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Can you summarize Tex. Fin. Chapter 97?
SAVINGS BANKS > HOLDING COMPANIES
Short Summary
The provided legal document content pertains to the general provisions applicable to holding companies under the Texas Statutes, specifically the Finance Code. Holding companies are required to register with the commissioner within 90 days of becoming a holding company, providing information on their financial condition, ownership, operations, management, and intercompany relations. They must also file reports with the commissioner, maintain books and records, and allow for examinations by the commissioner. The document outlines the regulatory framework and requirements for holding companies in Texas, including limitations on activities and investments. Enforcement actions can be taken for violations, and the document also mentions the requirement for holding companies or connected individuals to execute and file an irrevocable appointment of agent for service of process.
Whom does it apply to?
Holding companies, their subsidiaries (excluding savings banks), and connected individuals
What does it govern?
Holding companies
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
Enforcement actions can be taken against holding companies for violations, with grounds, procedures, and effects similar to those applied to state savings banks.
Jurisdiction
Texas