Tex. Fin. Code § 204.115 · Subchapter B. DIRECT BRANCH AND AGENCY OFFICES OF FOREIGN BANKS
VOLUNTARY CLOSURE OF BRANCH OR AGENCY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A foreign bank licensed to establish and maintain a Texas state branch or agency may not close the office without filing an application with, and obtaining the prior approval of, the commissioner. An application by a foreign bank under this section must be in the form and include the information the commissioner requires.
(b) The commissioner shall approve the application if the commissioner finds that the closing of the office will not be substantially detrimental to the foreign bank's depositors and creditors in this state. An application may be approved subject to conditions imposed by the commissioner for the continued protection of the foreign bank's depositors and creditors in this state, including a condition that the foreign bank pledge assets in the manner specified by Section 204.113 for a specified period of time.
(c) When an application by a foreign bank under this section has been approved and all conditions precedent to the closing have been fulfilled, the foreign bank may close the office and an officer, manager, or agent of the foreign bank shall deliver to the commissioner:
(1) all copies of examination reports or other property of the department;
(2) a statement under oath by an authorized officer, manager, or agent of the foreign bank that all deposit and other liabilities of the Texas state branch or agency to depositors and creditors in this state have been properly discharged by payment or pledge or otherwise assumed or retained by a financial institution;
(3) the license issued by the commissioner;
(4) an appropriate board resolution closing the Texas state branch or agency; and
(5) a statement of the location where the records of the Texas state branch or agency will be kept after the closing.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.204.htm
- Text hash
- sha256 19109cd85781d772c28fb2f763da22d5d403b8aa6a03ff8c240b812493f9468e
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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