Texas Finance Code - Section 31.005. Implying That Person Is Bank
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§ 31.005. IMPLYING THAT PERSON IS BANK. (a) A person may
not use the term "bank," "bank and trust," or a similar term or a
character, ideogram, phonogram, phrase, or foreign language word in
its name, stationery, or advertising in a manner that would imply to
the public that the person is engaged in the business of banking in
this state.
(b) Subsection (a) does not apply to a depository
institution or other entity organized under the laws of this state,
another state, the United States, or a foreign sovereign state to
the extent that the depository institution or other entity is:
(1) authorized under its charter or the laws of this
state or the United States to use a term, word, character, ideogram,
phonogram, or phrase prohibited by Subsection (a); and
(2) authorized by the laws of this state or the United
States to conduct the activities in which it is engaged in this
state.
(c) A person violating this section is subject to an
enforcement action initiated by the banking commissioner under
Subchapter C, Chapter 35, except that the maximum administrative
penalty under Section 35.211 for violation involving only
Subsection (a) is $500 for each day the violation continues.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 344, § 2.003, eff. Sept. 1, 1999.
Section: 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 31.105
Last modified: August 10, 2007
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