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A BILL TO BE ENTITLED
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AN ACT
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relating to the regulation of state banks. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 31.002(a)(15), Finance Code, is amended |
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to read as follows: |
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(15) "Deposit" means the establishment of a |
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debtor-creditor relationship represented by the agreement of the |
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deposit debtor to act as a holding, paying, or disbursing agent for |
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the deposit creditor. The term: |
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(A) includes: |
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(i) an unpaid balance of money that is |
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received by the deposit debtor in the usual course of business in |
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exchange for conditional or unconditional credit to a commercial, |
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checking, savings, or time account of the deposit creditor or the |
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creditor's designee, or that is evidenced by a certificate of |
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deposit or similar instrument, a certified check or draft drawn |
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against a deposit account, or a letter of credit or traveler's check |
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on which the deposit debtor is primarily liable, but excluding an |
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obligation arising under Chapter 152 [151]; |
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(ii) money or credit given for money |
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received by the deposit debtor in the usual course of business for a |
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special purpose, including money: |
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(a) held as escrow money, as security |
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for an obligation due to the deposit debtor or another person, or as |
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security for a loan; |
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(b) left with a deposit debtor by a |
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deposit creditor to meet maturing obligations that are not yet due; |
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and |
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(c) held by the deposit debtor to meet |
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an acceptance or letter of credit; |
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(iii) an outstanding draft, cashier's |
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check, money order, or other officer's check issued by the deposit |
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debtor in the usual course of business for any purpose, including |
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payment for services, dividends, or purchases; and |
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(iv) an obligation that the finance |
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commission by rule defines as a deposit liability, except that the |
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term may not include money received for immediate application to |
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reduction of an indebtedness; and |
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(B) does not include an obligation that this |
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subtitle or finance commission rule determines not to be a deposit |
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liability. |
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SECTION 2. Section 33.005, Finance Code, is amended to read |
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as follows: |
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Sec. 33.005. EXEMPTIONS. The following acquisitions are |
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exempt from Section 33.001: |
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(1) an acquisition of securities in connection with |
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the exercise of a security interest or otherwise in full or partial |
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satisfaction of a debt previously contracted for in good faith and |
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the acquiring person files written notice of acquisition with the |
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banking commissioner before the person votes the securities |
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acquired; |
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(2) unless the banking commissioner provides |
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otherwise in writing, an acquisition of voting securities in any |
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class or series by a controlling person who[: |
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[(A)] was identified as a controlling person of |
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the [in a] state bank in a prior application filed with and approved |
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by the banking commissioner and:[;] |
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(A) [(B)] has from the date of receipt of |
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approval under this subchapter continuously held power to vote 25 |
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percent or more of any class of voting securities of the state bank; |
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or |
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(B) [(C)] is considered to have from the date of |
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receipt of approval under this subchapter continuously controlled |
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the state bank under Section 33.001(b); |
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(3) an acquisition or transfer by operation of law, |
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will, or intestate succession and the acquiring person files |
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written notice of acquisition with the banking commissioner before |
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the person votes the securities acquired; |
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(4) a transaction subject to Chapter 202 if: |
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(A) the acquiring bank holding company currently |
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owns and controls a state bank; or |
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(B) the post-transaction controlling person is |
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identified as the controlling person in a merger or other |
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acquisition-related application filed with the banking |
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commissioner concurrently with the submission required by Section |
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202.001; and |
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(5) a transaction exempted by the banking commissioner |
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or by rules adopted under this subtitle because the transaction is |
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not within the purposes of this subchapter or the regulation of the |
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transaction is not necessary or appropriate to achieve the |
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objectives of this subchapter. |
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SECTION 3. Section 35.106, Finance Code, is amended to read |
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as follows: |
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Sec. 35.106. AUTHORITY OF SUPERVISOR. During a period of |
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supervision, a bank, without the prior approval of the banking |
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commissioner or the supervisor or as otherwise permitted or |
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restricted by the order of supervision, may not: |
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(1) dispose of, sell, transfer, convey, or encumber |
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the bank's assets; |
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(2) lend or invest the bank's money; |
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(3) incur a debt, obligation, or liability; |
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(4) pay a [cash] dividend to the bank's shareholders; |
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(5) remove an executive officer or director, change |
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the number of executive officers or directors, or have any other |
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change in the position of executive officer or director; or |
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(6) engage in any other activity determined by the |
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banking commissioner to threaten the safety and soundness of the |
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bank. |
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SECTION 4. 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, 2025. |
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