Texas Finance Code - Section 32.011. Financial Activities
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§ 32.011. FINANCIAL ACTIVITIES. (a) The finance
commission by rule may determine that an activity not otherwise
approved or authorized for a state bank under this subtitle or other
law is:
(1) a financial activity;
(2) incidental to a financial activity; or
(3) complementary to a financial activity.
(b) In adopting a rule under Subsection (a), the finance
commission shall consider:
(1) the purposes of this subtitle and the
Gramm-Leach-Bliley Act (Pub. L. No. 106-102);
(2) changes or reasonably expected changes in the
marketplace in which state banks compete;
(3) changes or reasonably expected changes in the
technology for delivering financial services;
(4) whether the activity is necessary or appropriate
to allow a state bank to:
(A) compete effectively with another company
seeking to provide financial services;
(B) efficiently deliver information and services
that are financial in nature through the use of technological
means, including an application necessary to protect the security
or efficacy of systems for the transmission of data or financial
transactions; or
(C) offer customers available or emerging
technological means for using financial services or for the
document imaging of data;
(5) whether the activity would pose a substantial risk
to the safety or soundness of a state bank or the financial system
generally;
(6) if otherwise determined to be permissible, whether
the conduct of the activity by a state bank should be qualified
through the imposition of reasonable and necessary conditions to
protect the public and require appropriate regard for safety and
soundness of the bank and the financial system generally; and
(7) whether a state bank would be permitted to engage
in the activity under applicable federal law, including 12 U.S.C.
Section 1831a, and related regulations.
(c) A rule adopted by the finance commission under this
section does not alter or negate applicable licensing and
regulatory requirements administered by a functional regulatory
agency of this state, as defined by Section 31.303, including
licensing and regulatory requirements pertaining to:
(1) insurance activities;
(2) securities activities; and
(3) real estate development, marketing, and sales
activities.
Added by Acts 2001, 77th Leg., ch. 528, § 8, eff. Sept. 1, 2001.
Section: 32.004 32.005 32.006 32.007 32.008 32.009 32.010 32.011 32.101 32.102 32.103 32.104 32.201 32.202 32.203
Last modified: August 10, 2007
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