State Codes and Statutes

Statutes > Texas > Finance-code > Title-3-financial-institutions-and-businesses > Chapter-67-foreign-financial-institutions

FINANCE CODE

TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES

SUBTITLE B. SAVINGS AND LOAN ASSOCIATIONS

CHAPTER 67. FOREIGN FINANCIAL INSTITUTIONS

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 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.

Sec. 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.

Sec. 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.

Sec. 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

Sec. 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

Sec. 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.

Sec. 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

Sec. 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.

Sec. 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.

Sec. 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.

Sec. 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.

State Codes and Statutes

Statutes > Texas > Finance-code > Title-3-financial-institutions-and-businesses > Chapter-67-foreign-financial-institutions

FINANCE CODE

TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES

SUBTITLE B. SAVINGS AND LOAN ASSOCIATIONS

CHAPTER 67. FOREIGN FINANCIAL INSTITUTIONS

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 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.

Sec. 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.

Sec. 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.

Sec. 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

Sec. 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

Sec. 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.

Sec. 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

Sec. 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.

Sec. 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.

Sec. 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.

Sec. 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.


State Codes and Statutes


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State Codes and Statutes

Statutes > Texas > Finance-code > Title-3-financial-institutions-and-businesses > Chapter-67-foreign-financial-institutions

FINANCE CODE

TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES

SUBTITLE B. SAVINGS AND LOAN ASSOCIATIONS

CHAPTER 67. FOREIGN FINANCIAL INSTITUTIONS

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 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.

Sec. 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.

Sec. 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.

Sec. 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

Sec. 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

Sec. 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.

Sec. 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

Sec. 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.

Sec. 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.

Sec. 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.

Sec. 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.


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