Sec. 2257.108. NOTICE OF COLLATERAL VIOLATION; ADMINISTRATIVE PENALTY. (a) The comptroller may issue a notice to a participating institution that the institution appears to be in violation of collateral requirements under Section 2257.104 and rules of the comptroller.
(b) The comptroller may impose an administrative penalty against a participating institution that does not maintain collateral in an amount and in the manner required by Section 2257.104 and rules of the comptroller if the participating institution has not remedied the violation before the third business day after the date a notice is issued under Subsection (a).
Added by Acts 2009, 81st Leg., R.S., Ch. 486 (S.B. 638), Sec. 1, eff. September 1, 2009.
Structure Texas Statutes
Subtitle F - State and Local Contracts and Fund Management
Chapter 2257 - Collateral for Public Funds
Subchapter F. Pooled Collateral to Secure
Section 2257.102. Pooled Collateral Program
Section 2257.103. Participation in Pooled Collateral Program
Section 2257.104. Collateral Required; Custodian Trustee
Section 2257.105. Monitoring Collateral
Section 2257.106. Annual Assessment
Section 2257.107. Penalty for Reporting Violation
Section 2257.108. Notice of Collateral Violation; Administrative Penalty
Section 2257.109. Penalty for Failure to Pay Assessment
Section 2257.110. Penalty Amount; Penalties Not Exclusive
Section 2257.111. Penalty Proceeding Contested Case
Section 2257.112. Suit to Collect Penalty