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Texas Laws | Finance Code

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. (4318)

Sec. 63.009. EMERGENCY CLOSING. (4319)(Text)

(a) If the officers of an association determine that an emergency that affects or may affect the association's offices or operations exists or is impending, the officers, as reasonable, may determine: (4320)

(1) not to conduct the involved operations or open the offices on any business or banking day; or (4321)

(2) if the association is open, to close the offices or the involved operations for the duration of the emergency. (4322)

(b) Subject to Subsection (c), a closed office or operation under this section shall remain closed until the officers determine that the emergency has ended and for any additional time reasonably required to reopen. (4323)

(c) An association that closes an office or an operation under this section shall notify the commissioner of its action by any means available and as promptly as conditions permit. An office or operation may not be closed for more than 48 consecutive hours, excluding other legal holidays, without the commissioner's approval. (4324)

(d) In this section, "emergency" means a condition or occurrence that may interfere physically with the conduct of normal business at the offices of an association or with the conduct of a particular association operation or that poses an imminent or existing threat to the safety or security of persons, property, or both. The term includes a condition or occurrence arising from: (4325)

(1) fire, flood, earthquake, hurricane, tornado, wind, rain, or snowstorm; (4326)

(2) labor dispute and strike; (4327)

(3) power failure; (4328)

(4) transportation failure; (4329)

(5) interruption of communication facilities; (4330)

(6) shortage of fuel, housing, food, transportation, or labor; (4331)

(7) robbery, burglary, or attempted robbery or burglary; (4332)

(8) actual or threatened enemy attack; (4333)

(9) epidemic or other catastrophe; (4334)

(10) riot or civil commotion; or (4335)

(11) any other actual or threatened unlawful or violent act. (4336)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. (4337)

Sec. 63.010. EFFECT OF CLOSING. (4338)(Text)

(a) A day on which an association or one or more of its operations is closed under Section 63.009 during all or part of its normal business hours is considered to be a legal holiday to the extent the association suspends operations. (4339)

(b) An association or a director, officer, or employee of the association does not incur liability or loss of rights from a closing authorized by this subtitle. (4340)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. (4341)

Sec. 64.001. ADOPTION OF RULES. (4343)(Text)

(a) The finance commission shall adopt rules relating to the power of associations operating under this subtitle to make loans and investments. (4344)

(b) Rules adopted under this section must contain provisions reasonably necessary to ensure that: (4345)

(1) a loan made by an association is consistent with sound lending practices; and (4346)

(2) an investment made by an association promotes the purposes of this subtitle. (4347)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2001, 77th Leg., ch. 867, Sec. 28, eff. Sept. 1, 2001. (4348)

Sec. 64.002. CONTENT OF RULES. (4349)(Text)

Rules adopted under this subchapter may include provisions governing: (4350)

(1) types of loans an association may originate, make, or sell; (4351)

(2) conditions under which an association may originate, make, or sell a loan; (4352)

(3) conditions under which an association may purchase or participate in a loan made by another lender; (4353)

(4) conditions for servicing a loan for another lender; (4354)

(5) conditions under which an association may lend money on the security of a loan made by another lender; (4355)

(6) conditions under which an association may pledge a loan held by the association as collateral for money borrowed by the association; (4356)

(7) conditions under which an association may invest in securities and debt instruments; (4357)

(8) documentation that an association must have in the association's loan files when the association funds, purchases, or participates in a loan; (4358)

(9) the form and content of statements of expenses, fees, and other charges paid, or required to be paid, by a borrower; (4359)

(10) title information required to be maintained in force; (4360)

(11) insurance coverage required to be provided by a borrower for property that secures a loan; (4361)

(12) appraisal reports; (4362)

(13) financial statements of borrowers; (4363)

(14) fees or other compensation that may be paid to an officer, director, employee, affiliated person, consultant, or third party in connection with procuring a loan for an association; (4364)

(15) conditions under which an association may advance money to pay taxes, assessments, insurance premiums, and similar charges for the protection of the association's interest in property securing a loan; (4365)

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