89R11752 MLH-F
By: Lambert H.B. No. 3804
A BILL TO BE ENTITLED
AN ACT
relating to the regulation of state banks.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 31.002(a)(15), Finance Code, is amended
to read as follows:
(15) "Deposit" means the establishment of a
debtor-creditor relationship represented by the agreement of the
deposit debtor to act as a holding, paying, or disbursing agent for
the deposit creditor. The term:
(A) includes:
(i) an unpaid balance of money that is
received by the deposit debtor in the usual course of business in
exchange for conditional or unconditional credit to a commercial,
checking, savings, or time account of the deposit creditor or the
creditor's designee, or that is evidenced by a certificate of
deposit or similar instrument, a certified check or draft drawn
against a deposit account, or a letter of credit or traveler's check
on which the deposit debtor is primarily liable, but excluding an
obligation arising under Chapter 152 [151];
(ii) money or credit given for money
received by the deposit debtor in the usual course of business for a
special purpose, including money:
(a) held as escrow money, as security
for an obligation due to the deposit debtor or another person, or as
security for a loan;
(b) left with a deposit debtor by a
deposit creditor to meet maturing obligations that are not yet due;
and
(c) held by the deposit debtor to meet
an acceptance or letter of credit;
(iii) an outstanding draft, cashier's
check, money order, or other officer's check issued by the deposit
debtor in the usual course of business for any purpose, including
payment for services, dividends, or purchases; and
(iv) an obligation that the finance
commission by rule defines as a deposit liability, except that the
term may not include money received for immediate application to
reduction of an indebtedness; and
(B) does not include an obligation that this
subtitle or finance commission rule determines not to be a deposit
liability.
SECTION 2. Section 33.005, Finance Code, is amended to read
as follows:
Sec. 33.005. EXEMPTIONS. The following acquisitions are
exempt from Section 33.001:
(1) an acquisition of securities in connection with
the exercise of a security interest or otherwise in full or partial
satisfaction of a debt previously contracted for in good faith and
the acquiring person files written notice of acquisition with the
banking commissioner before the person votes the securities
acquired;
(2) unless the banking commissioner provides
otherwise in writing, an acquisition of voting securities in any
class or series by a controlling person who[:
[(A)] was identified as a controlling person of
the [in a] state bank in a prior application filed with and approved
by the banking commissioner and:[;]
(A) [(B)] has from the date of receipt of
approval under this subchapter continuously held power to vote 25
percent or more of any class of voting securities of the state bank;
or
(B) [(C)] is considered to have from the date of
receipt of approval under this subchapter continuously controlled
the state bank under Section 33.001(b);
(3) an acquisition or transfer by operation of law,
will, or intestate succession and the acquiring person files
written notice of acquisition with the banking commissioner before
the person votes the securities acquired;
(4) a transaction subject to Chapter 202 if:
(A) the acquiring bank holding company currently
owns and controls a state bank; or
(B) the post-transaction controlling person is
identified as the controlling person in a merger or other
acquisition-related application filed with the banking
commissioner concurrently with the submission required by Section
202.001; and
(5) a transaction exempted by the banking commissioner
or by rules adopted under this subtitle because the transaction is
not within the purposes of this subchapter or the regulation of the
transaction is not necessary or appropriate to achieve the
objectives of this subchapter.
SECTION 3. Section 35.106, Finance Code, is amended to read
as follows:
Sec. 35.106. AUTHORITY OF SUPERVISOR. During a period of
supervision, a bank, without the prior approval of the banking
commissioner or the supervisor or as otherwise permitted or
restricted by the order of supervision, may not:
(1) dispose of, sell, transfer, convey, or encumber
the bank's assets;
(2) lend or invest the bank's money;
(3) incur a debt, obligation, or liability;
(4) pay a [cash] dividend to the bank's shareholders;
(5) remove an executive officer or director, change
the number of executive officers or directors, or have any other
change in the position of executive officer or director; or
(6) engage in any other activity determined by the
banking commissioner to threaten the safety and soundness of the
bank.
SECTION 4. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2025.