FINANCE CODE
SUBTITLE G. BANK HOLDING COMPANIES; INTERSTATE BANK OPERATIONS
CHAPTER 201. GENERAL PROVISIONS
SUBCHAPTER A. GENERAL PROVISIONS
§ 201.001. SCOPE OF SUBTITLE. (a) This subtitle:
(1) sets forth the conditions under which a company
may acquire a Texas bank or a Texas bank holding company, pursuant
to the provisions of Chapter 202;
(2) permits interstate branching under the Interstate
Banking and Branching Efficiency Act pursuant to the provisions of
Chapter 203; and
(3) provides for state regulation of the participation
by foreign banks in the financial markets of this state, pursuant to
the provisions of Chapter 204.
(b) This subtitle is not intended to discriminate against
out-of-state banks and bank holding companies in a manner that
would violate the Interstate Banking and Branching Efficiency Act.
Added by Acts 1999, 76th Leg., ch. 344, § 1.001, eff. Sept. 1,
1999.
§ 201.002. DEFINITIONS. (a) Unless the context
requires otherwise, in this subtitle:
(1) "Acquire" means an act that results in direct or
indirect control by a company of a bank holding company or a bank,
including an act that causes:
(A) the company to merge with a bank holding
company or a bank;
(B) the company to assume direct or indirect
ownership or control of:
(i) more than 25 percent of any class of
voting shares of a bank holding company or a bank, if the acquiring
company was not a bank holding company before the acquisition;
(ii) more than five percent of any class of
voting shares of a bank holding company or a bank, if the acquiring
company was a bank holding company before the acquisition; or
(iii) all or substantially all of the
assets of a bank holding company or a bank; or
(C) an application relating to control of a bank
holding company or bank to be filed with a federal bank supervisory
agency.
(2) "Affiliate" has the meaning assigned by Section
2(k), Bank Holding Company Act (12 U.S.C. Section 1841(k)).
(3) "Agency" when used in reference to an office of a
foreign bank, has the meaning assigned by Section 1(b)(1),
International Banking Act (12 U.S.C. Section 3101(1)).
(4) "Bank":
(A) for purposes of Chapter 202 and the laws of
this state as they relate to Chapter 202, has the meaning assigned
by Section 2(c), Bank Holding Company Act (12 U.S.C. Section
1841(c));
(B) for purposes of Chapter 203 and the laws of
this state as they relate to Chapter 203, has the meaning assigned
to the term "insured bank" by Section 3(h), Federal Deposit
Insurance Act (12 U.S.C. Section 1813(h)), except that the term
does not include a foreign bank unless it is organized under the
laws of a territory of the United States, Puerto Rico, Guam,
American Samoa, or the Virgin Islands and its deposits are insured
by the Federal Deposit Insurance Corporation; and
(C) for purposes of Chapter 204 and the laws of
this state as they relate to Chapter 204, has the meaning assigned
by Section 2(c), Bank Holding Company Act (12 U.S.C. Section
1841(c)), or Section 3(a)(1), Federal Deposit Insurance Act (12
U.S.C. Section 1813(a)(1)), except that the term does not include a
foreign bank or a branch or agency of a foreign bank.
(5) "Bank holding company" has the meaning assigned by
Section 2(a), Bank Holding Company Act (12 U.S.C. Section 1841(a)),
and includes a financial holding company.
(6) "Bank Holding Company Act" means the federal Bank
Holding Company Act of 1956 (12 U.S.C. Section 1841 et seq.), as
amended.
(7) "Bank supervisory agency" means any of the
following:
(A) an agency of another state with primary
responsibility for chartering and supervising banks;
(B) the Office of the Comptroller of the
Currency, the Federal Deposit Insurance Corporation, or the Board
of Governors of the Federal Reserve System, and any successor to
these agencies; or
(C) an agency of a country, including a colony,
dependency, possession, or political subdivision of a country,
other than the United States with primary responsibility for
chartering and supervising banks.
(8) "Branch" has the meaning assigned by Section
31.002(a), except that for purposes of Chapter 204 and the laws of
this state as they relate to Chapter 204 the term:
(A) with respect to an office of a foreign bank,
has the meaning assigned by Section 1(b)(3), International Banking
Act (12 U.S.C. Section 3101(3)); and
(B) with respect to an office of a bank as defined
by this section for the purposes of Chapter 204, has the meaning
assigned to the term "domestic branch" by Section 3(o), Federal
Deposit Insurance Act (12 U.S.C. Section 1813(o)).
(9) "Commissioner" has the meaning assigned to the
term "banking commissioner" by Section 31.002(a), except that for
purposes of Chapter 203 and the laws of this state as they relate to
Chapter 203, with respect to a state savings bank, the term means
the savings and loan commissioner of Texas.
(10) "Company" has the meaning assigned by Section
2(b), Bank Holding Company Act (12 U.S.C. Section 1841(b)), and
includes a bank holding company.
(11) "Control" shall be construed consistently with
Section 2(a)(2), Bank Holding Company Act (12 U.S.C. Section
1841(a)(2)), and regulations and interpretive rulings of the Board
of Governors of the Federal Reserve System.
(12) "De novo branch" means a branch of a bank located
in a host state that:
(A) is originally established by the bank as a
branch; and
(B) does not become a branch of the bank as a
result of:
(i) the acquisition of another bank or a
branch of another bank; or
(ii) the merger or conversion involving the
bank or branch.
(13) "Deposit" has the meaning assigned by Section
3(l), Federal Deposit Insurance Act (12 U.S.C. Section 1813(l)).
(14) "Depository institution" means an institution
included for any purpose within the definitions of "insured
depository institution" as assigned by Sections 3(c)(2) and
3(c)(3), Federal Deposit Insurance Act (12 U.S.C. Sections
1813(c)(2) and 1813(c)(3)).
(15) "Federal agency" means an agency of a foreign
bank that is licensed by the Comptroller of the Currency pursuant to
Section 4, International Banking Act (12 U.S.C. Section 3102).
(16) "Federal branch" means a branch of a foreign bank
that is licensed by the Comptroller of the Currency pursuant to
Section 4, International Banking Act (12 U.S.C. Section 3102).
(17) "Federal Deposit Insurance Act" means the Federal
Deposit Insurance Act (12 U.S.C. Section 1811 et seq.), as amended.
(18) "Foreign bank" has the meaning assigned by
Section 1(b)(7), International Banking Act (12 U.S.C. Section
3101(7)).
(19) "Foreign bank holding company" means a bank
holding company that is organized under the laws of a country other
than the United States or a territory or possession of the United
States, and includes a foreign financial holding company.
(20) "Foreign person" means a natural or juridical
person who is a citizen or national of one or more countries,
including any colonies, dependencies, or possessions of the
countries, other than the United States.
(21) "Home state" means:
(A) with respect to a national bank, the state in
which the main office of the bank is located;
(B) with respect to a state bank, the state by
which the bank is chartered;
(C) with respect to a foreign bank, the state
determined to be the home state of the foreign bank under Section
5(c), International Banking Act (12 U.S.C. Section 3103(c)); and
(D) with respect to a bank holding company, the
state in which the total deposits of all bank subsidiaries of the
company are the largest on the later of July 1, 1966, or the date on
which the company became a bank holding company.
(22) "Home state regulator" means:
(A) with respect to an out-of-state bank holding
company, the bank supervisory agency of the home state of the bank
holding company; and
(B) with respect to an out-of-state state bank,
the bank supervisory agency of the state in which the bank is
chartered.
(23) "Host state" means:
(A) with respect to a bank, a state other than the
home state of the bank in which the bank maintains or seeks to
establish and maintain a branch; and
(B) with respect to a bank holding company, a
state other than the home state of the company in which the company
controls or seeks to control a bank subsidiary.
(24) "International Banking Act" means the federal
International Banking Act of 1978 (12 U.S.C. Section 3101 et seq.),
as amended.
(25) "Interstate Banking and Branching Efficiency
Act" means the federal Riegle-Neal Interstate Banking and Branching
Efficiency Act of 1994, Public Law No. 103-328, codified at various
sections of Title 12, United States Code.
(26) "Interstate branch" means a branch of a bank or a
branch of a foreign bank, as the context requires, established,
acquired, or retained pursuant to the Interstate Banking and
Branching Efficiency Act, outside the home state of the bank or
foreign bank. The term does not include, with respect to a foreign
bank, a limited branch as that term is defined by this section.
(27) "Interstate merger transaction" means:
(A) the merger of banks with different home
states and the conversion of branches of a bank involved in the
merger into branches of the resulting bank; or
(B) the purchase of all or substantially all of
the assets, including all or substantially all of the branches, of a
bank whose home state is different from the home state of the
acquiring bank.
(28) "Limited branch" means a branch of a foreign bank
that accepts only the deposits that would be permissible for a
corporation organized under Section 25A, Federal Reserve Act (12
U.S.C. Section 611 et seq.), in accordance with Section 5(a)(7),
International Banking Act (12 U.S.C. Section 3103(a)(7)).
(29) "Out-of-state bank" means a bank whose home state
is another state.
(30) "Out-of-state bank holding company" means a bank
holding company whose home state is another state, and includes an
out-of-state financial holding company.
(31) "Out-of-state foreign bank" means a foreign bank
whose home state is another state.
(32) "Out-of-state state bank" means a bank chartered
under the laws of another state.
(33) "Representative office" has the meaning assigned
by Section 1(b)(15), International Banking Act (12 U.S.C. Section
3101(15)).
(34) "Resulting bank" means a bank that results from
an interstate merger transaction.
(35) "State" means a state of the United States, the
District of Columbia, a territory of the United States, Puerto
Rico, Guam, American Samoa, the Trust Territory of the Pacific
Islands, the Virgin Islands, or the Northern Mariana Islands,
except that for purposes of Chapter 202 and the laws of this state
as they relate to Chapter 202 the term means a state, territory, or
other possession of the United States, including the District of
Columbia.
(36) "State bank" means a Texas state bank or an
out-of-state state bank, including an out-of-state state savings
bank.
(37) "State savings bank" has the meaning assigned to
the term "savings bank" by Section 3(g), Federal Deposit Insurance
Act (12 U.S.C. Section 1813(g)), and includes a savings bank
organized under Subtitle C or under similar laws of another state.
(38) "Subsidiary" has the meaning assigned by Section
2(d), Bank Holding Company Act (12 U.S.C. Section 1841(d)).
(39) "Texas bank" means a bank whose home state is this
state, except that for purposes of Chapter 202 and the laws of this
state as they relate to Chapter 202 the term means a Texas state
bank or a national bank organized under federal law with its main
office in this state.
(40) "Texas bank holding company" means a bank holding
company whose home state is this state and that is not controlled by
a bank holding company other than a Texas bank holding company, and
includes a Texas financial holding company.
(41) "Texas representative office" means a
representative office that is located in this state and registered
pursuant to Subchapter C, Chapter 204.
(42) "Texas state agency," means, when used in
reference to an office of a foreign bank, an agency of a foreign
bank that is located in this state and licensed pursuant to
Subchapter B, Chapter 204.
(43) "Texas state bank" means a bank that is organized
under Subtitle A.
(44) "Texas state branch," means, when used in
reference to an office of a foreign bank, a branch of a foreign bank
that is located in this state and licensed pursuant to Subchapter B,
Chapter 204.
(45) "United States" means:
(A) when used in a geographical sense, the
several states, the District of Columbia, Puerto Rico, Guam,
American Samoa, the American Virgin Islands, the Trust Territory of
the Pacific Islands, and other territories of the United States;
and
(B) when used in a political sense, the federal
government of the United States.
(46) "Financial holding company" means a bank holding
company that has elected to be treated as a financial holding
company under 12 U.S.C. Section 1843(l).
(47) "Functional regulatory agency" means a
department or agency of this state, another state, the United
States, or a foreign government with whom the United States
currently maintains diplomatic relations that regulates and
charters, licenses, or registers persons engaged in financial
activities or activities incidental or complementary to financial
activities, including activities related to banking, insurance, or
securities.
(b) The definitions provided by Section 31.002 apply to this
subtitle to the extent not inconsistent with this section and as the
context requires.
(c) The definitions shall be liberally construed to
accomplish the purposes of this subtitle.
(d) The finance commission by rule may adopt other
definitions to accomplish the purposes of this subtitle.
Added by Acts 1999, 76th Leg., ch. 344, § 1.001, eff. Sept. 1,
1999. Amended by Acts 2001, 77th Leg., ch. 528, § 27, eff. Sept.
1, 2001.
§ 201.003. RULES. (a) The finance commission may
adopt rules to accomplish the purposes of this subtitle, including
rules necessary or reasonable to:
(1) implement and clarify this subtitle in a manner
consistent with and to the extent permitted by applicable federal
law;
(2) preserve or protect the safety and soundness of
banking in this state;
(3) grant at least the same rights and privileges to
Texas state banks that are or may be granted to other depository
institutions;
(4) recover the cost of maintaining and operating the
department and the cost of enforcing this subtitle by imposing and
collecting ratable and equitable fees for supervision and
regulation, including fees for notices, applications, and
examinations; and
(5) facilitate the fair hearing and adjudication of
matters before the commissioner and the finance commission.
(b) In adopting rules, the finance commission shall
consider the need to:
(1) coordinate with applicable federal law;
(2) promote a stable banking environment;
(3) provide the public with convenient, safe, and
competitive banking services;
(4) preserve and promote the competitive position of
Texas state banks with regard to other depository institutions
consistent with the safety and soundness of Texas state banks and
the Texas state bank system; and
(5) allow for economic development in this state.
(c) The presence or absence in this subtitle of a specific
reference to rules regarding a particular subject does not enlarge
or diminish the rulemaking authority provided by this section.
Added by Acts 1999, 76th Leg., ch. 344, § 1.001, eff. Sept. 1,
1999. Amended by Acts 2001, 77th Leg., ch. 528, § 28, eff. Sept.
1, 2001.
§ 201.004. LAW APPLICABLE TO INTERSTATE
BRANCHES. (a) The laws of this state apply to an interstate
branch located in this state to the same extent the laws of this
state would apply if the branch in this state were a national bank
with its main office located in this state, except to the extent
otherwise provided under federal law.
(b) To the extent provided by Section 4.102(c), Business &
Commerce Code, the laws of this state govern a deposit contract
between a bank and a consumer account holder if the branch or
separate office of the bank that accepts the deposit contract is
located in this state.
(c) Without limiting Subsection (a), for purposes of the
laws of this state relating to authority to act as a fiduciary,
depository of public funds, or custodian of securities pledged to
secure public funds, or authority to engage in repurchase
transactions with public entities, a legally operating interstate
branch in this state is considered to be in, within, located in,
authorized to do business in, domiciled in, and chartered in this
state.
Added by Acts 1999, 76th Leg., ch. 344, § 1.001, eff. Sept. 1,
1999.
§ 201.005. COOPERATIVE AGREEMENTS; FEES. (a) To
carry out the purposes of this subtitle, to the extent permitted by
federal law, the commissioner may:
(1) enter into cooperative, coordinating, or
information sharing agreements with another bank supervisory
agency, a functional regulatory agency, or an organization
affiliated with or representing one or more bank supervisory
agencies;
(2) with respect to periodic examination or other
supervision or investigation, accept reports of examination or
investigation by, and reports submitted to, another bank
supervisory agency or functional regulatory agency in lieu of
conducting examinations or investigations or receiving reports as
might otherwise be required or permissible under this subtitle;
(3) enter into contracts with another bank supervisory
agency or functional regulatory agency having concurrent
regulatory or supervisory jurisdiction to engage the services of
the agency for reasonable compensation to assist in connection with
the commissioner's performance of official duties under this
subtitle or other law, or to provide services to the agency for
reasonable compensation in connection with the agency's
performance of official duties under law, except that Chapter 2254,
Government Code, does not apply to the contracts;
(4) enter into joint examinations or joint enforcement
actions with another bank supervisory agency or functional
regulatory agency having concurrent regulatory or supervisory
jurisdiction, except that the commissioner may independently take
action under Section 201.009 if the commissioner determines that
the action is necessary to carry out the commissioner's
responsibilities under this subtitle or to enforce compliance with
the laws of this state; and
(5) assess supervisory and examination fees to be paid
by a state bank, state savings bank, bank holding company, or
foreign bank in connection with the commissioner's performance of
duties under this subtitle.
(b) Supervisory or examination fees assessed by the
commissioner in accordance with this subtitle may be shared with
another bank supervisory agency, a functional regulatory agency, or
an organization affiliated with or representing one or more bank
supervisory agencies in accordance with an agreement between the
commissioner and the agency or organization. The commissioner may
also receive a portion of supervisory or examination fees assessed
by another bank supervisory agency or functional regulatory agency
in accordance with an agreement between the commissioner and the
agency.
Added by Acts 1999, 76th Leg., ch. 344, § 1.001, eff. Sept. 1,
1999. Amended by Acts 2001, 77th Leg., ch. 528, § 29, eff. Sept.
1, 2001.
§ 201.006. ISSUANCE OF INTERPRETIVE STATEMENTS AND
OPINIONS. (a) To encourage the effective coordination and
implementation of home state laws and host state laws with respect
to interstate branching, the commissioner, directly or through a
deputy commissioner or department attorney, may:
(1) issue interpretive statements containing matters
of general policy to guide the public and banks and bank holding
companies subject to this subtitle;
(2) amend or repeal a published interpretive statement
by issuing an amended statement or notice of repeal of a statement
and publishing the statement or notice;
(3) issue, in response to specific requests from the
public or the banking industry, opinions interpreting this subtitle
or determining the applicability of laws of this state to the
operation of interstate branches or other offices in this state by
out-of-state banks or in other states by Texas banks; and
(4) amend or repeal an opinion by issuing an amended
opinion or notice of repeal of an opinion, except that the
requesting party may rely on the original opinion if:
(A) all material facts were originally disclosed
to the commissioner;
(B) the safety and soundness of the affected bank
or bank holding company will not be affected by further reliance on
the original opinion; and
(C) the text and interpretation of relevant,
governing provisions of applicable home state, host state, and
federal law have not been changed by legislative or judicial
action.
(b) An interpretive statement or opinion may be
disseminated by newsletter, via electronic medium such as the
internet, in a volume of statutes or related materials published by
the commissioner or others, or by other means reasonably calculated
to notify persons affected by the interpretive statement or
opinion. An opinion may be disseminated to the public if the
commissioner determines that the opinion is useful for the general
guidance and convenience of the public or banks or bank holding
companies. A published opinion must be redacted to preserve the
confidentiality of the requesting party unless the requesting party
consents to be identified in the published opinion. Notice of an
amended or withdrawn statement or opinion must be disseminated in a
substantially similar manner as the affected statement or opinion
was originally disseminated.
(c) An interpretive statement or opinion issued under this
subtitle does not have the force of law and is not a rule for the
purposes of Chapter 2001, Government Code, unless adopted by the
finance commission as provided by Chapter 2001, Government Code.
An interpretive statement or opinion is an administrative
construction of this subtitle entitled to great weight if the
construction is reasonable and does not conflict with this
subtitle.
Added by Acts 1999, 76th Leg., ch. 344, § 1.001, eff. Sept. 1,
1999. Amended by Acts 2001, 77th Leg., ch. 412, § 5.01, eff.
Sept. 1, 2001.
§ 201.007. CONFIDENTIALITY. Except as expressly
provided otherwise in this subtitle, confidentiality of
information obtained by the commissioner under this subtitle is
governed by Subchapter D, Chapter 31, or, with respect to a state
savings bank, Subtitle C, and may not be disclosed by the
commissioner or an employee of the commissioner's department except
as provided by Subchapter D, Chapter 31, or, with respect to a state
savings bank, Subtitle C.
Added by Acts 1999, 76th Leg., ch. 344, § 1.001, eff. Sept. 1,
1999.
§ 201.008. NOTICE OF SUBSEQUENT EVENT. Each
out-of-state state bank that has established and maintains an
interstate branch in this state pursuant to this subtitle shall
give written notice to the commissioner, at least 30 days before the
effective date of the event, or in the case of an emergency
transaction, within a shorter period consistent with applicable
state or federal law, of a merger or other transaction that would
cause a change of control with respect to the bank or a bank holding
company that controls the bank, with the result that an application
would be required to be filed with the bank's home state regulator
or a federal bank supervisory agency, including an application
filed pursuant to the Change in Bank Control Act of 1978 (12 U.S.C.
Section 1817(j)), as amended, or the Bank Holding Company Act (12
U.S.C. Section 1841 et seq.).
Added by Acts 1999, 76th Leg., ch. 344, § 1.001, eff. Sept. 1,
1999.
§ 201.009. ENFORCEMENT; APPEALS. (a) If the
commissioner determines that a bank holding company or a foreign
bank has violated this subtitle or other applicable law of this
state, the commissioner may take any enforcement action the
commissioner would be empowered to take if the bank holding company
or foreign bank were a Texas state bank, except that the
commissioner shall promptly give notice to the home state regulator
of each enforcement action taken against an out-of-state bank
holding company or foreign bank and, to the extent practicable,
shall consult and cooperate with the home state regulator in
pursuing and resolving the enforcement action. A bank holding
company or foreign bank may appeal a final order or other decision
of the commissioner under this subtitle as provided by Sections
31.202, 31.203, and 31.204.
(b) If the commissioner determines that an interstate
branch maintained by an out-of-state state bank in this state is
being operated in violation of a law of this state or in an unsafe
and unsound manner, the commissioner may take any enforcement
action the commissioner would be empowered to take if the branch
were a Texas state bank or state savings bank, as the case may be,
except that the commissioner shall promptly give notice to the home
state regulator of each enforcement action taken against an
out-of-state state bank and, to the extent practicable, shall
consult and cooperate with the home state regulator in pursuing and
resolving the enforcement action. An out-of-state state bank may
appeal a final order or other decision of the commissioner under
this subtitle as provided by Sections 31.202, 31.203, and 31.204,
or as provided under Subtitle C with respect to a state savings
bank.
(c) Notwithstanding Subsections (a) and (b), the
commissioner may enforce the laws of this state against an entity
subject to this subtitle by appropriate action in the courts,
including an action for injunctive relief, if the banking
commissioner concludes the action is necessary or desirable.
Added by Acts 1999, 76th Leg., ch. 344, § 1.001, eff. Sept. 1,
1999.
§ 201.010. TAXATION. A bank subject to this subtitle is
subject to the franchise tax to the extent provided by Chapter 171,
Tax Code.
Added by Acts 1999, 76th Leg., ch. 344, § 1.001, eff. Sept. 1,
1999.
§ 201.011. SEVERABILITY. The provisions of this
subtitle or the applications of those provisions are severable as
provided by Section 311.032(c), Government Code.
Added by Acts 1999, 76th Leg., ch. 344, § 1.001, eff. Sept. 1,
1999.
SUBCHAPTER B. REGISTRATION OF FINANCIAL INSTITUTIONS
§ 201.101. DEFINITIONS. In this subchapter:
(1) "Financial institution" means:
(A) a bank as defined for any purpose by Section
201.002(a)(4), whether chartered under the laws of this state,
another state, the United States, or another country, including a
state savings bank;
(B) a savings and loan association chartered
under Chapter 62 or similar laws of another state;
(C) a federal savings and loan association,
federal savings bank, or federal credit union;
(D) a credit union chartered under Chapter 122 or
similar laws of another state; or
(E) a trust company chartered under the laws of
this state or another state.
(2) "Out-of-state financial institution" means a
financial institution that:
(A) is not chartered under the laws of this
state; and
(B) has its main or principal office in another
state or country.
(3) "Texas financial institution" means a financial
institution that:
(A) is chartered under the laws of this state or
under federal law; and
(B) has its main or principal office in this
state.
Added by Acts 1999, 76th Leg., ch. 344, § 1.001, eff. Sept. 1,
1999.
§ 201.102. REGISTRATION TO DO BUSINESS. An
out-of-state financial institution must file an application for
registration with the secretary of state, before operating a branch
or other office in this state, by complying with the law of this
state relating to foreign corporations doing business in this
state, notwithstanding a provision in that law that purports to
limit or prohibit its applicability to financial institutions.
Added by Acts 1999, 76th Leg., ch. 344, § 1.001, eff. Sept. 1,
1999.
§ 201.103. APPOINTMENT OF AGENT TO RECEIVE SERVICE OF
PROCESS. (a) A Texas financial institution may file in the office
of the secretary of state a statement appointing an agent
authorized to receive service of process.
(b) A statement appointing an agent must set forth:
(1) the name of the Texas financial institution;
(2) the federal tax identification number of the Texas
financial institution;
(3) the address, including the street address, of the
principal office of the Texas financial institution; and
(4) the name of the agent in this state authorized to
receive service of process and the agent's address, including the
street address, in this state.
(c) The agent named under Subsection (b) must be:
(1) an individual resident of this state;
(2) a domestic corporation, limited partnership,
partnership, limited liability company, professional association,
cooperative, or real estate investment trust; or
(3) a foreign entity registered with the secretary of
state to transact business in this state.
(d) A statement appointing an agent must be signed by an
officer of the Texas financial institution. The statement must
also be signed by the person appointed agent, who by signing accepts
the appointment. The appointed agent may resign by filing a
resignation in the office of the secretary of state and giving
notice to the Texas financial institution.
(e) The secretary of state shall collect for the use of the
state:
(1) a fee of $25 for indexing and filing the original
statement appointing an agent; and
(2) a fee of $15 for filing an amendment to or
cancellation of a statement appointing an agent.
(f) An amendment to a statement appointing an agent to
receive service of process must meet the requirements for execution
of an original statement.
(g) A statement appointing an agent may be canceled by
filing with the secretary of state a written notice of cancellation
executed by an officer of the Texas financial institution. A notice
of cancellation must contain:
(1) the name of the Texas financial institution;
(2) the federal tax identification number of the Texas
financial institution;
(3) the date of filing of the statement appointing the
agent; and
(4) the current street address of the principal office
of the Texas financial institution.
(h) Service of process on a registered agent appointed under
this section is an alternate method of service in addition to other
methods provided by law unless other law specifically requires
service to be made on the registered agent. A resignation or notice
of cancellation is effective immediately on acknowledgement of
filing by the secretary of state, and after the acknowledgement the
financial institution is subject to service of process as otherwise
provided by law.
(i) The secretary of state may adopt forms and procedural
rules for filing of documents under this section.
Added by Acts 1999, 76th Leg., ch. 344, § 1.001, eff. Sept. 1,
1999.
