Law:Title 3. Financial Institutions And Businesses. Subtitle B. Savings And Loan Associations from Chapter 67. Foreign Financial Institutions (Texas)

From Law Delta

Jump to: navigation, search

Subtitle B. Savings And Loan Associations

Contents

Chapter 67. Foreign Financial Institutions

Subchapter A. General Provisions

Section  67.001.  Limitation On Right To Do Business As Savings And Loan Association.

(a) A person may not do business as a savings and loan association in this state or maintain an office in this state for the purpose of doing business unless the person is a:

(1)  domestic association;

(2)  federal association; or

(3)  foreign association that holds a certificate of authority issued under Subchapter I, Chapter 62, or Section 61, Chapter 61, General Laws, Acts of the 41st Legislature, 2nd Called Session, 1929 (Article 881a-60, Vernon's Texas Civil Statutes).

(b)  Subsection (a) does not prohibit activity that is not considered to be transacting business in this state under Section B, Article 8.01, Texas Business Corporation Act.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.



Section  67.002.  Application Of Law And Rules.

This subtitle and each rule adopted under this subtitle apply to the operations in this state of a foreign association and may be enforced by the commissioner.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.



Section  67.003.  Contracts Construed Under Law Of This State.

A contract between a foreign association and a resident of this state is governed by the laws of this state.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.



Section  67.004.  Federal Associations.

A federal association is not a foreign corporation or foreign association for purposes of this subtitle.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.



Subchapter B. Powers Of Foreign Association; Eligibility Of Accounts For Investment

Section  67.101.  Powers Of Foreign Association; Eligibility Of Accounts For Investment.

(a) A foreign association operating under a certificate of authority has the rights and privileges of an association created under this subtitle. The association's accounts are eligible for investment to the same extent as those of a domestic association.

(b)  A foreign association may not be considered an association organized under the laws of this state.

(c)  A foreign association operating in this state under this chapter may not exercise a power, perform a function, or offer a service that a domestic association may not exercise, perform, or offer.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.



Subchapter C. Certificate Of Authority

Section  67.201.  Renewal Of Certificate.

A foreign association may renew a certificate of authority by paying a renewal fee in January of each year. The finance commission by resolution shall set the fee annually.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.



Section  67.202.  Revocation Of Certificate.

(a) The commissioner may revoke a foreign association's certificate of authority on the failure or refusal of the association to comply with a final order of the commissioner.

(b)  On revocation under Subsection (a), an agent of the association may not transact business in this state except to:

(1)  receive a payment to apply to an active loan contract; or

(2)  pay a withdrawal request.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.



Subchapter D. Examination And Regulation

Section  67.301.  Frequency Of Examination.

A foreign association may not be examined more than once each year.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.



Section  67.302.  Examination Charges.

A foreign association holding a certificate of authority shall pay:

(1)  an examination fee in the amount set for a domestic association under Section 61.007;

(2)  all travel expenses of the examination; and

(3)  the amount of the examination expense that exceeds the amount of the examination fee, if any.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.



Section  67.303.  Agreement With Regulatory Authority Of Other State.

(a) The commissioner, in exercising the supervisory and regulatory authority granted under Chapter 66, may enter into a cooperative agreement with a regulatory authority of another state to facilitate regulation of a foreign association doing business in this state.

(b)  The commissioner may accept a report of examination and other records from the regulatory authority of the other state instead of conducting an examination outside this state.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.



Section  67.304.  Commissioner's Authority To Issue Orders.

The commissioner may issue an order against a foreign association holding a certificate of authority in the same manner provided by Chapter 66 for issuance of an order against a domestic association.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.


Personal tools
Laws
Variants
Actions
Navigation
Toolbox