Texas Finance Code

§ 35.002 — CEASE AND DESIST ORDER

FI § 35.002Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part A. BANKS · Ch. 35. ENFORCEMENT ACTIONS · Art. A. ENFORCEMENT ORDERS: BANKS AND MANAGEMENT

Statute text

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

(1)violated this subtitle or another applicable law;

(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 bank's charter or an agreement between the bank or the person and the banking commissioner or the department.

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Legislative history

Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 41, eff. September 1, 2007. Acts 2015, 84th Leg., R.S., Ch. 422 (H.B. 3555), Sec. 4, eff. September 1, 2015. Acts 2023, 88th Leg., R.S., Ch. 989 (H.B. 3574), Sec. 6, eff. June 18, 2023.