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Can you summarize 7 TXAC 3.35?
GENERAL > Safe Deposit Box Facilities
Short Summary
This section of the Texas Administrative Code governs the imprinting requirements for safe deposit box keys issued by financial institutions in Texas. It clarifies the requirements of the Finance Code, 59.110, which mandates the imprinting of keys with the financial institution’s routing number. The section defines key terms such as ‘financial institution’ and ‘routing number.’ It specifies that the routing number should be imprinted on the head or shank of the key, or alternatively, on a secure tag attached to the key. The section also allows financial institutions to add a three-digit branch designation to the routing number for identification purposes. It requires financial institutions to report any alteration or defacement of a key’s routing number to the Department of Public Safety. The section further states that all safe deposit box keys issued on or after September 1, 1992, must be imprinted with the routing number, and the requirement also applies to keys issued prior to that date if a customer presents the key for access to a box. However, financial institutions are not obligated to provide notice to customers or require them to present their keys for imprinting. The section does not specify any penalties for non-compliance.
Whom does it apply to?
Financial institutions in Texas
What does it govern?
Imprinting requirements for safe deposit box keys issued by financial institutions
What are exemptions?
Keys for boxes rented prior to September 1, 1992, need not be imprinted with the routing number unless and until a customer presents a safe deposit box key at a financial institution for access to a box. Financial institutions are not required to inspect routing numbers imprinted on a key or an attached tag to determine if the number has been altered or defaced.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Texas