By Patterson H.B. No. 2158 74R7522 DWS-D A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to conversion of a financial institution branch to a 1-3 regional service center based on the branch's deposits. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Chapter VI, The Texas Banking Code (Article 1-6 342-601 et seq., Vernon's Texas Civil Statutes), is amended by 1-7 adding Article 10 to read as follows: 1-8 Art. 10. MAXIMUM DEPOSITS IN CERTAIN COUNTIES 1-9 Sec. 1. In this article: 1-10 (1) "Financial institution" means a state or national 1-11 bank, state or federal savings and loan association, or state or 1-12 federal credit union in this state. 1-13 (2) "Branch" means an office of a financial 1-14 institution that is approved as a branch by a federal or state 1-15 regulating agency, but does not include an unmanned teller machine 1-16 as defined by Article 3a, Chapter IX, The Texas Banking Code 1-17 (Article 342-903a, Vernon's Texas Civil Statutes). 1-18 Sec. 2. This article applies only to a branch located in a 1-19 county in which the total deposits held by all financial 1-20 institutions and branches in the county exceed $100 million. 1-21 Sec. 3. Except as otherwise provided by federal law, a 1-22 single branch that holds more than 25 percent of the total deposits 1-23 held by all financial institutions and branches in the county shall 1-24 be converted into an independent financial institution with a 2-1 resident of this state as chief executive officer and a board of 2-2 directors having residents of this state as at least a majority of 2-3 its members. The financial institution shall provide full 2-4 financial institution services. 2-5 Sec. 4. The Finance Commission by rule shall provide: 2-6 (1) a method for determining the amount of deposits of 2-7 a financial institution or branch; and 2-8 (2) recordkeeping, reporting, and other requirements 2-9 to implement this article. 2-10 SECTION 2. This Act takes effect September 1, 1995. 2-11 SECTION 3. The importance of this legislation and the 2-12 crowded condition of the calendars in both houses create an 2-13 emergency and an imperative public necessity that the 2-14 constitutional rule requiring bills to be read on three several 2-15 days in each house be suspended, and this rule is hereby suspended.