Enrolled Bill Summary

House Bill 2066 amends a variety of statutes to provide for interstate banking and branching in Texas. The act authorizes interstate operations of financial institutions in accordance with the requirements of federal law, sets forth the conditions under which a company may acquire a Texas bank or bank holding company and the procedures and qualifications for an out-of-state financial institution to do business in this state, and provides for reciprocity with other states in terms of the establishment of de novo bank branches. The act provides for the regulation of multistate trusts and for state regulation of the participation by foreign banks in Texas financial markets by the banking commissioner. The act also amends the Texas Non-Profit Corporation Act to provide that a nonprofit corporation has immunity from certain suits relating to its role as a trustee of a charitable trust and to authorize interlocutory orders if a court denies a motion for summary judgment based on an assertion of this immunity.

House Bill 2066 takes effect September 1, 1999, except for provisions relating to immunity for nonprofit corporations, which take effect May 29, 1999.