Bill Text: TX SB726 | 2019-2020 | 86th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to investments by state banks to promote community development.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Passed) 2019-04-25 - Effective on 9/1/19 [SB726 Detail]
Download: Texas-2019-SB726-Comm_Sub.html
Bill Title: Relating to investments by state banks to promote community development.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Passed) 2019-04-25 - Effective on 9/1/19 [SB726 Detail]
Download: Texas-2019-SB726-Comm_Sub.html
By: Zaffirini | S.B. No. 726 | |
(In the Senate - Filed February 8, 2019; March 1, 2019, read | ||
first time and referred to Committee on Business & Commerce; | ||
March 21, 2019, reported favorably by the following vote: Yeas 9, | ||
Nays 0; March 21, 2019, sent to printer.) | ||
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relating to investments by state banks to promote community | ||
development. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. The heading to Section 34.106, Finance Code, is | ||
amended to read as follows: | ||
Sec. 34.106. INVESTMENTS TO PROMOTE COMMUNITY DEVELOPMENT | ||
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SECTION 2. Section 34.106, Finance Code, is amended by | ||
amending Subsection (d) and adding Subsection (e) to read as | ||
follows: | ||
(d) A bank's aggregate investments under this section[ |
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amount equal to 15 [ |
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surplus. [ |
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(e) Notwithstanding any other law, a bank's exposure to a | ||
single project or entity described by this section, including all | ||
investments, loans, and commitments for loans, may not exceed 25 | ||
percent of the bank's unimpaired capital and surplus without the | ||
prior authorization of the banking commissioner in response to a | ||
written application. | ||
SECTION 3. This Act takes effect September 1, 2019. | ||
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