reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 6 - CHANGE OF CONTROL › Section 60.163 - Retention of Control

Current through Reg. 49, No. 28; July 12, 2024
(a) The following
					 conditions affecting any controlled savings association, regardless of when or
					 how such control has been acquired, are grounds for the Commissioner to
					 investigate, seek to enjoin, or set aside any change of control of a savings
					 association, if the Commissioner deems the transfer to be against the public
					 interest:
(1) the violation of any law, these
					 regulations, abuse of the fiduciary responsibility held by a savings
					 association, or other demonstration of untrustworthiness by the savings
					 association, its holding company, or any controlling person, affiliates,
					 affiliated persons, or any of the officers or directors which would affect the
					 savings association; or
(2) the
					 violation of any antitrust law of this state by the savings association, the
					 holding company, or any affiliate.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 6 - CHANGE OF CONTROL › Section 60.164 - Abeyance of Other Applications

Current through Reg. 49, No. 28; July 12, 2024
When an application for approval of acquisition of
						control of a savings association has been received by the Commissioner and the
						savings association also has other applications on file with the Commissioner,
						such applications may, at the Commissioner's discretion, be held in abeyance
						until the change of control application has been disposed of.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 6 - CHANGE OF CONTROL › Section 60.165 - Exempt Transactions

Current through Reg. 49, No. 28; July 12, 2024
The following transactions are exempt from the
						application requirements of this division:
(1) control of an insured institution
					 acquired solely as a result of foreclosure on the stock of a savings
					 association which secures a loan contracted for in good faith, where such loan
					 was made in the ordinary course of business of the lender, provided that the
					 acquisition of control pursuant to such foreclosure is reported to the
					 Commissioner on or before 30 days after the date of acquisition and provided
					 further that the acquiror may not retain such control for more than one year
					 after the date on which such control was acquired. The Commissioner may, upon
					 application by the acquiror, extend such one-year period from year to year for
					 an additional period of time, not to exceed three years, if the Commissioner
					 finds such extension is warranted and would not be detrimental to the public
					 interest. Nothing in this subsection prevents such acquiror from filing an
					 application pursuant to this chapter for permanent approval of the acquisition
					 of control;
(2) control of an
					 insured institution acquired through a percentage increase in stock ownership
					 following a pro-rata stock dividend or stock split, if the proportional
					 interest of the recipients remains substantially the same; and
(3) acquisition of additional stock of a
					 savings association by any person who has held power to vote 25% or more of any
					 class of voting stock in such savings association continuously for the
					 three-year period preceding such acquisition, or has maintained control of the
					 savings association continuously since acquiring control in compliance with the
					 provisions of law or regulation then in effect provided that such acquisition
					 is consistent with any conditions imposed in connection with such acquisition
					 of control and with the representations made by the acquiror in its
					 application.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 7 - CAPITAL NOTES AND DEBENTURES › Section 60.171 - Capital Notes and Debentures

Current through Reg. 49, No. 28; July 12, 2024
(a) Approval
					 Required. No savings association may issue and sell its capital notes or
					 debentures without the prior written approval of the Commissioner. The
					 Commissioner, in approving the issuance and sale, may impose any conditions the
					 Commissioner determines necessary with regard to safety and soundness and
					 maintenance of adequate financial condition particularly in areas of
					 preservation of capital, quality of earnings, and adequacy of
					 reserves.
(b) Requirements. A
					 savings association may, by resolution of its board and with prior approval of
					 the Commissioner, issue capital notes, debentures, bonds, or other secured or
					 unsecured capital obligations, which may be convertible in whole or in part to
					 shares of permanent reserve fund stock, or may be issued with warrants
					 attached, to purchase at a future date, shares of permanent reserve fund stock
					 of the issuing savings association, provided:
(1) the savings association provides adequate
					 proof to the satisfaction of the Commissioner that the holders of such
					 obligations will receive properly amortized payments of both principal and
					 interest at regularly stated intervals, or that proper provision is made for
					 sinking fund allocations to retire all principal of and interest on such
					 obligations; and
(2) sufficient
					 evidence is furnished to the Commissioner as to the need and utilization of
					 such funds by the savings association in a profitable manner.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 8 - HOLDING COMPANY APPLICATIONS › Section 60.181 - Registration

Current through Reg. 49, No. 28; July 12, 2024
A holding company must apply and register with the
						Commissioner on or before 90 days after the date the company becomes a holding
						company. The application must include information on the financial condition,
						ownership, operations, management, and intercompany relations of the holding
						company and its subsidiaries, and on related matters the Commissioner finds
						necessary and appropriate. On written request, the Commissioner may, in his or
						her sole discretion, extend the time within which a holding company is required
						to register and file the required information.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 9 - SUBSIDIARY APPLICATIONS › Section 60.191 - Subsidiary Application

Current through Reg. 49, No. 28; July 12, 2024
(a) In order to
					 obtain approval for a subsidiary, the savings association must file with the
					 Commissioner an application accompanied by the following information:
(1) an audited financial statement in the
					 event of acquisition of an existing company;
(2) a certified board resolution of the board
					 of the applying savings association approving the investment in the proposed
					 subsidiary;
(3) a certified copy of
					 the certificate of formation and bylaws of the proposed subsidiary;
(4) the acquisition terms, cost, or
					 investment requirements of the savings association;
(5) projected operating statements of the
					 proposed subsidiary for the first 3 years of operation;
(6) an attorney's opinion letter as to
					 direct, indirect, and/or contingent liability of the savings association and
					 the proposed subsidiary;
(7) an
					 outline of plans for operation of the proposed subsidiary;
(8) evidence that the proposed subsidiary
					 will have adequate management and operating personnel with proper supervision
					 by savings association management;
(9) plans for the safeguarding of assets of
					 the proposed subsidiary;
(10)
					 affidavits from all directors of a savings association and the proposed
					 subsidiary fully disclosing any interest they may directly or indirectly have
					 in the proposed subsidiary; and
(11) such other information or data as the
					 Commissioner may require.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 1 - OFFICE LOCATIONS › Section 60.202 - Types of Additional Offices

Current through Reg. 49, No. 28; July 12, 2024
The following types of additional offices may be
						established and maintained by a savings association:
(1) branch offices at which the savings
					 association may transact any business that could be done in the home
					 office;
(2) mobile facilities at
					 which the savings association may transact any business of the institution
					 which could be done in the home office (a detailed record of the transactions
					 at such facility must be maintained); and
(3) courier/messenger service to transport
					 items relevant to the savings associations' transactions with its customers,
					 including courier services between financial institutions.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 1 - OFFICE LOCATIONS › Section 60.203 - Temporary Closing of Additional Offices

Current through Reg. 49, No. 28; July 12, 2024
In the event a savings association closes any additional
						office of any type on a temporary basis, such office must be reopened on before
						12 months after the date of such closing, unless otherwise extended by written
						authorization of the Commissioner. In the event such office is not reopened
						within the allotted 12-month period, or the longer period established by the
						Commissioner, if applicable, the Commissioner's approval to establish such
						office for purposes of §
											60.201 of this title (relating to
						Approval of Offices Required; Closing an Office; Activities Not Requiring an
						Approved Office) is deemed revoked. Written notice of any temporary closing
						must be provided to the Commissioner on or before 10 days after the date of
						such closing, and the office may not reopen until the Commissioner receives
						written notification on or before 10 days prior to such
						reopening.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 1 - OFFICE LOCATIONS › Section 60.204 - Operation of a Mobile Facility

Current through Reg. 49, No. 28; July 12, 2024
Mobile facilities must be operated consistent with the
						following requirements:
(1) Such
					 facility may be operated only at locations approved by the Commissioner, each
					 of which must at all times be appropriately identified at the site and on the
					 facility and located within 100 miles of the savings association's home office
					 or a branch office.
(2) The savings
					 association must maintain adequate safeguards for the security of the mobile
					 facility. The Commissioner may require additional safeguards, if in the
					 Commissioner's sole discretion, existing safeguards are inadequate, with
					 written notice to the savings association.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 2 - BOOKS, RECORDS, ACCOUNTING PRACTICES, FINANCIAL STATEMENTS, AND RESERVES › Section 60.221 - Books and Records

Current through Reg. 49, No. 28; July 12, 2024
A savings association must create and maintain books and
						records of its operations, including complete minutes of the meetings of its
						members and the board, and actions taken by written consent in lieu of such
						meetings. Records must be maintained in compliance with the applicable
						requirements of the appropriate federal banking agency and established industry
						best practices promoted by the Federal Financial Institution Examination
						Counsel. Records must be accurate, complete, current, legible, readily
						accessible, and readily sortable. A savings association may store original
						records or copies of records at a location other than the home office; however,
						a savings association must ensure that a complete set of its books and records
						is readily accessible at the home office at all times so as to facilitate the
						examination of the savings association by the Commissioner at the home office.
						A savings association may maintain copies of its books and records in an
						electronic, digital, or magnetic format. A true and correct copy of an original
						record stored in an electronic, digital, or magnetic format is deemed to be an
						original record.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 2 - BOOKS, RECORDS, ACCOUNTING PRACTICES, FINANCIAL STATEMENTS, AND RESERVES › Section 60.222 - Accounting Practices

Current through Reg. 49, No. 28; July 12, 2024
A savings association must use such forms and observe
						such accounting principles and practices as the Commissioner may require from
						time to time.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 2 - BOOKS, RECORDS, ACCOUNTING PRACTICES, FINANCIAL STATEMENTS, AND RESERVES › Section 60.223 - Financial Statements; Annual Reports; Audits

Current through Reg. 49, No. 28; July 12, 2024
For safety and soundness purposes, on or before 90 days
						after the date its fiscal year ends, each savings association is required to
						submit to the Department the results and findings of an independent audit of
						its financial statements and all correspondence reasonably related to the
						audit. The audit is to be performed in accordance with generally accepted
						auditing standards and the provisions of the FDIC set forth in
						12 C.F.R. §
												363.2 and §
											363.3, with the exception of any
						matters specifically addressed by this section, the Texas Savings and Loan Act,
						or the rules (regulations) adopted thereunder.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 2 - BOOKS, RECORDS, ACCOUNTING PRACTICES, FINANCIAL STATEMENTS, AND RESERVES › Section 60.224 - Misdescription of Transactions

Current through Reg. 49, No. 28; July 12, 2024
A savings association may not, either directly or
						indirectly, knowingly make any entry on its books that is not accurate or
						otherwise fails to appropriately describe the transaction, or withholds
						information material to the transaction.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 2 - BOOKS, RECORDS, ACCOUNTING PRACTICES, FINANCIAL STATEMENTS, AND RESERVES › Section 60.225 - Charging Off or Setting Up Reserves Against Bad Debts

Current through Reg. 49, No. 28; July 12, 2024
The Commissioner, after a determination of value, may
						order that assets in the aggregate, to the extent that such assets have
						depreciated in value, or to the extent the value of such assets, including
						loans, are overstated in value for any reason, be charged off, or that a
						special reserve or reserves equal to such depreciation or overstated value be
						established in accordance with GAAP.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 2 - BOOKS, RECORDS, ACCOUNTING PRACTICES, FINANCIAL STATEMENTS, AND RESERVES › Section 60.226 - Examinations

Current through Reg. 49, No. 28; July 12, 2024
(a) The
					 Commissioner will examine each savings association once in each year, or more
					 frequently if the Commissioner determines that the condition of the savings
					 association justifies more frequent attention to enforce the Texas Savings and
					 Loan Act. The Commissioner may defer an examination for not more than six
					 months if the Commissioner considers the deferment appropriate to the efficient
					 enforcement of the Texas Savings and Loan Act and consistent with the safe and
					 sound operation of the institution.
(b) An examination under this section may be
					 performed jointly or in conjunction with an examination by the saving
					 association's appropriate federal banking agency. The Commissioner may accept
					 an examination made by such federal banking agency in lieu of an examination
					 pursuant to this section.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 2 - BOOKS, RECORDS, ACCOUNTING PRACTICES, FINANCIAL STATEMENTS, AND RESERVES › Section 60.227 - Bylaws

Current through Reg. 49, No. 28; July 12, 2024
(a) The bylaws of a
					 savings association must contain sufficient provisions to govern the
					 institution in accordance with the Texas Savings and Loan Act, the Texas
					 Business Organizations Code, and other applicable laws, rules and regulations,
					 or the certificate of formation. Bylaws may contain a provision which permits
					 such bylaws to be adopted, amended, or repealed by either a majority of the
					 shareholders or a majority of the board. Bylaw amendments may not take effect
					 before being filed with and approved by the Commissioner in accordance with
					 §
											60.123 of this title (relating to
					 Certificate of Formation or Bylaws Amendments).
(b) A savings association is specifically
					 authorized to adopt in its bylaws a provision which limits the liability of
					 directors as contained in the Texas Business Organizations Code to the same
					 extent permitted under state law for banks and savings and loan associations.
					 Such bylaw provision is optional and within the discretion of the savings
					 association.
(c) Other optional
					 bylaws may be adopted by a savings association with the approval of the
					 Commissioner obtained in accordance with §
											60.123 of this title (relating to
					 Certificate of Formation or Bylaws Amendments).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 3 - CAPITAL AND CAPITAL OBLIGATIONS › Section 60.231 - Capital Requirements

Current through Reg. 49, No. 28; July 12, 2024
(a) Unless the
					 context clearly indicates otherwise, when used in this division, "capital" for
					 a savings association includes (as applicable) the amount of its issued and
					 outstanding common stock, preferred stock (to the extent such preferred stock
					 may be considered a part of the savings association's capital under GAAP) plus
					 any retained earnings and additional paid-in capital as well as such other
					 items as the Commissioner may approve in writing for inclusion as
					 capital.
(b) Minimum capital
					 requirement. Each savings association must maintain capital at levels that are
					 required for institutions whose accounts are insured by the FDIC.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 3 - CAPITAL AND CAPITAL OBLIGATIONS › Section 60.232 - Increase or Decrease of Minimum Capital Requirements

Current through Reg. 49, No. 28; July 12, 2024
(a) The
					 Commissioner may increase or decrease the minimum capital requirement set forth
					 in this chapter upon written request by a savings association or by supervisory
					 directive if the Commissioner determines that:
(1) the savings association's failure to meet
					 the minimum capital requirement, if applicable, is not due to unsafe and
					 unsound practices in the conduct of the affairs of the savings association, a
					 violation of any provision of the certificate of formation or bylaws of the
					 savings association, or a violation of any law, rule, or supervisory action
					 applicable to the savings association or any condition that the Commissioner
					 has imposed on the savings association by written order or agreement;
(2) the savings association is well managed.
					 In determining whether the savings association is well managed, the
					 Commissioner may consider:
(A) management's
					 record of operating the savings association;
(B) management's record of compliance with
					 laws, regulations, directives, orders, and agreements;
(C) management's timely recognition and
					 correction of regulatory violations, unsafe and unsound practices, or other
					 weaknesses identified through the examination or supervisory process;
(D) management's ability to operate the
					 savings association in changing economic conditions; and
(E) such other factors as the Commissioner
					 may deem necessary to properly evaluate the quality of the savings
					 association's management; and
(3) the savings association has submitted a
					 plan acceptable to the Commissioner for restoring capital within a reasonable
					 period of time. Such plan must describe the means and schedule by which capital
					 will be increased. The plan must also specifically address restrictions on
					 dividend levels; compensation of directors, executive officers, or individuals
					 having a controlling interest; asset and liability growth; and payment for
					 services or products furnished by affiliated persons. The plan must provide for
					 improvement in the savings association's capital on a continuous or periodic
					 basis from earnings, capital infusions, liability and asset shrinkage, or any
					 combination thereof. A plan that projects no significant improvement in capital
					 until near the end of the waiver or variance period or that does not appear to
					 the Commissioner to be reasonably feasible will not be acceptable. The
					 Commissioner may require modification of the savings association's plan in
					 order for the institution to receive or to continue to receive such waiver or
					 variance.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 3 - CAPITAL AND CAPITAL OBLIGATIONS › Section 60.233 - Business Plans

Current through Reg. 49, No. 28; July 12, 2024
(a) All savings
					 associations whose operations are considered by the Commissioner unsafe or
					 unsound or that have total capital less than the amount required under §
											60.231 of this title (relating to
					 Capital Requirements) or §
											60.232 of this title (relating to
					 Increase or Decrease of Minimum Capital Requirements) must develop a business
					 plan and have such business plan available for review by the examiners. The
					 period covered by the business plan must be at least 1 year but may be for so
					 long as the Commissioner may require.
(b) The savings association's business plan
					 will be reviewed to determine its continued viability in accordance with
					 current economic conditions and approved or revised, as determined by its
					 board, at least annually.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 3 - CAPITAL AND CAPITAL OBLIGATIONS › Section 60.234 - Joint Issuance of Capital Obligations

Current through Reg. 49, No. 28; July 12, 2024
Joint Issuance of Capital Obligations. On the same terms
						and conditions as stated in §
											60.171 of this title (relating to
						Capital Notes and Debentures), a savings association may, by resolution of its
						board and with prior approval of the Commissioner, join other savings
						associations in the joint issuance of capital notes, debentures, bonds, or
						other secured or unsecured capital obligations.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 4 - HOLDING COMPANIES › Section 60.241 - Reports

Current through Reg. 49, No. 28; July 12, 2024
Each holding company and each subsidiary of a holding
						company, other than a savings association, must file with the Commissioner
						reports required by the Commissioner. The reports must be made under oath and
						must be in the form and for the periods prescribed by the Commissioner. Each
						report must contain information concerning the operations of the holding
						company and its subsidiaries as the Commissioner may require. A holding company
						must file with the Commissioner copies of any filings, documents, statements,
						or reports required to be filed with the appropriate federal banking agency,
						unless such filing, document, statement, or report is publicly
						available.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 4 - HOLDING COMPANIES › Section 60.242 - Books and Records

Current through Reg. 49, No. 28; July 12, 2024
Each holding company must maintain books and records as
						may be prescribed by the Commissioner. The records must be created and
						maintained in accordance with the requirements of §
											60.221 of this title (relating to
						Books and Records), pertaining to savings associations.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 4 - HOLDING COMPANIES › Section 60.243 - Examinations

Current through Reg. 49, No. 28; July 12, 2024
Each holding company and each subsidiary of a holding
						company is subject to examinations as the Commissioner may prescribe. The
						holding company or the savings association must pay the cost of an examination.
						The confidentiality provisions of Finance Code §
											89.052 apply to an
						examination performed in accordance with this section, however, 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. For purposes of this section, the Commissioner, to
						the extent deemed feasible, may use reports filed with or examinations made by
						appropriate federal agencies or regulatory authorities of other
						states.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 4 - HOLDING COMPANIES › Section 60.244 - Agent for Service of Process

Current through Reg. 49, No. 28; July 12, 2024
The Commissioner may require a holding company or a
						person other than a corporation connected with a holding company to execute and
						file a prescribed form of irrevocable appointment of agent for service of
						process.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 4 - HOLDING COMPANIES › Section 60.245 - Release from Registration

Current through Reg. 49, No. 28; July 12, 2024
The Commissioner at any time, on the Commissioner's own
						motion or on written request, may release a registered holding company from a
						registration made by the company if the Commissioner determines that the
						company no longer controls a savings association. If released, the savings
						association associated with the holding company must maintain the books and
						records of such holding company.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 5 - ASSESSMENTS AND FEES › Section 60.251 - Annual Assessments

Current through Reg. 49, No. 28; July 12, 2024
(a) Annual
					 assessment. All savings associations chartered under the laws of the state and
					 all foreign savings associations (as defined by the Texas Savings and Loan Act
					 in defining "foreign association") holding a certificate of authority to do
					 business in this state must pay to the department an annual assessment fee in
					 an amount determined by the Commissioner as provided by subsection (c) of this
					 section in accordance with the rate requirements set by the Finance Commission
					 of Texas, and subject to the maximum assessment rates established by subsection
					 (d) of this section. The Department will maintain on its website information
					 concerning current rate requirements.
(b) Payment of Assessment. The annual
					 assessment must be paid in quarterly installments. Upon receipt of a written
					 invoice from the department, the savings association must pay the assessment
					 fee by electronic/ACH payment, or by another method, if directed to do so by
					 the Department.
(c) Determination
					 of Assessment. The assessment will be determined based on the total assets of
					 the savings association. The valuation of assets will be determined as of the
					 close of the calendar quarter immediately preceding the effective date of the
					 assessment.
(d) Maximum Assessment
					 Rates. The assessment rates set by the Finance Commission of Texas may not
					 exceed the maximum rates established in the following rate schedule:
Attached Graphic
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 5 - ASSESSMENTS AND FEES › Section 60.252 - Fee for Special Examination

Current through Reg. 49, No. 28; July 12, 2024
(a) A special
					 examination is one that is conducted outside the context of a savings
					 association's annual examination and includes, but is not limited to,
					 examinations of a savings association holding company, and interstate branches
					 of savings associations in Texas as the host state. The savings association or
					 other regulated entity that is the subject of the special examination is
					 subject to a fee and liable for the Department's costs as provided by this
					 section in order to recoup the salary expense of the examiner(s) plus a
					 proportionate share of Department overhead allocable to the special
					 examination, and the actual costs by the examiner in conducting the special
					 examination.
(b) The fee for a
					 special examination under this section will be calculated at a rate not to
					 exceed $75 per examiner per hour. The entity that is the subject of the
					 examination must also pay to the Department an amount for actual travel
					 expenses and costs incurred by the Department's examiner(s), including mileage,
					 public transportation, food, and lodging. The Commissioner, in his or her sole
					 discretion, may lower the applicable rate for the examination fee or waive, in
					 whole or in part, any fees or costs chargeable in accordance with this
					 section.
(c) In connection with an
					 examination under this section, the regulated entity or other legally
					 responsible party must pay the examination fee and costs incurred as provided
					 by this section.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter C - OPERATIONS › Division 6 - COMPLAINT PROCEDURES › Section 60.261 - Savings Association Complaint Notices

Current through Reg. 49, No. 28; July 12, 2024
(a) Definitions.
(1) Privacy notice means any notice which a
					 state savings association gives regarding a consumer's right to privacy,
					 regardless of whether it is required by a specific state or federal law or
					 given voluntarily.
(2) Required
					 notice means a notice in a form set forth or provided for in subsection (b)(1)
					 of this section.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter D - LOANS, INVESTMENTS, SAVINGS, AND DEPOSITS › Division 1 - AUTHORIZED LOANS AND INVESTMENTS › Section 60.301 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
As used in this division, the following words and terms
						are assigned the following meanings, unless the context clearly indicates
						otherwise.
(1) Commercial real
					 estate--Land on which structures or improvements do not qualify the property as
					 residential real estate are located.
(2) Home--A structure designed and used as a
					 residence by one family, or a structure designed and used for occupancy for one
					 to four family units. The term also includes common areas around town houses or
					 condominium units which are incidental to ownership of the residence.
(3) Home improvement loan--Any loan made for
					 the improvement, maintenance, repair, modernization, or equipment of a
					 home.
(4) Interim construction
					 loan--A loan made to finance the improvement of or the building of residential
					 or commercial structures on developed building sites, and may include the
					 acquisition of such developed building sites. This term does not include home
					 improvement loans.
(5) Manufactured
					 home--A structure, transportable in one or more sections, which in the
					 traveling mode is 8 feet or more in width or and 40 feet or more in length, or
					 when erected on site, is 400 or more square feet, and which is built on a
					 permanent chassis and designed to be used as a dwelling with or without a
					 permanent foundation when connected to the required utilities, and includes the
					 plumbing, heating, air conditioning, and electrical systems.
(6) Personal property--Tangible and
					 intangible property that is not real property, including the following items as
					 defined in the Texas Business and Commerce Code: consumer goods, equipment,
					 farm products, inventory, accounts, instruments, chattel paper, documents,
					 general intangibles, cash proceeds, and non-cash proceeds.
(7) Residential real estate--Land on which a
					 house, a home, or an apartment house is located, including combinations of farm
					 residences and commercial farm real estate.
(8) Unimproved real estate--Land which has no
					 substantial improvements or utilities. All other real estate will be considered
					 either residential real estate or commercial real estate.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter D - LOANS, INVESTMENTS, SAVINGS, AND DEPOSITS › Division 1 - AUTHORIZED LOANS AND INVESTMENTS › Section 60.302 - Loans Authorized

Current through Reg. 49, No. 28; July 12, 2024
(a) A savings
					 association may originate, invest in, sell, purchase, service, participate, or
					 otherwise deal in (including brokerage or warehousing) loans or participations
					 subject to the requirements of the Texas Savings and Loan Act, and this
					 subchapter, including:
(1) residential real
					 estate loans, including loans on the security of leasehold interests in
					 residential real estate;
(2) home
					 improvement loans;
(3) manufactured
					 home loans,;
(4) interim
					 construction loans;
(5) other real
					 estate loans, including loans on the security of leasehold interest in real
					 estate;
(6) personal property
					 loans;
(7) commercial real estate
					 loans, including loans on the security of leasehold interest in real
					 estate;
(8) non-real estate
					 commercial loans;
(9) loans fully
					 secured by savings accounts owned or otherwise pledged for or by the
					 borrower;
(10) unsecured loans;
					 and
(11) loans which are insured or
					 guaranteed by the United States or any instrumentality thereof.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter D - LOANS, INVESTMENTS, SAVINGS, AND DEPOSITS › Division 1 - AUTHORIZED LOANS AND INVESTMENTS › Section 60.303 - Local Service Area Investment Requirement

Current through Reg. 49, No. 28; July 12, 2024
(a) A savings
					 association must ensure compliance with the local service area investment
					 requirements set forth in Finance Code Chapter 64, Subchapter E.
(b) Local Service Area. A savings
					 association's "local service area" means the geographical area designated by
					 the Commissioner under Finance Code §
											64.082. A savings
					 association's local service area is deemed to include any zip code for which
					 any portion of the zip code is located within the 50-mile radius of the home
					 office or any branch office of the savings association and is deemed to be
					 removed from the local service area at the time such office permanently
					 closes.
(c) Categories of Assets
					 and Investments. The following categories of assets and investments constitute
					 loan and investments for purposes of Finance Code §
											64.081:
(1) first and second lien residential
					 mortgage loans or foreclosed residential mortgage loans secured by real estate
					 located in the local service area;
(2) home improvement loans concerning real
					 estate located in the local service area;
(3) interim residential construction loans
					 concerning real estate located in the local service area;
(4) mortgage-backed securities collateralized
					 by loans secured by real estate located in the savings association's local
					 service area; and
(5) loans for
					 community reinvestment purposes concerning a community located in the local
					 service area.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter D - LOANS, INVESTMENTS, SAVINGS, AND DEPOSITS › Division 1 - AUTHORIZED LOANS AND INVESTMENTS › Section 60.304 - Unsecured Loans

Current through Reg. 49, No. 28; July 12, 2024
(a) A savings
					 association may make unsecured loans or purchase participations in unsecured
					 loans, on the terms and in amounts consistent with the savings association's
					 lending policies, subject to the limitations of this section.
(b) Real estate, personal property, or
					 interests in oil and gas leases may be provided as security for such loans
					 without meeting the requirements of this chapter for real estate or personal
					 property loans, so long as all requirements of this section are met.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter D - LOANS, INVESTMENTS, SAVINGS, AND DEPOSITS › Division 1 - AUTHORIZED LOANS AND INVESTMENTS › Section 60.306 - Loans to and Transactions with Officers, Directors, Affiliated Persons, and Employees

Current through Reg. 49, No. 28; July 12, 2024
All transactions, including loans, involving officers,
						directors, affiliated persons, controlling persons or employees are subject to
						the requirements of Federal Reserve Board Regulations O and W, which sections
						are hereby incorporated by reference. The Department will monitor and enforce
						compliance with such provisions.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter D - LOANS, INVESTMENTS, SAVINGS, AND DEPOSITS › Division 1 - AUTHORIZED LOANS AND INVESTMENTS › Section 60.307 - Letters of Credit

Current through Reg. 49, No. 28; July 12, 2024
A savings association may issue letters of credit in
						accordance with the terms and conditions of the Uniform Commercial Code of the
						State of Texas and the Uniform Customs and Practice for Documentary Credits,
						subject to the following requirements:
(1) The savings association must maintain a
					 letter of credit register containing name of customer, address, amount of
					 credit extended, and identifying number.
(2) Each letter of credit must conspicuously
					 state that it is a letter of credit or must be conspicuously entitled as
					 such.
(3) The savings association's
					 undertaking must contain a specified expiration date or be for a definite term
					 and must be limited in amount.
(4)
					 The savings association's obligation to pay arises only upon presentation of a
					 draft and other documents as specified in the letter of credit and there is no
					 obligation on the part of the savings association to determine questions of
					 fact or law at issue between the account party and the beneficiary.
(5) The savings association must obtain an
					 unqualified obligation from its customer to reimburse it for payments made
					 under the letter of credit.
(6)
					 Each letter of credit's terms is subject to the limitations and documentation
					 requirements to the same extent as if it were a loan made under this
					 chapter.
(7) An appropriate fee may
					 be collected for each letter of credit issued.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter D - LOANS, INVESTMENTS, SAVINGS, AND DEPOSITS › Division 2 - SUBSIDIARIES › Section 60.321 - Investment in and Divestiture of Subsidiaries

Current through Reg. 49, No. 28; July 12, 2024
(a) A savings
					 association may, only after prior written approval of the Commissioner, invest
					 in a subsidiary.
(b) Subsequent to
					 obtaining approval for its initial investment and activity, a subsidiary may
					 not engage in additional or substitute activities without the prior written
					 approval of the Commissioner.
(c) A
					 savings association may, with prior written approval of the Commissioner,
					 divest itself of a subsidiary or merge or consolidate the subsidiary with
					 another company if the Commissioner finds that the terms and conditions of the
					 transaction are in the best interests of the savings association.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter D - LOANS, INVESTMENTS, SAVINGS, AND DEPOSITS › Division 2 - SUBSIDIARIES › Section 60.323 - Authorized Subsidiary Investments

Current through Reg. 49, No. 28; July 12, 2024
(a) Activities of a
					 subsidiary must consist of one or more of the following:
(1) loan origination, purchasing, selling,
					 and servicing;
(2) acquisition of
					 unimproved real estate lots and other unimproved real estate for the purpose of
					 prompt development and subdividing;
(3) purchasing, selling, owning, renting,
					 leasing, managing, subdividing, improving, operating for income, or otherwise
					 dealing in and with real property, whether improved or unimproved (excluding
					 any investment of any nature in an oil and gas drilling venture, whether such
					 investment be in the stock of a corporate entity or in the partnership or joint
					 venture interest of any entity making purchases or investments in oil and gas
					 drilling ventures);
(4) acquisition
					 of improved residential real estate and mobile home lots to be held for sale or
					 rental;
(5) acquisition of improved
					 residential real estate for remodeling, rehabilitation, modernization,
					 renovation, or demolition and rebuilding for sale or for rental;
(6) maintenance and management of rental real
					 estate;
(7) serving as real estate
					 brokers;
(8) serving as insurance
					 broker or agent;
(9) engaging in or
					 owning an interest in insurance companies engaged in the property, casualty,
					 fire and marine, life, health and accident, title, fidelity, guaranty, and
					 surety insurance business;
(10)
					 serving in the capacity of trustee under deeds of trust or escrow
					 agent;
(11) preparation of state
					 and federal tax returns for the savings association's accountholders and/or
					 borrowers;
(12) acquisition,
					 maintenance, and management of real estate to be used for savings association
					 offices and related facilities;
(13) investing in obligations of, or
					 guaranteed as to principal and interest by, the United States or this state,
					 and in bonds, notes, or other evidences of indebtedness which are a general
					 obligation of any city, town, village, county, school district, or other
					 municipal corporation or political subdivision of this state;
(14) investing in venture capital through
					 small business investment corporations; and
(15) other activities which may be approved
					 by the Commissioner.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter D - LOANS, INVESTMENTS, SAVINGS, AND DEPOSITS › Division 2 - SUBSIDIARIES › Section 60.324 - Subsidiary Operations

Current through Reg. 49, No. 28; July 12, 2024
(a) The savings
					 association must obtain prior written approval of the Commissioner for the
					 establishment and location of the home office, and any branch office, agency
					 office, or any other office or facility of the subsidiary, and for any change
					 of name of the subsidiary.
(b) A
					 verified copy of all contracts, instruments, joint ventures, and partnership
					 agreements and financing arrangements of the subsidiary investments must be
					 furnished to the savings association on or before 30 days after the date of
					 execution.
(c) The subsidiary must
					 furnish, at the expense of the subsidiary or parent savings association or its
					 holding company, an independent appraiser's report or other expert opinion as
					 determined to be necessary by the Commissioner for the purpose of establishing
					 the value of any investments made by the subsidiary.
(d) Each subsidiary must maintain fidelity
					 bond coverage with an acceptable bonding company in an amount that adequately
					 protects the subsidiary from such loss. Coverage as an additional insured
					 entity under a fidelity bond of the parent savings association or its holding
					 company may satisfy this requirement.
(e) All directors of the savings association
					 and subsidiary must furnish affidavits fully disclosing any direct or indirect
					 interest they may have in each investment made by the corporation.
(f) Each subsidiary must maintain books and
					 records as may be prescribed by the Commissioner. The records must be created
					 and maintained in accordance with the requirements of §
											60.221 of this title (relating to
					 Books and Records), pertaining to savings associations.