Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 2 - CHARTER APPLICATIONS AND AMENDMENTS › Section 60.121 - Savings Association Charter

Current through Reg. 49, No. 28; July 12, 2024
(a) Application
					 Requirements. The charter application and all required supporting information
					 must be executed by the proposed incorporators of the proposed savings
					 association which must consist of at least five adult residents of this state
					 and must include all of the information required by Finance Code §
											62.001. The application
					 must include a request for a corporate name to be approved by the Commissioner.
					 The application must include the proposed home office of the savings
					 association, the identity and qualifications of the proposed managing
					 officer(s), and any additional information the Commissioner deems necessary to
					 enable the Commissioner to determine the matters set forth in Finance Code
					 §
											62.007.
(b) Identification of Home Office; Definition
					 of Community; Temporary Office Location. The proposed location for the home
					 office must be specifically identified so as to exactly locate it within the
					 community to be served. The term "community" as used in the Finance Code §
											62.007 means the
					 geographical area surrounding the proposed location of the home office within
					 which persons would be reasonably anticipated to patronize the proposed office
					 in the ordinary course of their business. The Commissioner may approve the
					 opening and operation of a temporary home office location for an approved
					 charter, provided that such office is within the 1/2-mile radius of the
					 permanent home office approved in the charter. If a temporary home office
					 location is approved, the savings association must promptly cease operations at
					 such office upon the permanent home office being constructed or rendered fit
					 for occupancy, but in any event must cease operations on or before 18 months
					 after the date the charter was approved, unless extended in writing by the
					 Commissioner.
(c) Capital
					 Requirements. No application to incorporate a savings association will be
					 approved unless the Commissioner determines the proposed savings association
					 has received subscriptions for capital stock and paid-in surplus in the case of
					 a capital stock association, or pledges for savings liability and expense fund
					 in the case of a mutual association, in an amount not less than the greater of
					 the amount required to obtain insurance of deposit accounts by the FDIC or the
					 amount required of a national bank. No savings association with an approved
					 charter may open or do business as a savings association until the Commissioner
					 certifies that the Commissioner has received satisfactory proof that the
					 amounts of capital stock and additional paid-in capital, or the savings
					 liability and expense fund, as set forth in this section, have been received by
					 the savings association in cash, free of encumbrance.
(d) Public Notice. A charter application is
					 deemed to be a complete application for purposes of Finance Code §
											62.006 at the time the
					 Department notifies the applicant that the application is complete and has been
					 accepted for filing as provided by §
											60.101 of this title (relating to
					 Application Filing Requirements). Upon receipt of such notice, the proposed
					 incorporators must publish a public notice of the charter application as
					 provided by §
											60.103 of this title (relating to
					 Public Notice of Application), which must be published in the county where the
					 proposed savings association will have its home office. Such notice, when
					 properly effected, is deemed to be the Commissioner's public notice of the
					 application for purposes of Finance Code §
											62.006.
(e) Request for Hearing; Deadline to Protest.
					 A person may protest or otherwise request a hearing on the application as
					 provided by Finance Code §
											62.006. Any person
					 desiring to protest the application or otherwise requesting a hearing on the
					 application must file a written protest with the Department on or before 10
					 days after the date the public notice is made as provided by subsection (d) of
					 this section, otherwise, any right or opportunity to protest or have a hearing
					 on the application under Finance Code §
											62.006 is deemed
					 waived.
(f) Hearing. If a charter
					 application is protested or a hearing on the application is otherwise
					 requested, the Commissioner will set a hearing on the application on or before
					 60 days after the date the protest or request for hearing and the required fee
					 are received. The hearing is governed by the procedural requirements concerning
					 contested cases set forth in Chapter 9 of this title (relating to Rules of
					 Procedure for Contested Case Hearings, Appeals, and Rulemakings).
(g) Time of Decision. To the extent a hearing
					 on the charter application is required, the Commissioner will render a decision
					 on or before 30 days after the date the hearings officer issues his or her
					 proposal for decision and the applicable time period for filing exceptions to
					 the proposal for decision and replies to such exceptions lapsed without the
					 hearings officer amending the proposal for decision. If a hearing on the
					 charter application is not required, the Commissioner will render a decision on
					 or before 30 days after the time period for protesting or requesting a hearing
					 on the application lapsed as provided by Finance Code §
											62.006 and subsection
					 (e) of this section.