FINANCE CODE
CHAPTER 67. FOREIGN FINANCIAL INSTITUTIONS
SUBCHAPTER A. GENERAL PROVISIONS
§ 67.001. LIMITATION ON RIGHT TO DO BUSINESS AS SAVINGS
AND LOAN ASSOCIATION. (a) A person may not do business as a
savings and loan association in this state or maintain an office in
this state for the purpose of doing business unless the person is a:
(1) domestic association;
(2) federal association; or
(3) foreign association that holds a certificate of
authority issued under Subchapter I, Chapter 62, or Section 61,
Chapter 61, General Laws, Acts of the 41st Legislature, 2nd Called
Session, 1929 (Article 881a-60, Vernon's Texas Civil Statutes).
(b) Subsection (a) does not prohibit activity that is not
considered to be transacting business in this state under Section
B, Article 8.01, Texas Business Corporation Act.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 67.002. APPLICATION OF LAW AND RULES. This subtitle
and each rule adopted under this subtitle apply to the operations in
this state of a foreign association and may be enforced by the
commissioner.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 67.003. CONTRACTS CONSTRUED UNDER LAW OF THIS
STATE. A contract between a foreign association and a resident of
this state is governed by the laws of this state.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 67.004. FEDERAL ASSOCIATIONS. A federal association
is not a foreign corporation or foreign association for purposes of
this subtitle.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
SUBCHAPTER B. POWERS OF FOREIGN ASSOCIATION; ELIGIBILITY OF
ACCOUNTS FOR INVESTMENT
§ 67.101. POWERS OF FOREIGN ASSOCIATION; ELIGIBILITY OF
ACCOUNTS FOR INVESTMENT. (a) A foreign association operating
under a certificate of authority has the rights and privileges of an
association created under this subtitle. The association's
accounts are eligible for investment to the same extent as those of
a domestic association.
(b) A foreign association may not be considered an
association organized under the laws of this state.
(c) A foreign association operating in this state under this
chapter may not exercise a power, perform a function, or offer a
service that a domestic association may not exercise, perform, or
offer.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
SUBCHAPTER C. CERTIFICATE OF AUTHORITY
§ 67.201. RENEWAL OF CERTIFICATE. A foreign
association may renew a certificate of authority by paying a
renewal fee in January of each year. The finance commission by
resolution shall set the fee annually.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 67.202. REVOCATION OF CERTIFICATE. (a) The
commissioner may revoke a foreign association's certificate of
authority on the failure or refusal of the association to comply
with a final order of the commissioner.
(b) On revocation under Subsection (a), an agent of the
association may not transact business in this state except to:
(1) receive a payment to apply to an active loan
contract; or
(2) pay a withdrawal request.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
SUBCHAPTER D. EXAMINATION AND REGULATION
§ 67.301. FREQUENCY OF EXAMINATION. A foreign
association may not be examined more than once each year.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 67.302. EXAMINATION CHARGES. A foreign association
holding a certificate of authority shall pay:
(1) an examination fee in the amount set for a domestic
association under Section 61.007;
(2) all travel expenses of the examination; and
(3) the amount of the examination expense that exceeds
the amount of the examination fee, if any.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 67.303. AGREEMENT WITH REGULATORY AUTHORITY OF OTHER
STATE. (a) The commissioner, in exercising the supervisory and
regulatory authority granted under Chapter 66, may enter into a
cooperative agreement with a regulatory authority of another state
to facilitate regulation of a foreign association doing business in
this state.
(b) The commissioner may accept a report of examination and
other records from the regulatory authority of the other state
instead of conducting an examination outside this state.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 67.304. COMMISSIONER'S AUTHORITY TO ISSUE
ORDERS. The commissioner may issue an order against a foreign
association holding a certificate of authority in the same manner
provided by Chapter 66 for issuance of an order against a domestic
association.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
