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A BILL TO BE ENTITLED
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AN ACT
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relating to location of branches of certain financial institutions. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 31.002, Finance Code, is amended by |
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adding Subdivision (10-a) to read as follows: |
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(10-a) "Commercial activity" means an activity in which |
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a bank holding company, financial holding company, national bank, |
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or national bank financial subsidiary may not engage under United |
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States law. |
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SECTION 2. Section 32.203, Finance Code, is amended by |
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adding Subsection (c) to read as follows: |
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(c) A state bank may not establish or maintain a branch on |
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the premises or property of an affiliate if the affiliate engages in |
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a commercial activity. |
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SECTION 3. Section 92.063, Finance Code, is amended by |
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adding Subsection (d) to read as follows: |
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(d) A savings bank may not establish or maintain an office |
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on the premises or property of an affiliate if the affiliate engages |
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in a commercial activity. |
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SECTION 4. Section 203.002, Finance Code, is amended by |
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adding Subsection (d) to read as follows: |
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(d) An out-of-state bank or a depository institution may not |
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establish or maintain a branch in this state on the premises or |
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property of an affiliate if the affiliate engages in a commercial |
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activity. |
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SECTION 5. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |