Texas Insurance Code

§ 651.053 — ENTITLEMENT OF BANKS AND SAVINGS AND LOAN ASSOCIATIONS TO LICENSE

IN § 651.053Title 5. PROTECTION OF CONSUMER INTERESTS · Part E. PREMIUM FINANCING · Ch. 651. FINANCING OF INSURANCE PREMIUMS · Art. B. AUTHORITY TO ENGAGE IN BUSINESS

Statute text

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(a)A bank or a savings and loan association is entitled to receive a license under this subchapter if the bank or savings and loan association:

(1)is engaging in business under the laws of this state or the United States; and

(2)notifies the department of its intention to operate under this chapter.

(b)On receipt of notice under Subsection (a)(2), the department shall immediately issue a license to the bank or savings and loan association.

Legislative history

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.