Texas Finance Code - Section 31.004. Unauthorized Banking
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§ 31.004. UNAUTHORIZED BANKING. (a) Except as otherwise
provided by law, a person other than a depository institution
authorized to conduct business in this state may not conduct the
business of banking or represent to the public that it is conducting
the business of banking in this state.
(b) This section does not prohibit the continued operation
of a bank, trust company, bank and trust company, or savings bank
by:
(1) a person, partnership, trustee, or trustee
operating under a common law declaration of trust who:
(A) was actively engaged in the operation of the
institution on June 13, 1923; or
(B) operated the institution for any period of at
least 20 years before June 13, 1923, and resumed operations of the
institution not later than June 13, 1924; or
(2) a legal representative or successor of a person or
entity described by Subdivision (1).
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 15.412 15.413 15.414 15.415 31.001 31.002 31.003 31.004 31.005 31.006 31.007 31.101 31.102 31.103 31.104
Last modified: August 10, 2007
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