Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 75 - SAVINGS BANKS › Subchapter B - [Repealed] APPLICATIONS › Division 2 - CHARTER APPLICATIONS AND AMENDMENTS › Section 75.121 - Savings Bank Charter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 bank
					 which must consist of at least five adult residents of this state and must
					 include all of the information required by Finance Code §
											92.051.
					 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 bank, 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
					 §
											92.058.
(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 §
											92.058
					 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 bank must promptly cease operations at such
					 office upon the permanent home office being constructed or rendered fit for
					 occupancy, but in any event no later than 18 months from the date the charter
					 was approved, unless extended in writing by the Commissioner.
(c) Capital Requirements. No application to
					 incorporate a savings bank will be approved unless the Commissioner determines
					 the proposed savings bank has received subscriptions for capital stock and
					 paid-in surplus in the case of a capital stock savings bank, or pledges for
					 savings liability and expense fund in the case of a mutual savings bank, 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 bank with an approved charter may open or do business as a savings bank
					 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 bank in cash, free of
					 encumbrance.
(d) Public Notice. A
					 charter application is deemed to be a complete application for purposes of
					 Finance Code §
											92.057
					 at the time the Department notifies the applicant that the application is
					 complete and has been accepted for filing as provided by § 75.101 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 § 75.103 of this title (relating to Public
					 Notice of Application), which must be published in the county where the
					 proposed savings bank 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 §
											92.057.
(e) Request for Hearing; Deadline to Protest.
					 A person may protest or otherwise request a hearing on the application as
					 provided by Finance Code §
											92.057.
					 Any person desiring to protest the application or otherwise requesting a
					 hearing on the application must file a written protest with the Department
					 within 10 days from the date the public notice was 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 §
											92.057
					 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 within 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
					 within 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 has lapsed without the
					 hearings officer amending the proposal for decision. Only then will the hearing
					 be deemed to have ended for purposes of Finance Code §
											92.058.
					 If a hearing on the charter application is not required, the Commissioner will
					 render a decision within 30 days after the time period for protesting or
					 requesting a hearing on the application lapsed as provided by Finance Code
					 §
											92.057.