Tex. Gov't Code § 609.712 · Subchapter D. DEFERRED COMPENSATION PLANS FOR EMPLOYEES OF INSTITUTIONS OF HIGHER EDUCATION
EVALUATION AND APPROVAL OF QUALIFIED VENDOR.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A plan administrator shall develop and implement criteria and procedures for evaluating a vendor's application to become a qualified vendor.
(b) A plan administrator may not approve a vendor's application if the vendor is:
(1) a state or national bank or savings and loan association, the deposits of which are not insured by the Federal Deposit Insurance Corporation;
(2) a credit union, the deposits of which are not insured by the National Credit Union Administration Board; or
(3) an insurance company that:
(A) is not a member of the Texas Life and Health Insurance Guaranty Association; or
(B) is an impaired or insolvent insurer under Chapter 463, Insurance Code.
(c) On written request, the Texas Department of Insurance shall certify in writing to a plan administrator whether an insurance company is prohibited from being approved as a qualified vendor under Subsection (b)(3). The plan administrator may rely on the certification.
Notes and commentary — not statutory text
History
Added by Acts 2003, 78th Leg., ch. 1266, Sec. 2.05, eff. Jan. 1, 2004.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 14 (S.B. 567), Sec. 13, eff. September 1, 2011.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.609.htm
- Text hash
- sha256 eb9153be9a195e3512bdf96b61074b05ebd3ba752e2ebf335b467b679db9295c
- 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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