Texas Register, Volume 33, Number 18, Pages 3495-3696, May 2, 2008 Page: 3,510
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The proposed amendment to 15.6 arises from that part of HB
2754 which was codified as Finance Code 32.005. Section
15.6(b) specifies that the department will notify the applicant of
any protest. Section 15.6(c) is amended to clarify that the com-
missioner may convene a hearing whether or not a protest is
filed, and that if the commissioner does so, the 180 day deadline
for acting on an application does not apply. Section 15.6(c) is
also amended to refer the reader to new 15.10, which governs
procedures for protests.
The proposed amendment to 15.8(a) arises from the legisla-
ture's enactment of the Texas Business Organizations Code
(TBOC) in 2003. The TBOC reorganized corporate structure
and became effective January 1, 2006. In 2007, the legislature
passed HB 1962, part of which is codified as Finance Code
32.008. Finance Code 32.008(a) makes the TBOC generally
applicable to banking associations. Finance Code 32.008(d)
states that, until January 1, 2010, a bank organized before
January 1, 2006 can choose to be governed by the former
law, the Texas Business Corporations Act (TBCA). Therefore,
15.8(a) is amended to clarify that, until January 1, 2010, banks
organized before January 1, 2006 may file corporate documents
proper under the TBCA.
The proposed amendment to 15.8(d) is authorized by Finance
Code 201.103 and clarifies that a bank may file a statement
with the secretary of state regarding the appointment, change or
cancellation of an appointment of an agent to receive process.
Existing 15.9, concerning waiver of requirements, is proposed
for repeal to make way for new 15.9. The content of existing
15.9 will be moved to new 15.12.
Proposed new 15.9, like 15.8, arises from the legislature's en-
actment of the TBOC in 2003. As stated above, Finance Code
32.008(a) makes the TBOC generally applicable to banking as-
sociations. After January 1, 2010, all state banks will be gov-
erned by the TBOC. Therefore, 15.9 follows the format of 15.8
and specifies the type of filings a state bank may make in compli-
ance with the TBOC and whether those filings should be made
with the secretary of state or the commissioner.
Proposed new 15.10 details the procedures for handling
protests of applications of new bank charters. These procedures
were revised by the legislature in HB 2754 and are codified as
Finance Code 32.005(a) and (b).
Proposed new 15.11 details procedures for requesting hear-
ings, clarifies that the commissioner has discretion whether or
not to convene a hearing, and states how a hearing shall be con-
ducted. These procedures were revised by the legislature in HB
2754 and are codified as Finance Code 32.005(c).
Proposed new 15.12 was formerly numbered 15.9. The text
has been moved to remain the last section of Subchapter A for
better organization.
Existing 15.112, concerning waiver of requirements is proposed
for repeal because proposed new 15.12 covers the subject mat-
ter of existing 15.112 and therefore existing 15.112 is unnec-
essary.
Lynda Drake, Director of Corporate Activities, Texas Department
of Banking, has determined that for the first five-year period the
proposed rules are in effect, there will be no fiscal implications for
state government or for local government as a result of enforcing
or administering the rules.Ms. Drake also has determined that, for each year of the first
five years the rules as proposed are in effect, the public benefit
anticipated as a result of enforcing the rules is that the statutory
procedures for protesting bank charter applications are clearly
set out in the rules, the rules clearly explain the statutory grant
of discretion to the commissioner regarding whether or not to
convene a hearing on bank charter applications, and the rules
specify what corporate filings to make before and after January
1, 2010.
For each year of the first five years that the rule will be in effect,
there will be no economic costs to persons required to comply
with the rule as proposed.
There will be no adverse economic effect on small businesses or
micro-businesses. There will be no difference in the cost of com-
pliance for small businesses as compared to large businesses.
To be considered, comments on the proposed new sections, re-
peals, and amendments must be submitted no later than 5:00
p.m. on the 30th day after the date of publication of this notice.
Comments should be addressed to General Counsel, Texas De-
partment of Banking, Legal Division, 2601 North Lamar Boule-
vard, Suite 300, Austin, Texas 78705-4294. Comments may also
be submitted by email to legal@banking.state.tx.us.
SUBCHAPTER A. FEES AND OTHER
PROVISIONS OF GENERAL APPLICABILITY
7 TAC 15.6, 15.8 - 15.12
The amendments and new sections are proposed under Finance
Code 11.301, which provides that the commission may adopt
banking rules as provided by Finance Code 31.003, under
Finance Code 31.003(a), which provides that the commission
may adopt rules to accomplish the purposes of the banking
statutes, including rules necessary or reasonable to implement
and clarify banking statutes and to facilitate the fair hearing and
adjudication of matters before the commissioner, and under
Finance Code 32.008, which authorizes the commission to
adopt rules to limit or refine the applicability of general corporate
laws to a state bank or to alter or supplement the procedures
and requirements of those laws applicable to actions taken
under chapter 32 of the Finance Code and permitting a state
bank to elect to be governed by the provisions of the TBOC
to the extent not inconsistent with Subtitle A of Title 3 of the
Finance Code or the proper business of a state bank.
Finance Code, 32.005 and 32.008 are affected by the pro-
posed new and amended sections.
15.6. Applications for Bank Charter: Notices to Applicants; Appli-
cation Processing Times; Appeals.
(a) (No change.)
(b) Notice to applicant. The banking commissioner shall issue
a written notice as required by 15.4 of this title (relating to Required
Information and Abandoned Filings) informing the applicant either that
all filing fees have been paid and the application is complete and ac-
cepted for filing, or that the application is deficient and specific addi-
tional information is required. If a protest is timely filed, the depart-
ment will notify the applicant of the protest.
(c) Action on applications. If an application is not protested
and if the banking commissioner has not ordered a hearing, the [The]
banking commissioner shall approve or deny an application for a state
bank charter or an application for conversion of a financial institution to
a state bank on or before the 180th day after the date the application is
accepted for filing, unless extended by written agreement between the33 TexReg 3510 May 2, 2008
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Texas. Secretary of State. Texas Register, Volume 33, Number 18, Pages 3495-3696, May 2, 2008, periodical, May 2, 2008; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth90792/m1/16/: accessed May 2, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.