reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter D - RECOVERY FUND › Section 51.301 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following terms, when used in this subchapter, have the
					 following meanings, unless the context clearly indicates otherwise.
(1) "Application" means a request, in any
				  form, for an offer (or a response to a solicitation for an offer) of
				  residential mortgage loan terms, and the information about the mortgage
				  applicant that is customary or necessary in a decision on whether to make such
				  an offer, including, but not limited to, a mortgage applicant's name, income,
				  social security number to obtain a credit report, property address, an estimate
				  of the value of the real estate, and/or the mortgage loan amount.
(2) "Claimant" means a mortgage applicant
				  making or seeking to make a claim on the recovery fund in accordance with
				  Finance Code §
										RSA
				  156.504.
(3) "Commissioner" means the Savings and
				  Mortgage Lending Commissioner appointed under Finance Code Chapter
				  13.
(4) "Department" means the
				  Department of Savings and Mortgage Lending.
(5) "Mortgage applicant" means an applicant
				  for a residential mortgage loan or a person who is solicited (or contacts an
				  originator in response to a solicitation) to obtain a residential mortgage
				  loan, and includes a person who has not completed or started completing a
				  formal loan application on the appropriate form (e.g., Fannie Mae's Form 1003
				  Uniform Residential Loan Application), but has submitted financial information
				  constituting an application as provided by paragraph (1) of this
				  section.
(6) "Originator" has the
				  meaning assigned by Finance Code §
										RSA 180.002 in
				  defining the term "residential mortgage loan originator."
(7) "Recovery fund" means the fund the
				  Commissioner is required to establish, administer, and maintain in accordance
				  with Finance Code §
										RSA 13.016 and
				  Chapter 156, Subchapter F.
(8)
				  "Residential mortgage loan" has the meaning assigned by Finance Code §
										RSA 180.002 and
				  includes new loans and renewals, extensions, modifications, and rearrangements
				  of such loans. The term does not include a loan which is secured by a structure
				  that is suitable for occupancy as a dwelling, but is used for a commercial
				  purpose such as a professional office, salon, or other non-residential use, and
				  is not used as residence.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter D - RECOVERY FUND › Section 51.302 - Claims

Current through Reg. 49, No. 28; July 12, 2024
(a) Application
				  Required. As provided by Finance Code §
										RSA
				  156.504, a claimant seeking to recover from
				  the recovery fund must file a sworn written application with the Department
				  which must be made on the current form prescribed by the Commissioner and
				  posted on the Department's website (sml.texas.gov).
(b) Payment of Approved Claims. Upon approval
				  of a claim made on the recovery fund, the Commissioner will issue an order
				  disbursing funds from the recovery fund. The Commissioner will direct
				  Department staff to cause disbursement of the funds after the date upon which
				  such order becomes final and unappealable for purposes of Finance Code §
										RSA
				  156.504(d), or if the
				  Department's preliminary determination under Finance Code §
										RSA
				  156.504(c)(2) was disputed
				  and an adjudicative hearing required, for purposes of Government Code Chapter
				  2001.
(c) Cooperation by Claimant
				  Required. The claimant must cooperate with Department staff's instructions for
				  effectuating disbursement of an approved claim from the recovery fund. Among
				  other things, the claimant must provide such information and complete such
				  documentation required in order to cause the claimant to be a valid payee for
				  purposes of the Texas Comptroller of Public Accounts.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter D - RECOVERY FUND › Section 51.303 - Administrative Penalty Against Originator

Current through Reg. 49, No. 28; July 12, 2024
If the Commissioner approves a claim made under Finance
					 Code §
										RSA
					 156.504, the Commissioner may impose an
					 administrative penalty on the originator whose acts or omissions caused the
					 claim.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter D - RECOVERY FUND › Section 51.304 - Liability for Unpaid Claims

Current through Reg. 49, No. 28; July 12, 2024
(a) No
				  Liability. The recovery fund, the Commissioner, and the Department are not
				  liable to a claimant for a claim approved by the Commissioner under Finance
				  Code §
										RSA
				  156.504 if the assets of the recovery fund
				  are insufficient to pay such claim.
(b) Payment of Unpaid Claims. If the recovery
				  fund contains insufficient assets to pay a claim approved by the Commissioner
				  under Finance Code §
										RSA
				  156.504, the Commissioner will:
(1) record the time and date the claim was
				  approved; and
(2) pay approved but
				  unpaid claims for which a recordation was made under paragraph (1) of this
				  subsection as funds in the recovery fund become available, in the order of the
				  recorded time and date of such claims.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter E - MORTGAGE GRANT FUND › Section 51.400 - Purpose and Applicability

Current through Reg. 49, No. 28; July 12, 2024
The rules contained in 7 TAC Chapter 51, Subchapter E
					 govern the Commissioner's administration of the Mortgage Grant Fund as provided
					 by Finance Code Chapter 156, Subchapter G other than claims made against the
					 Mortgage Grant Fund in accordance with Finance Code § 156.555 which are
					 governed by the rules contained in 7 TAC Chapter 51, Subchapter F (relating to
					 Mortgage Grant Fund: Recovery Claims for Unlicensed
					 Activity).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter E - MORTGAGE GRANT FUND › Section 51.401 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following terms, when used in this subchapter, have the
					 following meanings, unless the context clearly indicates otherwise.
(1) "Auxiliary mortgage loan activity
				  company" has the meaning assigned by Finance Code §
										RSA
				  156.002.
(2) "Commissioner" means the Savings and
				  Mortgage Lending Commissioner appointed under Finance Code Chapter
				  13.
(3) "Department" means the
				  Department of Savings and Mortgage Lending.
(4) "Finance Commission" means the Finance
				  Commission of Texas.
(5) "Grant
				  Coordinator" means the individual appointed as the Grant Coordinator for
				  purposes of § 51.403 of this title (relating to Grant
				  Coordinator).
(6) "Mortgage Grant
				  Advisory Committee" or "MGAC" means the Mortgage Grant Advisory Committee
				  formed to advise the Commissioner concerning administration of the fund, as
				  provided by § 51.404 of this title (relating to Mortgage Grant Advisory
				  Committee).
(7) "Mortgage Grant
				  Administration Manual" means the manual created by the Commissioner to reflect
				  the various policies and procedures governing administration of the Mortgage
				  Grant Fund grant program as provided by § 51.402 of this title (relating
				  to Commissioner as Manager).
(8)
				  "Mortgage Grant Fund" or "fund" means the fund the Commissioner is required to
				  establish, administer, and maintain in accordance with Finance Code Chapter
				  156, Subchapter G.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter E - MORTGAGE GRANT FUND › Section 51.402 - Commissioner as Manager

Current through Reg. 49, No. 28; July 12, 2024
(a) Manager. As
				  provided by Finance Code § 156.553, the Commissioner serves as manager of
				  the fund and administers all aspects of the fund.
(b) Periodic Reports to the Finance
				  Commission. Unless the Finance Commission directs otherwise, the Commissioner
				  or his or her designee (including but not limited to the Grant Coordinator)
				  will report to the Finance Commission audit committee concerning the status and
				  activities of the fund at each regularly called meeting of the Finance
				  Commission audit committee, or otherwise at the request of the Finance
				  Commission or its audit committee.
(c) Mortgage Grant Administration Manual. The
				  Commissioner will develop and create a manual reflecting the Commissioner's
				  policies and procedures governing administration of the fund and the Mortgage
				  Grant Fund grant program to be known and referred to as the Mortgage Grant
				  Administration Manual (MGAM). The MGAM, and any amendments to the MGAM, must be
				  approved by the Finance Commission audit committee.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter E - MORTGAGE GRANT FUND › Section 51.403 - Grant Coordinator

Current through Reg. 49, No. 28; July 12, 2024
The Commissioner may appoint an employee of the Department
					 to serve as grant coordinator to assist the Commissioner in discharging his or
					 her duties related to the fund. The Grant Coordinator serves under the
					 direction of the Commissioner and acts as liaison between grantees and the
					 Mortgage Grant Advisory Committee. The Commissioner may delegate any authority
					 of the Commissioner to act as manager of the fund to the Grant Coordinator,
					 including any specific duties listed under Finance Code § 156.553 except
					 the authority to appear at hearings or judicial proceedings related to the
					 fund.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter E - MORTGAGE GRANT FUND › Section 51.404 - Mortgage Grant Advisory Committee

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Formation. The Mortgage Grant Advisory Committee (MGAC) is created to serve in
				  an advisory role and makes program recommendations to the Commissioner and
				  Grant Coordinator regarding administration of the fund and the grant awards to
				  be made from the fund. MGAC will continue in existence until the abolishment
				  date set by § 51.200 of this title (relating to Advisory Committees and
				  Informal Conferences).
(b)
				  Governance. MGAC will be governed by the provisions of the Mortgage Grant
				  Administration Manual, including composition, eligibility, appointment, and
				  membership terms.
(c) Reporting.
				  MGAC will make and report written recommendations to the Commissioner and Grant
				  Coordinator for review and consideration concerning all aspects of
				  administering the fund including:
(1)
				  evaluating grant applications to determine whether the application should be
				  approved, and if so, a specific grant amount to award;
(2) monitoring ongoing grant awards to
				  determine compliance;
(3)
				  considering potential amendments to the Mortgage Grant Administration Policy
				  Manual; and
(4) evaluating
				  potential candidates for appointment to MGAC.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter E - MORTGAGE GRANT FUND › Section 51.405 - Grant Program

Current through Reg. 49, No. 28; July 12, 2024
(a) Scope. This
				  section governs the administration of and disbursements from the fund (each of
				  which is considered a grant disbursement) for purposes of:
(1) Finance Code § 156.554(b)(1),
				  concerning grants to an auxiliary mortgage loan activity company or another
				  nonprofit organization to promote financial education relating to mortgage
				  loans; and
(2) Finance Code §
				  156.554(b)(3), concerning disbursements to provide support for statewide
				  financial education, activities, and programs specifically related to mortgage
				  loans for consumers, or for the purposes provided by Finance Code §
											RSA
				  393.628(c).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter F - MORTGAGE GRANT FUND: RECOVERY CLAIMS FOR UNLICENSED ACTIVITY › Section 51.500 - Purpose and Applicability

Current through Reg. 49, No. 28; July 12, 2024
The rules contained in 7 TAC Chapter 51, subchapter F
					 govern the Commissioner's administration of Finance Code § 156.555,
					 allowing for claims to be made against the Mortgage Grant Fund to compensate
					 persons for actual out-of-pocket damages incurred because of fraud committed by
					 an individual who acted as a residential mortgage loan originator but who did
					 not hold the required license issued under Finance Code Chapter
					 157.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter F - MORTGAGE GRANT FUND: RECOVERY CLAIMS FOR UNLICENSED ACTIVITY › Section 51.501 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following terms, when used in this subchapter, have the
					 following meanings, unless the context clearly indicates otherwise.
(1) "Application" means a request, in any
				  form, for an offer (or a response to a solicitation for an offer) of
				  residential mortgage loan terms, and the information about the mortgage
				  applicant that is customary or necessary in a decision on whether to make such
				  an offer, including, but not limited to, a mortgage applicant's name, income,
				  social security number to obtain a credit report, property address, an estimate
				  of the value of the real estate, and/or the mortgage loan amount.
(2) "Claimant" means a mortgage applicant
				  making or seeking to make a claim on the Mortgage Grant Fund in accordance with
				  Finance Code § 156.555.
(3)
				  "Commissioner" means the Savings and Mortgage Lending Commissioner appointed
				  under Finance Code Chapter 13.
(4)
				  "Department" means the Department of Savings and Mortgage Lending.
(5) "Mortgage applicant" means an applicant
				  for a residential mortgage loan or a person who is solicited (or contacts an
				  originator or an individual acting or attempting to act in the capacity of an
				  originator in response to a solicitation) to obtain a residential mortgage
				  loan, and includes a person who has not completed or started completing a
				  formal loan application on the appropriate form (e.g., Fannie Mae's Form 1003
				  Uniform Residential Loan Application), but has submitted financial information
				  constituting an application as provided by paragraph (1) of this
				  section.
(6) "Mortgage Grant Fund"
				  means the fund the Commissioner is required to establish, administer, and
				  maintain in accordance with Finance Code Chapter 156, Subchapter G.
(7) "Originator" has the meaning assigned by
				  Finance Code §
										RSA 180.002 in
				  defining the term "residential mortgage loan originator."
(8) "Recovery fund" means the fund the
				  Commissioner is required to establish, administer, and maintain in accordance
				  with Finance Code §
										RSA 13.016 and
				  Finance Code Chapter 56, Subchapter F.
(9) "Residential mortgage loan" has the
				  meaning assigned by Finance Code §
										RSA 180.002 and
				  includes new loans and renewals, extensions, modifications, and rearrangements
				  of such loans. The term does not include a loan which is secured by a structure
				  that is suitable for occupancy as a dwelling, but is used for a commercial
				  purpose such as a professional office, salon, or other non-residential use, and
				  is not used as residence.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter F - MORTGAGE GRANT FUND: RECOVERY CLAIMS FOR UNLICENSED ACTIVITY › Section 51.502 - Claims

Current through Reg. 49, No. 28; July 12, 2024
(a) Application
				  Required. As provided by Finance Code § 156.555, adopting by reference the
				  procedural requirements for making a claim on the Commissioner's recovery fund
				  in accordance with Finance Code Chapter 156, Subchapter F, a claimant must file
				  a sworn written application with the Department and must be made on the current
				  form prescribed by the Commissioner and posted on the Department's website
				  (sml.texas.gov).
(b) Payment of
				  Approved Claims. Upon approval of a claim on the Mortgage Grant Fund for
				  purposes of Finance Code § 156.555, the Commissioner will issue an order
				  disbursing funds from the Mortgage Grant Fund. The Commissioner will direct
				  Department staff to cause disbursement of the funds after the date upon which
				  such order becomes final and unappealable for purposes of Finance Code §
										RSA
				  156.504(d) (by application
				  of Finance Code § 156.555) , or if the Department's preliminary
				  determination letter under §156.504(c)(2) was disputed and an adjudicative
				  hearing required, for purposes of Government Code Chapter 2001.
(c) Cooperation by Claimant Required. The
				  claimant must cooperate with Department staff's instructions for effectuating
				  disbursement of an approved claim from the Mortgage Grant Fund for purposes of
				  Finance Code § 156.555. Among other things, the claimant must provide such
				  information and complete such documentation required in order to cause the
				  claimant to be a valid payee for purposes of the Texas Comptroller of Public
				  Accounts.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter F - MORTGAGE GRANT FUND: RECOVERY CLAIMS FOR UNLICENSED ACTIVITY › Section 51.503 - Consequences for Unlicensed Individual

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Administrative Penalty. If the Commissioner approves a claim made under Finance
				  Code § 156.555, the Commissioner may impose an administrative penalty on
				  the unlicensed individual whose fraudulent acts caused the claim.
(b) Grounds for Denial. As provided by
				  Finance Code §
										RSA
				  180.201(1), failure by the
				  unlicensed individual to pay the administrative penalty imposed by this section
				  is a violation of an order of the Commissioner and therefore constitutes
				  grounds for denial of an application from such individual for a residential
				  mortgage loan originator license under Finance Code Chapter 157.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter F - MORTGAGE GRANT FUND: RECOVERY CLAIMS FOR UNLICENSED ACTIVITY › Section 51.504 - Liability for Unpaid Claims

Current through Reg. 49, No. 28; July 12, 2024
(a) No
				  Liability. The Mortgage Grant Fund, the Commissioner, and the Department are
				  not liable to a claimant for a claim approved by the Commissioner under Finance
				  Code § 156.555 if the assets of the Mortgage Grant Fund are insufficient
				  to pay such claim.
(b) Payment of
				  Unpaid Claims. If the Mortgage Grant Fund contains insufficient assets to pay a
				  claim approved by the Commissioner under Finance Code § 156.555, the
				  Commissioner will:
(1) record the time and
				  date the claim was approved; and
(2) pay approved but unpaid claims for which
				  a recordation was made under paragraph (1) of this subsection as funds in the
				  Mortgage Grant Fund become available, in the order of the recorded time and
				  date of such claims; and, provided, the Commissioner determines in his or her
				  sole discretion that disbursement from the Mortgage Grant Fund will not injure,
				  hamper, or impede the Commissioner's administration of and disbursements from
				  the Mortgage Grant Fund for purposes of Finance Code § 156.554.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter F - MORTGAGE GRANT FUND: RECOVERY CLAIMS FOR UNLICENSED ACTIVITY › Section 51.505 - Eligibility

Current through Reg. 49, No. 28; July 12, 2024
(a) Application of
				  Finance Code Chapter 156, Subchapter F. Finance Code § 156.555(b), adopts
				  by reference the eligibility and procedural requirements for making a claim on
				  the Commissioner's recovery fund in accordance with Finance Code Chapter 156,
				  Subchapter F. This section clarifies how certain of such requirements apply to
				  a claim made on the Mortgage Grant Fund in accordance with Finance Code §
				  156.555.
(b) Actions by an
				  Unlicensed Individual Acting as an Originator. To be eligible to recover from
				  the Mortgage Grant Fund, the individual alleged to have caused harm to the
				  claimant must have been acting or attempting to act in the capacity of an
				  originator - actions for which a license under Finance Code Chapter 157 was
				  required as provided by Finance Code § 157.012 and §
										RSA 81.100 of
				  this title (relating to Licensing - General).
(c) Fraudulent Acts. Recovery under Finance
				  Code § 156.555 is limited to acts of fraud committed by an individual who
				  acted as a residential mortgage loan originator but who did not hold the
				  license required by Finance Code Chapter 157. Finance Code §156.501(b),
				  applicable to claims made on the recovery fund, provides that recovery is
				  limited to acts by a licensed originator that constitute a violation of
				  specific, enumerated provisions of Finance Code §§
										RSA
				  157.024(a) and
				  RSA
				  156.304(b). As a result, in
				  order to recover under Finance Code § 156.555, a claimant must establish
				  that the acts of the unlicensed individual, had he or she been licensed as a
				  residential mortgage loan originator at the time of such acts, would have
				  constituted fraudulent dealings for purposes of Finance Code §
										RSA
				  157.024(a)(3).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 51 - DEPARTMENT ADMINISTRATION › Subchapter F - MORTGAGE GRANT FUND: RECOVERY CLAIMS FOR UNLICENSED ACTIVITY › Section 51.506 - Statute of Limitations at Inception

Current through Reg. 49, No. 28; July 12, 2024
Finance Code § 156.555(b) adopts by reference the
					 statute of limitations period for making claims on the recovery fund under
					 Finance Code Chapter 156, Subchapter F and applies it to claims made against
					 the Mortgage Grant Fund in accordance with Finance Code § 156.555.
					 Specifically, pursuant to Finance Code §
										RSA
					 156.503, a claim made on the recovery fund
					 may not be filed after the fourth anniversary of the date the acts causing the
					 actual damages occurred or should reasonably have been discovered. Finance Code
					 § 156.555 and the Mortgage Grant Fund came into existence effective
					 September 1, 2021. As a result, the earliest possible date for a claim to have
					 accrued for purposes of the limitations period applicable to claims made under
					 Finance Code § 156.555 is September 1, 2017, and any claim accruing prior
					 to that date is barred.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter A - GENERAL PROVISIONS › Section 60.1 - Purpose and Applicability

Current through Reg. 49, No. 28; July 12, 2024
This chapter governs the chartering, administration, and
					 operations of a Texas-chartered savings and loan association under Finance Code
					 Title 3, Subtitle B, the Texas Savings and Loan Act (Finance Code §
										61.001 et
					 seq.).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter A - GENERAL PROVISIONS › Section 60.2 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
As used in this chapter, and in the Commissioner's
					 administration and enforcement of Finance Code Title 3, Subtitle B, the
					 following words and terms are assigned the following meanings, unless the
					 context clearly indicates otherwise.
(1) Affiliate--An affiliate of, or person
				  affiliated with, a person that directly or indirectly, through one or more
				  intermediaries, controls or is controlled by, or is under common control with,
				  the person specified.
(2)
				  Affiliated person--
(A) a director, officer,
				  or controlling person of a savings association;
(B) a spouse of a director, officer, or
				  controlling person of a savings association;
(C) a member of the immediate family of a
				  director, officer, or controlling person of a savings association, who is a
				  director or officer of any subsidiary of a savings association or of any
				  holding company affiliate of a savings association;
(D) any company (other than the savings
				  association, its holding company, or an operating subsidiary) of which a
				  director, officer, or controlling person of a savings association:
(i) is a director or officer;
(ii) in the case of a limited liability
				  company, is a manager or managing member;
(iii) in the case of a partnership, is a
				  general partner;
(iv) in the case
				  of a partnership, is a limited partner who, directly or indirectly, either
				  alone or with his or her spouse and the members of their immediate family who
				  are also affiliated persons of the savings association, owns an interest of 10%
				  or more in the partnership (based on the value of their contribution) or who,
				  directly or indirectly with other directors, officers, and controlling persons
				  of a savings association, and their spouses and their immediate family members
				  who are also affiliated persons of the savings association, owns an interest of
				  25% or more in the partnership; or
(v) directly or indirectly, either alone or
				  with their spouse and the members of their immediate family, who are also
				  affiliated persons of the savings association, owns or controls 10% or more of
				  any class of equity securities, or owns or controls with other directors,
				  officers, and controlling persons of a savings association and their spouses
				  and their immediate family members, who are also affiliated persons of the
				  savings association, 25% or more of any class of equity securities;
				  and
(E) any trust or
				  other estate in which a director, officer, or controlling person of a savings
				  association, or a member of the director's, officer's, or controlling person's
				  immediate family, has a substantial beneficial interest or as to which such
				  person or his or her spouse serves as trustee or in a similar fiduciary
				  capacity.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 1 - GENERAL PROVISIONS › Section 60.101 - Application Filing Requirements

Current through Reg. 49, No. 28; July 12, 2024
(a) Purpose and
					 Applicability. Applications submitted to the Department must comply with the
					 requirements of this section.
(b)
					 Application Forms. All applications must be made on the current form for the
					 application prescribed by the Commissioner.
(c) Incomplete Filings; Notice of Acceptance;
					 Deemed Withdrawal. An application is complete only if all required information
					 and supporting documentation is included and all required fees are received. On
					 or before 30 days after the date the Department receives the application, the
					 Commissioner or the Commissioner's designee will issue a written notice to the
					 applicant informing them either that the application is complete and accepted
					 for filing, or that the application is incomplete and specifying the
					 information required to render the application complete. The application may be
					 deemed withdrawn and the applicable fee forfeited if, on or before 30 days
					 after the date the applicant is notified the application is incomplete, the
					 applicant fails to provide to the Department the supplemental information or
					 supporting documentation necessary to render the application
					 complete.
(d) Duty to Supplement.
					 The applicant has a continuing obligation and duty to supplement the
					 application with any other information or supporting documentation requested by
					 the Commissioner in writing. The applicant must provide any information or
					 supporting documentation submitted in connection with any related application
					 made to the appropriate federal banking agency, to the extent not previously
					 provided to the Department.
(e)
					 Duty to Amend. If a material change occurs in the facts contained in or
					 information furnished in support of the application, the applicant must file an
					 amended application or otherwise supplement the application to address the
					 material change. The applicant must endeavor to resolve any potential changes
					 or amendments to the application prior to publishing public notice of the
					 application as provided by §
											60.103 of this title (relating to
					 Public Notice of Application). The Commissioner may, in his or her sole
					 discretion, require the applicant to republish the public notice.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 1 - GENERAL PROVISIONS › Section 60.102 - Application Fees and Charges

Current through Reg. 49, No. 28; July 12, 2024
(a) Filing Fees. An
					 applicant must pay the following filing fees:
(1) Charter Application and Amendments.
(A) Charter application: $10,000.
(B) Change of name: $500.
(C) Certificate of formation or bylaws
					 amendments: $100 per request.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 1 - GENERAL PROVISIONS › Section 60.103 - Public Notice of Application

Current through Reg. 49, No. 28; July 12, 2024
If an application requires that notice to the public be
						given, such notice must comply with the requirements of this section. The
						notice must use language and content preapproved by the Commissioner prior to
						publishing. The notice must be submitted to the publisher for publication on or
						before 15 days after the date the applicant receives notice that the
						application is complete and accepted for filing as provided by §
											60.101 of this title (relating to
						Application Filing Requirements). The notice must be published in an English
						language newspaper of general circulation in each county required by the
						rule(s) governing such application. The applicant must, on or before 10 days
						after the date the notice is published, provide the Commissioner with a
						publisher's affidavit evidencing that the notice was properly published in
						conformity with this section. The notice is deemed properly effected when the
						appropriate notice has been published in conformity with this section, and more
						than 10 days have elapsed.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 1 - GENERAL PROVISIONS › Section 60.104 - Motions for Rehearing

Current through Reg. 49, No. 28; July 12, 2024
A motion for rehearing pursuant to Finance Code §
											61.006 must be filed on
						or before 14 days after the date the decision or order that is the subject of
						the motion is signed. A copy of the motion for rehearing must be served on all
						parties who made an appearance or otherwise submitted a filing in the
						proceeding, and the motion must include a certificate of service reciting the
						parties served and the method of service. A party must file a reply to the
						motion for rehearing, if any, on or before 30 days after the date the decision
						or order that is the subject of the motion is signed. The Commissioner must act
						on the motion for rehearing on or before 45 days after the date the decision or
						order that is the subject of the motion is signed or the motion is deemed
						overruled by operation of law.
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 60.123 - Certificate of Formation or Bylaws Amendments

Current through Reg. 49, No. 28; July 12, 2024
(a) Approval
					 Required. A savings association may not amend its certificate of formation,
					 bylaws, or other governing documents without the prior written approval of the
					 Commissioner.
(b) Application
					 Requirements. The application to amend the savings association's certificate of
					 formation, or bylaws must include the proposed amendments together with an
					 explanation as to why the amendments are necessary.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 3 - OFFICE LOCATIONS › Section 60.131 - Branch Office

Current through Reg. 49, No. 28; July 12, 2024
(a) Approval
					 Required. A savings association may not establish a branch office or an
					 additional office as provided by §
											60.202 of this title (relating to
					 Types of Additional Offices) without prior written approval of the
					 Commissioner. A branch office application is required if a savings association
					 would like to establish and operate a courier/messenger service pursuant to
					 §
											60.202 of this title.
(b) Required Information. The application
					 must provide the following information, subscribed to and sworn before a
					 notary:
(1) proposed location for the
					 office;
(2) the personnel and
					 office facilities to be provided;
(3) the estimated cost and projected profits
					 of such office; and
(4) any
					 information deemed necessary by the Commissioner to render a determination on
					 the matters set forth in subsection (c) of this section.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 3 - OFFICE LOCATIONS › Section 60.132 - Mobile Facility

Current through Reg. 49, No. 28; July 12, 2024
(a) Approval
					 Required. A savings association may not establish a mobile facility as provided
					 by §
											60.202 of this title (relating to
					 Types of Additional Offices) without prior written approval of the
					 Commissioner.
(b) Required
					 Information. The application must provide the following information, subscribed
					 to and sworn before a notary:
(1) the proposed
					 location(s) at and times during which the mobile facility will
					 operate;
(2) the need for the
					 mobile facility within the community;
(3) the personnel and office facilities to be
					 provided; and
(4) the estimated
					 expense to operate the mobile facility.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 3 - OFFICE LOCATIONS › Section 60.133 - Relocate Home or Additional Office

Current through Reg. 49, No. 28; July 12, 2024
(a) Approval
					 Required. A savings association may not move its home office or any additional
					 office as provided by §
											60.202 of this title (relating to
					 Types of Additional Offices) beyond its immediate vicinity without the prior
					 written approval of the Commissioner.
(b) Immediate Vicinity. The term "immediate
					 vicinity" as used in Finance Code §
											62.011 means the area
					 within a radius of 1 mile from the present location of such office. However, if
					 the office to be relocated has not been open for business at its present
					 location for more than 2 years, approval in accordance with this section is
					 required as if the office were not within the immediate vicinity. If the
					 existing office has been open for more than 2 years, prior written notice must
					 be provided to the Commissioner describing the saving association's plans for
					 the relocation, including the precise location for the new office, the date of
					 the relocation, and information supporting that the new location of the office
					 will be within the immediate vicinity of the present location and does not
					 require the Commissioner's approval.
(c) Relocation of Existing Offices.
					 Notwithstanding subsection (a) of this section, a savings association may
					 retain its existing home office as a branch office and relocate its home office
					 to another established branch office by providing the Commissioner prior
					 written notice. Upon such notification, the establishment of such office is
					 deemed to be an approved branch office of the savings association.
(d) Required Information. Each application
					 for prior approval, or prior written notice, whichever is applicable, must
					 provide the following information, subscribed to and sworn before a notary:
(1) the addresses of the existing and new
					 office location;
(2) a description
					 of the land and building to be built or leased and terms thereof;
(3) estimates of the cost of removal to and
					 maintenance of the new location;
(4) whether any affiliated parties are
					 involved in transactions regarding the purchase, sale, construction, or lease
					 of the new proposed office;
(5)
					 evidence of the board's approval of the relocation; and
(6) any other information deemed necessary by
					 the Commissioner.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 4 - REORGANIZATION, MERGER, CONSOLIDATION, CONVERSION, PURCHASE, AND ASSUMPTION AND ACQUISITION › Section 60.141 - Reorganization, Merger, Consolidation or Purchase and Assumption Transaction - Resulting in a Savings Association

Current through Reg. 49, No. 28; July 12, 2024
(a) Applicability.
					 This section governs:
(1) A reorganization,
					 merger, or consolidation transaction in which the resulting institution will be
					 a savings association; and
(2) A
					 purchase and assumption transaction by a savings association as
					 purchaser.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 4 - REORGANIZATION, MERGER, CONSOLIDATION, CONVERSION, PURCHASE, AND ASSUMPTION AND ACQUISITION › Section 60.142 - Exemption for Supervisory Merger

Current through Reg. 49, No. 28; July 12, 2024
(a) The
					 Commissioner may designate a transaction under §
											60.141 of this title (relating to
					 Reorganization, Merger, Consolidation or Purchase and Assumption Transaction -
					 Resulting in a Savings Association) as a supervisory merger when:
(1) the Commissioner has placed one or more
					 of the savings associations involved under voluntary supervisory control or
					 under conservatorship pursuant to the Texas Savings and Loan Act;
(2) the Commissioner has determined that one
					 or more of the savings associations involved is in an unsafe condition;
					 or
(3) the FDIC has determined, and
					 certified to the Commissioner, that the merger of one or more of the
					 institutions involved is necessary to prevent the failure or possible failure
					 of the said institution.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 4 - REORGANIZATION, MERGER, CONSOLIDATION, CONVERSION, PURCHASE, AND ASSUMPTION AND ACQUISITION › Section 60.143 - Reorganization, Merger or Conversion by a Savings Association to Another Financial Institution Charter

Current through Reg. 49, No. 28; July 12, 2024
(a) A savings
					 association is authorized to reorganize, merge, or convert into another type of
					 financial institution charter subject to applicable law and regulation relating
					 to the type of charter which will be held by the resulting
					 institution.
(b) The Commissioner
					 must be given written notice of the intention of the savings association to
					 reorganize, merge, or convert no less than 30 days prior to the proposed
					 transaction.
(c) The savings
					 association must file with the Commissioner:
(1) a copy of the application filed with the
					 appropriate banking agency having jurisdiction over the surviving financial
					 institution;
(2) a certified copy
					 of all minutes of meetings of the board, shareholders, or members that relate
					 to the transaction, including those reflecting approval to engage in the
					 transaction by a majority vote of the shareholders of members;
(3) a publisher's certificate certifying the
					 publication of the notice required to be published by the appropriate banking
					 agency; and
(4) evidence to ensure
					 that no undue harm will be caused to the public interest or to any other
					 existing financial institution.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 4 - REORGANIZATION, MERGER, CONSOLIDATION, CONVERSION, PURCHASE, AND ASSUMPTION AND ACQUISITION › Section 60.144 - Conversion into a Savings Association

Current through Reg. 49, No. 28; July 12, 2024
(a) The
					 Commissioner may authorize any financial institution to convert itself into a
					 savings association in a manner consistent with the provisions of applicable
					 law and regulations of the institution.
(b) Plan and Application. In order to obtain
					 such authorization, the converting institution's board must approve and
					 authorize the filing of a conversion plan and application. Upon approval of the
					 conversion plan, the plan must be approved by a majority vote of the members or
					 shareholders of the financial institution entitled to vote at any annual or
					 special meeting called to consider such conversion, a resolution declaring that
					 the savings association will be so converted, which resolution, verified by
					 affidavit of the secretary or an assistant secretary, must be filed with the
					 Commissioner and mailed to the appropriate banking agency on or before 10 days
					 after the date of its adoption. At the meeting to vote on a conversion to a
					 savings association, the members or stockholders must also vote on the
					 directors of the savings association. The proposed directors must execute an
					 application for savings association charter as provided by Finance Code Chapter
					 62, Subchapter A, and §
											60.121 of this title (relating to
					 Savings Association Charter).
(c)
					 Review by Commissioner; Approval. The Commissioner, on receipt of the
					 application and verified copy of the minutes, will conduct an examination of
					 the financial institution seeking conversion. Following the examination, the
					 Commissioner will approve the conversion if the Commissioner determines that
					 the converting financial institution is in sound condition and meets all
					 standards, conditions, and requirements of Finance Code Chapter 62, Subchapter
					 A, and §
											60.121 of this title.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 60 - SAVINGS ASSOCIATIONS › Subchapter B - APPLICATIONS › Division 4 - REORGANIZATION, MERGER, CONSOLIDATION, CONVERSION, PURCHASE, AND ASSUMPTION AND ACQUISITION › Section 60.145 - Mutual to Stock Conversion

Current through Reg. 49, No. 28; July 12, 2024
(a) The application
					 for mutual to stock conversion must include:
(1) a plan of conversion;
(2) amendments to the savings association's
					 certificate of formation and bylaws;
(3) a copy of the proxy and soliciting
					 materials to be used; and
(4) such
					 other information 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 B - APPLICATIONS › Division 6 - CHANGE OF CONTROL › Section 60.162 - Notice and Hearing

Current through Reg. 49, No. 28; July 12, 2024
(a) Public Notice.
					 An applicant timely requesting a hearing on the Commissioner's decision to deny
					 the application must publish a public notice of the application as provided by
					 §
											60.103 of this title (relating to
					 Public Notice of Application), which must be published in the county where the
					 savings association has its home office.
(b) Hearing. If a hearing is required, the
					 Commissioner will set a hearing on the denial on or before 60 days after the
					 date the request for a hearing on the denial is 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).
(c) Time of Decision. To the extent a hearing
					 on the Commissioner's decision to deny the 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. Only then will the hearing be deemed to be closed for purposes of
					 Finance Code §
											62.556.