Texas Finance Code

§ 204.103 — ISSUANCE OF LICENSE

FI § 204.103Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part G. BANK HOLDING COMPANIES; INTERSTATE BANK OPERATIONS · Ch. 204. FOREIGN BANKS · Art. B. DIRECT BRANCH AND AGENCY OFFICES OF FOREIGN BANKS

Statute text

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(a)The commissioner shall issue a license to a foreign bank to establish and maintain a Texas state branch or agency if the commissioner finds after reasonable inquiry that:

(1)all members of the management of the Texas state branch or agency have sufficient banking experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the agency will operate in compliance with state law;

(2)the foreign bank has sufficient standing to justify a belief that the Texas state branch or agency will be free from improper or unlawful influence or interference with respect to the office's operation in compliance with state law; and

(3)the foreign bank is acting in good faith and the application does not contain a material misrepresentation.

(b)Each Texas state branch or agency shall post its license in a conspicuous place at its office. A license issued under this subchapter is not transferable or assignable.

Legislative history

Added by Acts 1999, 76th Leg., ch. 344, Sec. 1.001, eff. Sept. 1, 1999.