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Can you summarize Tex. Fin. Chapter 279, Subchapter B?
BANKING AND CREDIT UNION DEVELOPMENT DISTRICTS > BANKING DEVELOPMENT DISTRICTS
Short Summary
The provided legal document pertains to the establishment and regulation of banking development districts in Texas. The finance commission is responsible for administering and monitoring a banking development district program to encourage the establishment of branches of financial institutions in areas where there is a demonstrated need for banking services. The finance commission, in consultation with the Texas Economic Development and Tourism Office, must adopt rules regarding the criteria for the designation of banking development districts, considering factors such as the availability of banking services, consumer needs, economic viability, local credit needs, existing commercial development, and the impact of additional banking services on potential economic development. Local governments, in conjunction with financial institutions, may submit applications to the finance commission for the designation of a banking development district. The finance commission has the authority to approve or reject these applications and must notify various entities upon making a determination. The legal document was added to the Texas Statutes in 2015.
Whom does it apply to?
Finance commission, local governments, financial institutions
What does it govern?
Establishment and regulation of banking development districts in Texas
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Texas