FINANCE CODE
CHAPTER 119. MISCELLANEOUS PROVISIONS APPLICABLE TO SAVINGS BANKS
SUBCHAPTER A. GENERAL MISCELLANEOUS PROVISIONS
§ 119.001. APPLICABILITY OF CHAPTER 4, BUSINESS &
COMMERCE CODE. Chapter 4, Business & Commerce Code, applies to a
savings bank with respect to an item paid, collected, settled,
negotiated, or otherwise handled by the savings bank for a
customer.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 119.002. APPLICABILITY OF SAVINGS AND LOAN LAWS TO
SAVINGS BANKS. (a) Except as provided by Subsection (b), a
statute of this state or a rule adopted under the statute that
applies to or exempts a corporation or other organization
incorporated or organized under Subtitle B or an association as
defined by Section 61.002 also applies to or exempts a savings bank.
(b) Subsection (a) does not apply to Chapters 11-13, this
subtitle, Subtitle A, Subtitle B, or the Penal Code.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 119.003. ACKNOWLEDGMENT OR PROOF TAKEN BY MEMBER,
STOCKHOLDER, OR EMPLOYEE OF SAVINGS BANK. A public officer who is
qualified to take an acknowledgment or proof of a written
instrument and who is a member or employee of, or a shareholder in,
a savings bank or federal savings bank is not disqualified because
of that relationship to the savings bank or federal savings bank
from taking an acknowledgment or proof of a written instrument in
which a savings bank or federal savings bank is interested.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 119.004. RENDITION OF CERTAIN PERSONAL PROPERTY FOR AD
VALOREM TAXATION. (a) Each domestic savings bank and each
federal savings bank shall render for ad valorem taxation all of its
personal property, other than furniture, fixtures, equipment, and
automobiles, as a whole at the value remaining after deducting the
following from the total value of its entire assets:
(1) all debts that it owes;
(2) all tax-free securities that it owns;
(3) its loss reserves and surplus;
(4) its deposit liability; and
(5) the appraised value of its furniture, fixtures,
and real property.
(b) The domestic savings bank or federal savings bank shall
render the personal property, other than furniture, fixtures,
equipment, and automobiles, to the chief appraiser of the appraisal
district in the county in which its principal office is located.
(c) Furniture, fixtures, equipment, and automobiles of a
domestic savings bank or federal savings bank shall be rendered and
valued for ad valorem taxation as provided by the Tax Code.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 119.005. STATE TAXATION OF SAVINGS BANKS. The state
shall tax a domestic or federal savings bank doing business in this
state in the same manner and to the same extent as a corresponding
savings and loan association.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 119.006. INITIATION OF RULEMAKING BY SAVINGS
BANKS. The finance commission shall initiate rulemaking
proceedings under Chapter 2001, Government Code, if at least 20
percent of the savings banks petition the finance commission in
writing requesting the adoption, amendment, or repeal of a rule.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2001, 77th Leg., ch. 867, § 64, eff. Sept. 1, 2001.
§ 119.007. EXEMPTION FROM SECURITIES LAWS. A deposit
account, certificate, or other evidence of an interest in the
deposit liability of a savings bank or federal savings bank is not
considered a security under The Securities Act (Article 581-1 et
seq., Vernon's Texas Civil Statutes). A security of these savings
banks, other than an interest in the deposit liability of a savings
bank, is not subject to the registration requirements of that Act.
A person whose principal occupation is being an officer of a savings
bank is exempt from the registration and licensing provisions of
that Act with respect to that person's participation in a sale or
other transaction involving securities of the savings bank of which
the person is an officer.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 119.008. LIABILITY OF COMMISSIONER AND OTHER
COMMISSION PERSONNEL; DEFENSE BY ATTORNEY GENERAL. (a) The
commissioner, a member of the finance commission, a deputy
commissioner, an examiner, or any other officer or employee of the
Savings and Loan Department is not personally liable for damages
arising from the person's official act or omission unless the act or
omission is corrupt or malicious.
(b) The attorney general shall defend an action brought
against a person described by Subsection (a) because of the
person's official act or omission without regard to whether the
person is an officer or employee of the department at the time the
action is initiated.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
SUBCHAPTER B. ACCESS TO AND DISCLOSURE OF CERTAIN INFORMATION
§ 119.101. ACCESS TO BOOKS AND RECORDS OF SAVINGS
BANK. (a) The books and records of a savings bank may be examined
only by:
(1) the commissioner or the commissioner's
representative in accordance with Sections 96.054-96.057;
(2) a person authorized to act for the savings bank;
(3) an agent of a governmental agency that has insured
the deposit accounts of the savings bank;
(4) a borrower or deposit account holder of the
savings bank, in accordance with Subsection (b); or
(5) for a capital stock savings bank, a stockholder of
the capital stock savings bank, in accordance with Subsection (c).
(b) A borrower or deposit account holder of a savings bank
is entitled to examine only the books and records of the savings
bank that relate to the person's loan or deposit account.
(c) A stockholder of a capital stock savings bank has the
same right to examine the relevant books and records of a savings
bank as a shareholder of a business corporation under the Texas
Business Corporation Act.
(d) A person is entitled to a partial or complete list of the
stockholders of a stock savings bank or of the members of a mutual
savings bank only if expressly permitted by the board of directors
of the savings bank.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 119.102. PRODUCTION AND ADMISSIBILITY OF ITEMS OF
SAVINGS BANK IN JUDICIAL PROCEEDING. (a) In a judicial
proceeding, the court may order the production of books, records,
and files of a savings bank.
(b) The books, records, and files of a savings bank are not
admissible as evidence in any proceeding concerning the validity of
a tax assessment or the collection of delinquent taxes, penalties,
and interest, unless:
(1) a stockholder or deposit account holder is a
proper party to the proceeding, in which event a book, file, or
record pertaining to the account of the party is admissible; or
(2) the savings bank is a proper party to the
proceeding, in which event a book, file, or record material to the
proceeding is admissible.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
SUBCHAPTER C. OFFENSES AND PENALTIES
§ 119.201. ADMINISTRATIVE PENALTY FOR FAILING TO COMPLY
WITH SUBTITLE. (a) The commissioner may require a savings bank
that knowingly violates this subtitle or a rule adopted under this
subtitle to pay to the Savings and Loan Department an
administrative penalty not to exceed $1,000 for each day that the
violation occurs after notice of the violation is given by the
commissioner.
(b) On the commissioner's certification that a savings bank
has not paid a penalty assessed under this section, the attorney
general may file suit to collect the penalty.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
