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Can you summarize 7 TXAC 3.93?
BANKING HOUSE AND OTHER FACILITIES > Deposit Production Offices
Short Summary
This legal document governs the establishment and operation of deposit production offices (DPOs) by Texas state banks. DPOs are sites other than the home office or a branch of the bank where deposit production activities can take place. Texas state banks are authorized to engage in deposit production activities at DPOs, including soliciting deposits, providing information about deposit products, and assisting with opening deposit accounts. However, DPOs must not engage the public in the business of banking, such as making loans, receiving deposits, and paying withdrawals. All deposit or withdrawal activities must be performed by the state bank customer in person at the home office or a branch, or through mail, electronic transfer, or similar methods. The document also outlines the notification requirements for establishing or relocating/closing a DPO, as well as compliance requirements for transactions involving management and affiliates. Out-of-state banks seeking to establish a DPO in Texas must comply with additional provisions. No specific penalties are mentioned in this document.
Whom does it apply to?
Texas state banks
What does it govern?
Establishing and operating deposit production offices (DPOs) by Texas state banks
What are exemptions?
DPOs that do not engage in the business of banking as defined by Finance Code, 31.002(a)(4)
What are the Penalties?
No penalties mentioned
Jurisdiction
Texas