Texas Finance Code Title 3, Chapter 66 - Enforcement And Regulation

SUBCHAPTER A GENERAL PROVISIONS

• Texas Section 66.001 - General Duties
  The Department of Savings and Mortgage Lending and the commissioner shall regulate associations and subsidiaries of associations operating under this subtitle. Acts 1997, 75th Leg.,...

SUBCHAPTER B EXAMINATIONS

• Texas Section 66.002 - Adoption Of Rules
  The finance commission may adopt rules relating to: (1) the minimum amounts of capital stock and paid-in surplus required for incorporation as a capital stock...
• Texas Section 66.051 - Examinations
  (a) The commissioner shall periodically examine the affairs of each association, including the subsidiaries and transactions of the association and the dealings of any savings...
• Texas Section 66.052 - Additional Examinations
  (a) The commissioner at the association's cost shall conduct an additional examination or audit or devote extraordinary attention to an association's affairs if the commissioner...
• Texas Section 66.053 - Access To Books And Records
  The commissioner, a deputy commissioner, or an examiner or auditor of the commissioner shall be given free access to: (1) the books and records of...

SUBCHAPTER C SUPERVISORY INTERVENTION

• Texas Section 66.054 - Subpoena; Administration Of Oath Or Affirmation
  (a) In an examination conducted under this subchapter, the commissioner, the deputy commissioner, or an examiner or auditor of the commissioner may: (1) subpoena witnesses;...
• Texas Section 66.101 - Intervention For Violations And Unsafe And Unsound Practices
  The commissioner may intervene in the affairs of an association if the association or a person who participates in the affairs of the association or...
• Texas Section 66.102 - Intervention For Filing Inappropriate Information
  The commissioner may intervene in the affairs of an association if the association or a person who participates in the affairs of the association or...
• Texas Section 66.103 - Intervention For Activity Resulting In Actual Or Potential Loss
  (a) The commissioner may intervene in the affairs of an association if a person who participates in the affairs of the association or a subsidiary...
• Texas Section 66.104 - Intervention Relating To Examination Of Affairs
  (a) The commissioner may intervene in the affairs of an association if a person who participates in the affairs of the association or a subsidiary...
• Texas Section 66.105 - Temporary Supervisory Order
  (a) If the commissioner has reasonable cause to believe that one or more of the grounds for intervention under Section 66.101 exists or is imminent,...
• Texas Section 66.106 - Service Of Temporary Supervisory Order
  (a) A temporary supervisory order may be served by personal delivery by an agent of the commissioner or by certified or registered mail. (b) Service...
• Texas Section 66.107 - Hearing On Temporary Supervisory Order; Final Order
  (a) A temporary supervisory order issued under Section 66.105 becomes final and unappealable on the 16th day after the date on which the order is...
• Texas Section 66.108 - Plan Of Operation Of Association After Order Of Temporary Conservatorship
  (a) Before or during a hearing under Section 66.107 on a temporary supervisory order placing an association under the control of a conservator, the board...
• Texas Section 66.109 - Enforcement Of Supervisory Order
  (a) The commissioner, after giving notice, may assess against an association or another person designated in a final supervisory order who violates the order, or...
• Texas Section 66.110 - Stay Of Supervisory Order
  (a) A temporary supervisory order may not be stayed pending a hearing unless the commissioner orders a stay. (b) A final supervisory order may not...

SUBCHAPTER D CONSERVATORSHIP

• Texas Section 66.111 - Disclosure Of Information In Supervisory Order; Confidentiality
  (a) Except as provided by Subsection (b) or (c), information contained in a temporary or final supervisory order or a notice, correspondence, or other record...
• Texas Section 66.151 - Placement Of Association Under Conservatorship
  If the commissioner does not approve a plan to continue the operation of an association under Section 66.108, the conservator shall continue to manage the...
• Texas Section 66.152 - Duties Of Conservator
  (a) The conservator and any deputy or assistant conservator appointed by the commissioner, under the direction and supervision of the commissioner, shall: (1) take possession...
• Texas Section 66.153 - Term Of Conservator
  The conservator shall serve until the purposes of the conservatorship are accomplished. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
• Texas Section 66.154 - Transfer Of Management Of Rehabilitated Association
  If the association is rehabilitated, the conservator shall return the management of the association to the association's board under terms that are reasonable and necessary...
• Texas Section 66.155 - Scope Of Authority Of Other Persons During Conservatorship
  During the conservatorship, a person who participates in the affairs of the association shall act according to the conservator's instructions and may exercise only the...
• Texas Section 66.156 - Cost Of Conservatorship
  (a) The commissioner shall determine the cost of the conservatorship. (b) The cost of conservatorship shall be paid from the association's assets. Acts 1997, 75th...

SUBCHAPTER E VOLUNTARY SUPERVISORY CONTROL

• Texas Section 66.157 - Venue
  A suit filed against an association or its conservator while a conservatorship order is in effect must be brought in Travis County. Acts 1997, 75th...
• Texas Section 66.201 - Placement Of Association Under Voluntary Supervisory Control
  (a) An association's board may consent to the commissioner's placement of the association under supervisory control. (b) The commissioner may appoint the supervisor and one...
• Texas Section 66.202 - Powers Of Supervisors
  A supervisor or deputy supervisor has the powers of a conservator under Subchapter D and any other power established by agreement between the commissioner and...

SUBCHAPTER F CLOSING

• Texas Section 66.203 - Cost Of Supervisory Control
  The cost of the supervisory control of an association shall be set by the commissioner and paid by the association. Acts 1997, 75th Leg., ch....
• Texas Section 66.251 - Closing Of Association By Board Resolution
  An association's board, by resolution and with the commissioner's consent, may close the association and tender to the commissioner for disposition as provided by this...
• Texas Section 66.252 - Closing Of Association By Commissioner's Order
  The commissioner or the commissioner's representative may close an association if the commissioner determines after an examination that: (1) the interests of the depositors and...
• Texas Section 66.253 - Notice Of Closing
  (a) Immediately after an association is closed by its board or by the commissioner under this subchapter, the commissioner shall post at the main entrance...
• Texas Section 66.254 - Effect Of Closing
  (a) On closing an association under this subchapter, the commissioner may: (1) liquidate the association as provided by Subchapter E; or (2) tender the association's...

SUBCHAPTER G LIQUIDATION

• Texas Section 66.255 - Hearing On Commissioner's Order
  (a) Not later than the second day, excluding legal holidays, after the date on which the commissioner closes an association under Section 66.252, the association,...
• Texas Section 66.301 - Liquidation Of Association
  (a) If the commissioner doubts that an association subject to a conservatorship order can be rehabilitated, the commissioner may set a hearing to determine whether...
• Texas Section 66.302 - Removal Or Replacement Of Liquidating Agent
  (a) The commissioner, with or without cause, may remove a liquidating agent and appoint another agent. (b) If a liquidating agent resigns, dies, or otherwise...
• Texas Section 66.303 - Duties Of Liquidating Agent
  (a) Under the commissioner's supervision, the liquidating agent shall: (1) receive and take possession of the books, records, assets, and property of the association; (2)...
• Texas Section 66.304 - Notice
  (a) Under the commissioner's supervision, the liquidating agent shall give notice to creditors and savings account holders directing them to present and prove their claims...
• Texas Section 66.305 - Presentation Of Claim
  (a) To be entitled to priority, each person asserting a claim against an association being liquidated under this subchapter must present the claim in writing...
• Texas Section 66.306 - Priority Of Claims
  On liquidation of an association, claims for payment have the following priority: (1) obligations incurred by the commissioner or the liquidating agent, fees and assessments...
• Texas Section 66.307 - Action On Claim
  (a) Within three months after the date of receipt of a claim against an association being liquidated, the liquidating agent shall approve or reject the...
• Texas Section 66.308 - Hearing On Claim; Appeal Of Adverse Determination Of Claim
  (a) A claimant may appeal an adverse determination of a claim by filing suit on the claim in a district court of Travis County within...
• Texas Section 66.309 - Payment Of Final Dividend
  (a) The liquidating agent may not pay a final dividend before the first day of the 19th month after the date notice is first published...
• Texas Section 66.310 - Deposit Of Money By Liquidating Agent
  The liquidating agent shall deposit all unclaimed dividends and all money available for nonclaiming depositors and creditors in one or more state-chartered financial institutions for...
• Texas Section 66.311 - Payment Of Nonclaiming Depositors And Creditors
  (a) Except as provided by Subsection (b), the liquidating agent, on demand, shall pay a depositor or creditor of the association who does not make...
• Texas Section 66.312 - Cost Of Liquidation
  (a) The commissioner shall determine the cost of the liquidation. (b) The cost of liquidation shall be paid from the association's assets as the commissioner...
• Texas Section 66.313 - Final Report
  After paying a final dividend as provided by Section 66.309 and performing any necessary or proper action in liquidating the association's assets for the benefit...
• Texas Section 66.314 - Continued Existence Of Association Following Liquidation
  For the purposes of adjusting and settling claims not disposed of during the liquidation, the association continues to exist until the third anniversary of the...
• Texas Section 66.315 - Special Liquidating Agent
  At the completion of the liquidation, the commissioner may appoint a special liquidating agent if necessary to adjust and settle undisposed claims. Acts 1997, 75th...
• Texas Section 66.316 - Closing Of Liquidation; Order And Liability
  (a) The liquidating agent shall certify the completion of the liquidation to the commissioner, who shall then issue an order closing the liquidation. (b) After...

SUBCHAPTER H RECEIVERSHIP OF UNINSURED ASSOCIATIONS

• Texas Section 66.317 - Administrative Procedure
  The procedures for a contested case hearing under Chapter 2001, Government Code, apply to a hearing set by the commissioner under this subchapter. Acts 1997,...
• Texas Section 66.351 - Placement Of Certain Associations In Receivership
  (a) After a final liquidation order has been issued under Subchapter F or G for an association the deposits of which are not insured by...
• Texas Section 66.352 - Duties Of Receiver
  On appointment, the receiver shall: (1) immediately take charge of the affairs of the association, subject to the direction of the court; and (2) conduct...
• Texas Section 66.353 - Compensation Of Receiver
  The receiver is entitled to compensation as determined by the court. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
• Texas Section 66.354 - Effect Of Receivership On Commissioner And Liquidating Agent
  (a) On appointment of the receiver, the commissioner and liquidating agent are discharged from further duty in connection with the administration or regulation of the...
• Texas Section 66.355 - Receipt Of Items As Evidence In Receivership Proceeding; Certification
  (a) A book, record, document, or paper of the association received and held by the receiver during the receivership proceeding or a certified copy of...

SUBCHAPTER I MISCELLANEOUS PROVISIONS

• Texas Section 66.356 - Title And Custody Of Association's Assets
  (a) The property and assets of the association are in the custody of the court from the date the receivership begins. (b) The receiver and...
• Texas Section 66.401 - Derivative Suit
  (a) The commissioner may bring a derivative suit on behalf of an association on an unpursued cause of action if: (1) the commissioner determines that...
• Texas Section 66.402 - Payment Of Insured Deposit Liabilities By Fdic
  If the Federal Deposit Insurance Corporation pays the insured deposit liabilities of an association that has been closed or is being liquidated under this chapter,...
• Texas Section 66.403 - Enforceability Of Loan Promise Or Agreement Made By Association Before Conservatorship Or Supervisory Control
  If a promise or agreement to lend money is not otherwise unenforceable under Chapter 26, Business & Commerce Code, and if the promise or agreement...

Last modified: September 28, 2016