Sec. 185.101. ORDER OF SUPERVISION. (a) The banking commissioner by order may appoint a supervisor over a state trust company if the banking commissioner determines from examination or other credible evidence that the state trust company is in hazardous condition and that an order of supervision appears to be necessary and in the best interest of the state trust company and its clients, creditors, and shareholders or participants, or the public.
(b) The banking commissioner may issue the order without prior notice.
(c) Subject to Subsection (d), the supervisor serves until the earlier of:
(1) the expiration of the period stated in the order of supervision; or
(2) the date the banking commissioner determines that the requirements for abatement of the order have been satisfied.
(d) The banking commissioner may terminate an order of supervision at any time.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.
Amended by:
Acts 2017, 85th Leg., R.S., Ch. 599 (S.B. 1401), Sec. 16, eff. September 1, 2017.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 185 - Enforcement Actions
Subchapter B. Supervision and Conservatorship
Section 185.1001. Applicability to State Trust Company Subsidiaries
Section 185.101. Order of Supervision
Section 185.102. Order of Conservatorship
Section 185.104. Post-Hearing Order
Section 185.105. Confidentiality of Records
Section 185.106. Duties of State Trust Company Under Supervision
Section 185.107. Powers and Duties of Conservator
Section 185.108. Qualifications of Appointee
Section 185.110. Review of Supervisor or Conservator Decisions