Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 2 - TEXAS DEPARTMENT OF BANKING › Chapter 21 - TRUST COMPANY CORPORATE ACTIVITIES › Subchapter A - FEES AND OTHER PROVISIONS OF GENERAL APPLICABILITY › Section 21.6 - Applications for Trust Charter: Notices to Applicants; Application Processing Times; Appeals

Current through Reg. 49, No. 28; July 12, 2024
(a) Form of
				  application. An application to engage in a state trust company under Finance
				  Code, §
										RSA
				  182.003, must be filed on a form prescribed
				  by the banking commissioner.
(b)
				  Notice to applicant. The banking commissioner shall issue a written notice as
				  required by §
										RSA
				  21.4 of this title (relating to Required
				  Information and Abandoned Filings) informing the applicant either that all
				  filing fees have been paid and the application is complete and accepted for
				  filing, or that the application is deficient and specific additional
				  information is required. If a protest is timely filed, the department will
				  notify the applicant of the protest.
(c) Action on applications. If an application
				  is not protested and if the banking commissioner has not ordered a hearing, the
				  banking commissioner shall approve or deny an application for a trust company
				  charter on or before the 180th day after the date the application is accepted
				  for filing, unless extended by written agreement between the applicant and the
				  banking commissioner. If the application is protested, the application will be
				  acted on in accordance with §
										RSA 21.10
				  of this title (relating to Protested Applications).
(d) Violation of processing times. If an
				  application is not protested or a hearing is not convened, an applicant may
				  appeal directly to the banking commissioner for a timely resolution of a
				  dispute arising from a violation of a processing period set forth in this
				  section. An applicant may appeal by filing a written request with the banking
				  commissioner on or before the 30th day after the date the decision is made on
				  the application, requesting review by the banking commissioner to determine
				  whether the established period for the granting or denying of the application
				  has been exceeded. The decision on the appeal shall be based on the written
				  appeal filed by the applicant, any response by the department, and any
				  agreements between the parties. The banking commissioner may convene a hearing
				  to take evidence on the matter.
(e)
				  Decision on appeal. The banking commissioner shall decide the appeal in the
				  applicant's favor if the banking commissioner determines that the time periods
				  established in this section have been exceeded and the department has failed to
				  establish good cause for the delay. The banking commissioner shall issue a
				  written decision to the applicant on or before the 60th day after the filing of
				  an appeal. If an appeal is decided in an applicant's favor, the department will
				  reimburse the application fee paid by the applicant. A decision in favor of the
				  applicant under this subsection does not affect a decision to grant or deny the
				  application based on applicable substantive law without regard to whether the
				  application was timely processed.