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Can you summarize 7 TXAC 75.34?
OPERATIONS > Loan Production Offices (Loan Offices), Administrative Offices, and Deposit Production Offices
Short Summary
This document, part of the Texas Administrative Code, governs the establishment and maintenance of Loan Production Offices (Loan Offices), Administrative Offices, and Deposit Production Offices by savings banks. Loan Production Offices have the authority to take loan applications, originate loans, approve or make credit decisions, accept loan payments, and manage or sell real estate owned by the institution. Administrative Offices are established for administrative purposes only and cannot accept savings deposits or loan applications. Deposit Production Offices can solicit deposits, provide information about deposit products, and assist in completing application forms, but cannot receive deposits or pay withdrawals. All deposit or withdrawal activity must be performed by the savings bank customer either in person at the main office, branch office, or through mail, electronic transfer, or similar methods. Savings banks are required to notify the commissioner in writing prior to opening or closing any of these offices and obtain written consent from the commissioner for their establishment. It is important to note that Loan Offices, Administrative Offices, and Deposit Production Offices are not considered branches.
Whom does it apply to?
Savings banks
What does it govern?
Loan Production Offices (Loan Offices), Administrative Offices, and Deposit Production Offices
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Texas