Sec. 96.405. PERMITTED TRANSACTIONS FOR DEPARTMENT RELATING TO SAVINGS BANK. (a) The commissioner or an employee of the Department of Savings and Mortgage Lending may hold a deposit account at a savings bank and receive earnings on the account.
(b) If a loan or other note of the commissioner or an employee of the Department of Savings and Mortgage Lending is acquired by a savings bank, the commissioner or employee may continue as a borrower, endorser, surety, or guarantor of the loan or note until the loan or note is paid.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 6.049, eff. September 1, 2007.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 96 - Supervision and Regulation
Subchapter I. Miscellaneous Provisions
Section 96.401. Derivative Suit
Section 96.402. Payment of Insured Deposit Liabilities by Fdic
Section 96.404. Interest in Savings Bank Prohibited for Department
Section 96.405. Permitted Transactions for Department Relating to Savings Bank