Texas Finance Code

§ 182.019 — PRIOR EXEMPTION

FI § 182.019Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 182. POWERS, ORGANIZATION, AND FINANCIAL REQUIREMENTS · Art. A. ORGANIZATION AND POWERS IN GENERAL

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(a)Subject to Subsection (b), a state trust company that was exempt before September 1, 1997, may no longer operate with that prior exempt status after the earlier of:

(1)September 1, 2020; or

(2)the date control is sold or otherwise transferred.

(b)A state trust company may apply for a new exemption under Section 182.011 before loss of its exempt status under Subsection (a). Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999. Amended by:

Legislative history

Acts 2015, 84th Leg., R.S., Ch. 250 (S.B. 875), Sec. 9, eff. September 1, 2015.