Texas Finance Code

§ 92.155 — CONFLICTS OF INTEREST

FI § 92.155Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part C. SAVINGS BANKS · Ch. 92. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. D. ADMINISTRATION

Statute text

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(a)Except as the finance commission by rule provides, a director or officer may not:

(1)receive directly or indirectly a commission on or benefit from a loan made by the savings bank;

(2)pay for services rendered to a borrower from the savings bank in connection with a loan;

(3)direct or require a borrower on a mortgage to negotiate an insurance policy on the mortgage property through a particular insurance company;

(4)attempt to divert to a particular insurance broker the business of borrowers from the savings bank;

(5)refuse to accept an insurance policy on the mortgaged property because the policy was not negotiated through a particular insurance broker;

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Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2001, 77th Leg., ch. 867, Sec. 42, eff. Sept. 1, 2001.