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Can you summarize Tex. Fin. Section 32.204?
BANK OFFICES > DEPOSIT OR LOAN PRODUCTION OFFICES.
Short Summary
This provision, found in the Texas Statutes under the Finance Code, pertains to state banks and their ability to establish deposit or loan production offices. The purpose of these offices is to solicit deposit accounts, loan applications, and perform related ministerial duties. State banks are also allowed to conduct other activities as permitted by rules adopted under this subtitle. Before establishing a deposit or loan production office, the bank must notify the banking commissioner in writing, providing the location and activities to be conducted. The office can be established starting from the 31st day after the banking commissioner receives the notice, unless a different date is specified. The banking commissioner has the authority to extend the 30-day period if additional information or analysis is required. In such cases, the bank can only establish the proposed office with the prior written approval of the banking commissioner.
Whom does it apply to?
State banks
What does it govern?
Establishment of deposit or loan production offices by state banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Texas