Texas Finance Code

§ 33.005 — EXEMPTIONS

FI § 33.005Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part A. BANKS · Ch. 33. OWNERSHIP AND MANAGEMENT OF STATE BANK · Art. A. TRANSFER OF OWNERSHIP INTEREST

Statute text

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The following acquisitions are exempt from Section 33.001:

(1)an acquisition of securities in connection with the exercise of a security interest or otherwise in full or partial satisfaction of a debt previously contracted for in good faith and the acquiring person files written notice of acquisition with the banking commissioner before the person votes the securities acquired;

(2)unless the banking commissioner provides otherwise in writing, an acquisition of voting securities in any class or series by a controlling person who was identified as a controlling person of the state bank in a prior application filed with and approved by the banking commissioner and:

(A)has from the date of receipt of approval under this subchapter continuously held power to vote 25 percent or more of any class of voting securities of the state bank; or

(B)is considered to have from the date of receipt of approval under this subchapter continuously controlled the state bank under Section 33.001(b);

(3)an acquisition or transfer by operation of law, will, or intestate succession and the acquiring person files written notice of acquisition with the banking commissioner before the person votes the securities acquired;

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Legislative history

Acts 2019, 86th Leg., R.S., Ch. 652 (S.B. 1823), Sec. 4, eff. September 1, 2019. Acts 2023, 88th Leg., R.S., Ch. 989 (H.B. 3574), Sec. 4, eff. June 18, 2023. Acts 2025, 89th Leg., R.S., Ch. 638 (H.B. 3804), Sec. 2, eff. June 20, 2025.