  hearing was received, or as soon after that as is reasonably possible, under
				  Chapter 9 of this title (relating to Rules of Procedure for Contested Case
				  Hearings, Appeals, and Rulemakings) and the Government Code, Chapter 2001. A
				  proposal for decision, exceptions and replies to the proposal for decision, the
				  final decision of the banking commissioner, and motions for rehearing are
				  governed by Chapter 9 of this title. An applicant may not appeal denial of an
				  application or conditional approval of an application until a final order is
				  issued. After a hearing and final order, the applicant may appeal the final
				  order as provided in the Finance Code, §
										RSA
				  31.202.