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AN ACT
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relating to the business, supervision, and regulation of state |
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savings and loan associations and state savings banks; providing a |
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criminal penalty. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subsection (b), Section 13.002, Finance Code, is |
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amended to read as follows: |
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(b) The savings and mortgage lending commissioner must have |
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not less than five [seven] years' experience in the executive |
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management of a savings association or savings bank or in savings |
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association or savings bank supervision during the 10 years |
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preceding the commissioner's appointment. |
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SECTION 2. Section 61.002, Finance Code, is amended by |
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amending Subdivision (1) and adding Subdivision (1-a) to read as |
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follows: |
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(1) "Appropriate banking agency": |
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(A) means: |
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(i) with respect to a savings bank |
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chartered by this state, the Department of Savings and Mortgage |
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Lending; |
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(ii) with respect to a federal savings |
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bank, the Office of the Comptroller of the Currency; |
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(iii) with respect to a savings and loan |
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association chartered by this state, the Department of Savings and |
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Mortgage Lending; |
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(iv) with respect to a federal savings and |
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loan association, the Office of the Comptroller of the Currency; |
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(v) with respect to a bank chartered by this |
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state, the Texas Department of Banking; |
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(vi) with respect to a national bank, the |
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Office of the Comptroller of the Currency; and |
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(vii) with respect to a bank, savings bank, |
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or savings and loan association chartered by another state, the |
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chartering agency; and |
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(B) includes: |
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(i) in each case in which a state bank is a |
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member of the Federal Reserve System, the board of governors of the |
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Federal Reserve System; |
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(ii) in each case where required by the |
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Federal Deposit Insurance Act (12 U.S.C. Section 1811 et seq.), the |
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Federal Deposit Insurance Corporation; and |
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(iii) any successor of a state or federal |
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agency specified by this subdivision. |
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(1-a) "Association" means a savings and loan |
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association subject to this subtitle. |
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SECTION 3. Subsection (a), Section 62.105, Finance Code, is |
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amended to read as follows: |
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(a) An association shall maintain [on file with the
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commissioner] a blanket indemnity bond with an adequate corporate |
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surety protecting the association from loss by or through dishonest |
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or criminal action or omission, including fraud, theft, robbery, or |
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burglary, by an officer or employee of the association or a director |
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of the association when the director performs the duties of an |
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officer or employee. |
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SECTION 4. Subsection (a), Section 62.206, Finance Code, is |
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amended to read as follows: |
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(a) The converted association shall file with the |
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commissioner: |
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(1) a copy of the charter issued to the federal |
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association by the Office of the Comptroller of the Currency |
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[Office of Thrift Supervision]; or |
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(2) a certificate showing the organization of the |
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association as a federal association, certified by the secretary or |
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assistant secretary of the Office of the Comptroller of the |
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Currency [Office of Thrift Supervision]. |
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SECTION 5. Section 62.207, Finance Code, is amended to read |
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as follows: |
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Sec. 62.207. EFFECT OF ISSUANCE OF CHARTER. On the issuance |
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of a charter by the Office of the Comptroller of the Currency |
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[Office of Thrift Supervision], the association: |
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(1) ceases to be an association incorporated under |
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this subtitle; and |
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(2) is no longer subject to the supervision and |
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control of the commissioner. |
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SECTION 6. Subsection (b), Section 62.251, Finance Code, is |
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amended to read as follows: |
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(b) The application to convert must: |
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(1) be filed in the office of the commissioner and with |
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the appropriate banking agency [Office of Thrift Supervision or its
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successor] not later than the 10th day after the date of the |
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meeting; and |
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(2) include a copy of the minutes of the meeting, sworn |
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to by the secretary or an assistant secretary. |
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SECTION 7. Subsection (c), Section 89.052, Finance Code, is |
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amended to read as follows: |
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(c) When a supervisory order is issued under Chapter 66, the |
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commissioner shall report the existence of the order promptly to |
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the finance commission but shall maintain the confidentiality of |
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the content of the order [and in a closed meeting shall furnish any
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information about the association or the person that is the subject
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of the order that the commission members may require. Any
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information discussed in the closed meeting is confidential]. |
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SECTION 8. Section 89.101, Finance Code, is amended to read |
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as follows: |
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Sec. 89.101. CRIMINAL SLANDER. (a) A person commits an |
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offense if the person[, with intent to injure an association or a
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federal association in this state]: |
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(1) knowingly makes, utters, circulates, or transmits |
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to another person a statement that is untrue and derogatory to the |
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financial condition of an [the] association [or federal
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association]; or |
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(2) with intent to injure an association counsels, |
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aids, procures, or induces another person to originate, make, |
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utter, transmit, or circulate a statement or rumor that is untrue |
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and derogatory to the financial condition of the association [or
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federal association]. |
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(b) An offense under Subsection (a) is a state jail felony |
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[punishable by:
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[(1) a fine not to exceed $2,500;
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[(2)
imprisonment in the Texas Department of Criminal
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Justice for not more than two years; or
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[(3) both the fine and imprisonment]. |
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SECTION 9. Subdivision (1), Section 91.002, Finance Code, |
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is amended to read as follows: |
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(1) "Appropriate banking agency": |
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(A) means: |
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(i) with respect to a savings bank |
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chartered by this state, the Department of Savings and Mortgage |
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Lending; |
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(ii) with respect to a federal savings |
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bank, the Office of the Comptroller of the Currency [Office of
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Thrift Supervision]; |
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(iii) with respect to a savings and loan |
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association chartered by this state, the Department of Savings and |
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Mortgage Lending; |
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(iv) with respect to a federal savings and |
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loan association, the Office of the Comptroller of the Currency |
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[Office of Thrift Supervision]; |
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(v) with respect to a bank chartered by this |
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state, the Texas Department of Banking; [and] |
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(vi) with respect to a national bank, the |
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Office of the Comptroller of the Currency; and |
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(vii) with respect to a bank, savings bank, |
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or savings and loan association chartered by another state, the |
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chartering agency; and |
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(B) includes: |
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(i) in each case in which a state bank is a |
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member of the Federal Reserve System, the board of governors of the |
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Federal Reserve System; |
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(ii) in each case where required by the |
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Federal Deposit Insurance Act (12 U.S.C. Section 1811 et seq.), the |
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Federal Deposit Insurance Corporation; and |
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(iii) any successor of a state or federal |
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agency specified by this subdivision. |
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SECTION 10. Subsection (b), Section 94.002, Finance Code, |
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is amended to read as follows: |
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(b) In this section, "commercial loan" means a loan that: |
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(1) is for business, commercial, corporate, or |
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agricultural purposes; [and] |
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(2) is not a real property loan; and |
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(3) is not a qualified thrift asset under Section |
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92.204. |
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SECTION 11. Subsection (a), Section 96.002, Finance Code, |
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is amended to read as follows: |
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(a) The finance commission may adopt rules necessary to |
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supervise and regulate savings banks and to protect public |
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investment in savings banks, including rules relating to: |
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(1) the minimum amounts of capital required to |
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incorporate and operate as a savings bank, which may not be less |
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than the amounts required of corresponding national banks; |
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(2) the fees and procedures for processing, hearing, |
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and deciding applications filed with the commissioner or the |
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Department of Savings and Mortgage Lending under this subtitle; |
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(3) the books and records that a savings bank is |
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required to keep and the location at which the books and records are |
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required to be maintained; |
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(4) the accounting principles and practices that a |
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savings bank is required to observe; |
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(5) the conditions under which records may be copied |
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or reproduced for permanent storage before the originals are |
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destroyed; |
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(6) the form, content, and time of publication of |
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statements of condition; |
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(7) the form and content of any report [annual reports
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and other reports] that a savings bank is required to prepare and |
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publish or file under this chapter; |
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(8) the manner in which assets, liabilities, and |
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transactions in general are to be described when entered in the |
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books of a savings bank, so that the entry accurately describes the |
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subject matter of the entry; |
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(9) the conditions under which the commissioner may |
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require an asset to be charged off or reserves established by |
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transfer from surplus or paid-in capital because of depreciation of |
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or overstated value of the asset; |
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(10) the change of control of a savings bank; |
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(11) the conduct, management, and operation of a |
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savings bank; |
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(12) the withdrawable accounts, bonuses, plans, and |
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contracts for savings programs; |
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(13) the merger, consolidation, reorganization, |
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conversion, and liquidation of a savings bank; |
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(14) the establishment of an additional office or the |
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change of office location or name of a savings bank; |
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(15) the requirements for a savings bank's holding |
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companies, including those relating to: |
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(A) registration and periodic reporting of a |
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holding company with the commissioner; and |
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(B) transactions between a holding company, an |
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affiliate of a holding company, or a savings bank; and |
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(16) the powers of a savings bank to make loans and |
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investments that contain provisions reasonably necessary to ensure |
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that a loan made by a savings bank is consistent with sound lending |
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practices and that the savings bank's investment will promote the |
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purposes of this subtitle, including provisions governing: |
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(A) the type of loans and the conditions under |
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which a savings bank may originate, make, or sell loans; |
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(B) the conditions under which a savings bank may |
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purchase or participate in a loan made by another lender; |
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(C) the conditions for the servicing of a loan |
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for another lender; |
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(D) the conditions under which a savings bank may |
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lend money on the security of a loan made by another person; |
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(E) the conditions under which a savings bank may |
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pledge loans held by it as collateral for borrowing by the savings |
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bank; |
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(F) the conditions under which a savings bank may |
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invest in securities and debt instruments; |
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(G) the documentation that a savings bank must |
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have in its files at the time of funding or purchase of a loan, an |
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investment, or a participation in a loan; |
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(H) the form and content of statements of |
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expenses and fees and other charges that are paid by a borrower or |
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that a borrower is obligated to pay; |
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(I) the title information that must be |
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maintained; |
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(J) the borrower's insurance coverage of |
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property securing a loan; |
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(K) an appraisal report; |
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(L) the financial statement of a borrower; |
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(M) the fees or other compensation that may be |
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paid to a person in connection with obtaining a loan for a savings |
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bank, including an officer, director, employee, affiliated person, |
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consultant, or third party; |
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(N) the conditions under which the savings bank |
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may advance money to pay a tax, assessment, insurance premium, or |
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other similar charge for the protection of the savings bank's |
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interest in property securing the savings bank's loans; |
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(O) the terms under which a savings bank may |
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acquire and deal in real property; |
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(P) the valuation on a savings bank's books of |
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real property held by the savings bank; |
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(Q) the terms governing the investment by a |
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savings bank in a subsidiary, the powers that may be exercised by a |
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subsidiary, and the activities that may be engaged in by a |
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subsidiary; and |
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(R) any other matter considered necessary to |
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administer each type of transaction. |
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SECTION 12. Subsection (b), Section 96.053, Finance Code, |
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is amended to read as follows: |
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(b) A savings bank shall make any [other] report the |
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commissioner may require to administer and enforce this chapter. A |
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[An additional] report under this section must be: |
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(1) [signed in the same manner as the annual report;
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[(2)] in the form and manner the commissioner |
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prescribes; and |
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(2) [(3)] filed on the date the commissioner |
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prescribes. |
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SECTION 13. Subsection (a), Section 96.111, Finance Code, |
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is amended to read as follows: |
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(a) When a supervisory order is issued under this chapter, |
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the [The] commissioner shall report the existence of the order |
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promptly to the finance commission but shall maintain the |
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confidentiality of the content of the order [when a supervisory
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order is issued under this chapter]. [The commissioner shall
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furnish information about a savings bank or person as the finance
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commission may require in a closed meeting. All information
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discussed in the closed meeting is confidential.] |
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SECTION 14. Subchapter C, Chapter 119, Finance Code, is |
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amended by adding Section 119.202 to read as follows: |
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Sec. 119.202. CRIMINAL SLANDER OR LIBEL. (a) A person |
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commits an offense if the person: |
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(1) knowingly makes, utters, circulates, or transmits |
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to another person a statement that is untrue and derogatory to the |
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financial condition of a savings bank; or |
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(2) with intent to injure a savings bank counsels, |
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aids, procures, or induces another person to originate, make, |
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utter, transmit, or circulate a statement or rumor that is untrue |
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and derogatory to the financial condition of the savings bank. |
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(b) An offense under Subsection (a) is a state jail felony. |
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SECTION 15. The following provisions of the Finance Code |
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are repealed: |
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(1) Section 62.103; |
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(2) Section 92.202; |
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(3) Subchapter E, Chapter 94; |
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(4) Subsection (d), Section 96.051; and |
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(5) Subsection (a), Section 96.053. |
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SECTION 16. The change in law made by this Act applies only |
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to an offense committed on or after the effective date of this Act. |
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An offense committed before the effective date of this Act is |
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governed by the law in effect on the date the offense was committed, |
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and the former law is continued in effect for that purpose. For |
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purposes of this section, an offense was committed before the |
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effective date of this Act if any element of the offense occurred |
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before that date. |
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SECTION 17. This Act takes effect September 1, 2013. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.B. No. 1008 passed the Senate on |
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April 4, 2013, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.B. No. 1008 passed the House on |
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May 14, 2013, by the following vote: Yeas 140, Nays 3, two |
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present not voting. |
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______________________________ |
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Chief Clerk of the House |
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Approved: |
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______________________________ |
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Date |
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______________________________ |
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Governor |