Texas Finance Code

§ 185.002 — CEASE AND DESIST ORDER

FI § 185.002Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 185. ENFORCEMENT ACTIONS · Art. A. ENFORCEMENT ORDERS

Statute text

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(a)The banking commissioner has grounds to issue a cease and desist order to an officer, employee, director, manager, or managing participant of a state trust company, or the state trust company itself acting through an authorized person, if the banking commissioner determines from examination or other credible evidence that the state trust company or person directly or indirectly has:

(1)violated this subtitle or another applicable law or rule;

(2)engaged in a breach of trust or other fiduciary duty;

(3)refused to submit to examination or examination under oath;

(4)conducted business in an unsafe or unsound manner; or

(5)violated a condition of the state trust company's charter or an agreement between the state trust company or the person and the banking commissioner or the department.

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Legislative history

Acts 2015, 84th Leg., R.S., Ch. 422 (H.B. 3555), Sec. 10, eff. September 1, 2015.