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Senate Bill 1401 |
Senate Author: Campbell |
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Effective: 9-1-17 |
House Sponsor: Dean |
Senate Bill 1401 amends the Texas Banking Act and Texas Trust Company Act, Finance Code, to revise and update certain provisions regarding the authorized regulation and examination of bank-related related entities by the banking commissioner of Texas, to expand the confidentiality of certain information held by the commissioner or the Texas Department of Banking, to revise the qualifications for service as an officer of a state bank or state trust company and for service as a director, officer, or employee of a holding company of a state bank or state trust company, and to authorize the commissioner to terminate an order of supervision at any time. The bill also clarifies the activities that do not require a state charter for a company under the Texas Trust Company Act.