Sec. 404.022. APPLICATIONS. (a) The comptroller, not later than the first business day in June of each odd-numbered year, shall mail to each eligible institution a letter stating the conditions with which applicants for designation as a state depository must comply. The comptroller shall keep on file in the comptroller's office and make available for inspection by any person a list of institutions to which letters have been sent.
(b) The application for designation as a state depository must include a statement:
(1) of the amount of the applicant's paid capital stock and permanent surplus, if any;
(2) of the maximum amount of state time deposits the applicant will accept;
(3) of the applicant's condition according to the most recent financial statement on the date the application is submitted; and
(4) that the books and accounts of the institution, if it is designated as a state depository, will be open at all times for inspection by the comptroller or a representative of the comptroller.
(c) An application shall be mailed to the comptroller at Austin and must be received before noon on the first business day of August of the year in which the letter is sent. An application received after that time may be considered at the option of the comptroller. The comptroller may charge a processing fee of $25 for each application and shall deposit the fees to the credit of the general revenue fund.
(d) On receipt of an application under this section, the comptroller shall endorse on the application the date of its receipt. The comptroller shall prepare a list of the names of the applicants and the amount for which each has applied.
(e) The comptroller may approve those applicants that are acceptable and may reject those whose management or condition, in the opinion of the comptroller, does not warrant the placing of state funds in their possession.
(f) The designation as a state depository is effective for a period of not more than two years.
(g) As soon as practicable after the comptroller has made its designations, the comptroller shall inform applicants whether they have been designated as state depositories.
(h) The comptroller may execute a simplified version of a depository agreement with an eligible institution desiring to hold state deposits that are fully insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.
Acts 1987, 70th Leg., ch. 147, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1995, 74th Leg., ch. 426, Sec. 3, eff. June 9, 1995; Acts 1997, 75th Leg., ch. 891, Sec. 3.06, eff. Sept. 1, 1997; Acts 1997, 75th Leg., ch. 1423, Sec. 7.30, eff. Sept. 1, 1997; Acts 1999, 76th Leg., ch. 847, Sec. 2, eff. Sept. 1, 1999.
Amended by:
Acts 2011, 82nd Leg., 1st C.S., Ch. 4 (S.B. 1), Sec. 16.02, eff. September 28, 2011.
Structure Texas Statutes
Subtitle A - Executive Officers
Chapter 404 - State Treasury Operations of Comptroller
Subchapter C. State Depositories and Investment of State Funds
Section 404.021. Eligible Institutions
Section 404.0211. Conflict of Interest
Section 404.0212. Depository Rating Under Certain Federal Law
Section 404.0221. Eligible Collateral
Section 404.024. Authorized Investments
Section 404.0241. Investment of Certain Economic Stabilization Fund Balances
Section 404.0245. Crude Oil and Natural Gas Futures Contracts