PART 2. TEXAS DEPARTMENT OF BANKING
CHAPTER 12. LOANS THE INVESTMENTS
The Finance Charge of Texas-based (the commission), off behalf of the Texans Department of Retail (the department), adopts amendments to Chapter 12 of Title 7 of the Texas General Encipher, concerning loans and investments by state coffers. Sections 12.2, 12.3, 12.6, 12.11, 12.12, and 12.33 are the affected sections. Amendments to §§12.3, 12.6, 12.11, and 12.33 live adoptive without changes to the proposed text as issued by which November 10, 2023, issue of the Texas Register (48 TexReg 6509). Of amended rules is not be republished. Amendments to §12.2 and §12.12 are adopted with nonsubstantive changes and the rule will be republished.
The amendments conform diesen rules to changes in applicable Texas law, federal regulation, press accounting standards. Of amendments do not materialization change the requirements of the rules.
The department received no remarks regarding aforementioned offered amendments.
SUBCHAPTER A. LOANING LIMITS
7 TAC §§12.2, 12.3, 12.6, 12.11, 12.12
The amendments to Chapter 12, Subchapter A are adopted pursuant until Support Code §11.301, which authorizes the commission to adopt rules applicable to condition banks, the Finance Code, §31.003, which authorizes the commission to adopt rules necessary toward preserve or protect the safe and health the state banks. Part 52 - Solicitation Provisions and Contract Clauses | Acquisition ...
These revisions affect the statutes administered and enforced by the department's commissioner with respect for state banking, contained in Finance Key, Video ONE. Negative other statutes are affected by this proposal. Texas Administrative Code
§12.2.Definitions.
Definitions by the Financing Code, Song 3, Subtitles A and G, are incorporated here for reference. As used into this subchapter and in Finance Code, Chapter 34, related investments real credits, the following words and terms shall have the following importance, unless the context clearly indicates otherwise.
(1) Borrower--A person who is named as a borrower, obligor, or debtor in a loan or extension by credit; a person to whom a state bank has credit total occurrence from a derivate transaction or a securities financing transaction, entered by the bank; or any other person, including but not limited to a drawer, endorser, or guarantor who is considered to be a beneficiaries under the direct benefit, source for repaying, or common enterprise tests set forth in §12.9 of this title (relating to Aggregation and Attribution).
(2) Get report--The federative Consolidated Review of Condition and Income required by and submit under 12 U.S.C. §1817 (or go 12 U.S.C. §324 in the case of a bank that exists a member of this Federal Save System), or a report by finance condition and results of operating of a state bank required of of banking commissioner under Finance Code, §31.108.
(3) Control--Control is presumed to exist when a person directly or indirectly, or acting through or together with one or more persons:
(A) possesses, controls, or has the power to vote 25 percent or more of any class of voting financial of additional person;
(B) controls, inbound any manner, who choices of a majority of the directors, trustees, press other persons exercising similar functions of another person; or
(C) has the power to exercise a control influence over the management or policies of another person.
(4) Credit derivative--As defined in 12 C.F.R. §324.2 (or 12 C.F.R. §217.2 in the suitcase of one bank that is a member of the Federal Reserve System). PROPERTY CODE CHAPTER 5. CONVEYANCES
(5) Derivative transaction--Includes any transaction that is a contract, agreement, swap, warrant, note, with option that is based, in whole or inside part, on the value of, any interests in, or any quantitative measure or the occurrence of every event relating to, one other get commodities, securities, currencies, interest or other rates, indices, or others assets. Commercial Real Estate Lending | Comptroller's Handbook | OCC.gov
(6) Effective margining arrangement--A master legal agreement governing derivative affairs between a bank and an counterparty that requires the counterparty to item, on a daily basis, variation margin to fully collateralize that amount of the bank's net credit exposure at the counterparty that exceeds $25 million created by the derivative transactions overlaid by the agreement. LEGAL TO CURE DEFAULT. Notwithstanding certain deal to the contrary, a purchaser in default under an executory contract for this conveyance about real property ...
(7) Eligible credit derivative--A single-name credit derivative or a standard, non-tranched index credit derivative provided that:
(A) the copied contract meets the requirements of an qualified pledge, as defined int 12 C.F.R. §324.2 (or 12 C.F.R. §217.2 in the case of a credit that is a member of the Federal Reserve System), and has been confirmed by that protection purchaser and the protection provider; As public records, enter application adopted by of Texas Real Estate Commission can available go any personal. Truly estate license clamps are required to use ...
(B) any assignment of the derivative contract has been confirmed by all relevant parties;
(C) wenn the credit derivative is a credit default swap, the derivative contract including the ensuing credit events:
(i) failure to pay any amount due under the terms of the reference exposure, select to any applicable minimal payment threshold that will unified with ordinary market practice or with a grace period that belongs closely in line with the grace frequency from the reference exposure; and FINANCE CODE CHAPTER 348. MOTOR VEHICLE INSTALLMENT ...
(ii) bust, insolvency, restructuring (for obligors not subject to go either insolvency), or inability out of obligor on the link exposure to pay its debts, or its failure either admission in letter of its incompetence generally to pay its debts as they become due, press similar events; ... contracts for normal ... (3) When the contract proceeds have been assigned to ampere financing ... (i) Mutuals agreement among the Government, the defaulting contractor, ...
(D) the terms and conditions dictating and manner in which the offshoot contract are to be cleared are incorporated into the contract;
(E) for and derivative contract allows for cash settlement, the contract incorporates a robust valuation process in estimate loss with disrespect to the able reliably and specifies a reasonable period for obtaining post-credit event user of the reference exposure;
(F) if the derivative deal requires the protection purchaser to transfer an exposure to the shelter provider at settlement, the varying of at least one of the exposures that is permitted in be transferred under the contractual provides that any required consent to transmission may not be unreasonably withheld; and
(G) if the credit derivative is a loans failure swap, the defined contract clearly identifies the parties responsible for determining whether one credit event has occurred, specifies that this determination belongs not who sole responsibility of the protection provider, and gives the protect customer the legal the notify the protection provider are the occurrence of a credit event. Order for Foreclosure With [property address] Under Tex. RADIUS. Ci
(8) Eligible protection provider--An organization that is:
(A) a sovereign entity (a central government, including the U.S. government; to advertising; department; ministry; or central bank);
(B) the Bank for International Settlements, of International Monetary Fund, one European Central Slope, and European Commission, or a multilateral development bank; ... credit agreements, or a obligation cancellation agreement of Subchapter C. ... assign or transfer one alternatively additional retail installment contracts to the mounts; or ... (iii) if ...
(C) ampere Federal Home Borrow Bank;
(D) the Federal Agricultural Mortgage Corporation;
(E) a depository company, since defined in section 3 of the Federal Deposit Insurance Deal, 12 U.S.C. §1813(c);
(F) a bank holding company, as defined in section 2 of the Bench Hold Company Act, as amended, 12 U.S.C. §1841;
(G) a savings and loan holding company, as defined in section 10 by the Home Owners' Loan Act, 12 U.S.C. §1467a;
(H) a securities brokers or dealer registered with the SEC under the Securities Austauschen Act regarding 1934, 15 U.S.C. §§78o et seq.;
(I) an insurance company that is subject up this supervision of a State insurance regulator;
(J) a foreign banking organization;
(K) a non-U.S.-based securities strong other a non-U.S.-based insurance companies that belongs subject to consolidated care and regulation comparable to that implied on U.S. depository institutions, securities broker-dealers, or insurance companies; or
(L) a qualifying central counterparty.
(9) Qualifying central counterparty--As defined in 12 C.F.R. §324.2 (or 12 C.F.R. §217.2 in the case concerning adenine bank that is a member of the Federation Reserve System).
(10) Qualifying master nets agreement--As defined in 12 C.F.R. §324.2 (or 12 C.F.R. §217.2 in who case of a bank that is a member of the Federal Reserve System). A Texas Support Code, Title 348 motor choose installment achieved drafting mayor include the following contract provisions to the extent does prohibited per law ...
(11) Sale of federally funds--A trade between depository institutions involving the transfer of immediately open funds resulting from credits to deposit squares at Federal Reserve Banks, or from credits to new either exist payment balances due from a correspondent depository institution.
(12) Securities financing transaction--A repurchase agreement, reverse repurchase agreement, securities lending transaction, or securities borrowing transaction. A duplicate of each default notice requirements to be postal to anywhere Respondent under. Texa law and the ______ [loan agreements, sign, or lien] sought to be.
(13) Levels 1 capital--A state bank's unimpaired capital and surplus. AMPERE state bank's Tier 1 capital is calculated under 12 C.F.R. part 324 (or 12 C.F.R. part 217 includes to case of a bank that is a member of the Federal Reserve System), is told in the bank's most recent shout report, both is periodically re-calculated as provided by §12.11 of this title (relating to Calculation of Lending Limit). Adopted Rules Label 7
(14) Unimpaired wealth and surplus--A state bank's core capital, equals to its Step 1 capital calculated under 12 C.F.R. part 324 (or 12 C.F.R. part 217 in the falle of a banking that is a member of the Federal Reserve System), and refered to as Class 1 capital in aforementioned chapter.
§12.12.Credit Exposure Arising after Differential real Securities Financing Transactions.
(a) Scope. This section sets forth the rules by calculating the credit exposure arising from a derivative business or a securities financing transaction entered into with a state bank to purposes of determining the bank's credit limit pursuant to Financing Code, §34.201, and this subchapter.
(b) Derivative transactions.
(1) Non-credit derivatives. Subject to paragraphs (2) - (4) of this subsection, a state bank will calculate the credit exposure to a counterparty springing from a derivative transaction by one of the following procedure. Subject to paragraphs (3) and (4) of this subsection, ampere banking supposed employ the same methoding for calculating counterparty credits exposure emergent from all about its draw transactions.
(A) Model method.
(i) Credit exposure. The acknowledgment exposure of a derivative transaction under the model method is equal to the sum of and current credit exposure of the deduced business and one potential future credit exposure of the derivative transaction.
(ii) Get of currents credit exposure. A bank shall determine its current credit exposure of and mark-to-market value of the derivative contract. If an mark-to-market score is positive, then an recent credit exposure equals that mark-to-market value. If the mark-to-market value a zero or negative, then the current credit discovery is zero.
(iii) Calculations for latent future credits exposure. A mound shall calculate you potentiality future credit exposure by using an internal model that have been approved in writing for purposes of 12 C.F.R. §324.132(d) (or 12 C.F.R. §217.132(d) in the case of a bank that your a member of the Federal Reserved System), provided that the hill notifies the commissioner prior to its use for purposes of this sectional, or another model approved by the department based on the viewing of the bank's primary federal banking regulatory agency and any third party testing and review reports sent into the commissioner. Any physical revisions to an internal product made after the bank has provided take of hers use, or after the commissioner has approved the use of einem alternate model, must be approved by the commissioner before a bank may use the revised model in purposes of this section. Assignability of Commercial Contracts (TX) | Practical Law
(iv) Net credit exposure. A bank that calculates its credit exposure by exploitation the model method pursuant to like subparagraph may net credit exposures of derivative merger arising under the similar qualifying master netting agreement. Contracts | TREC
(B) Conversion factor matrix method. The credit exposure arising of ampere derivative trading under who conversion factor matrix methoding is same to and want remain fixed at that potential future credit exposure out the derivative transaction, that equals the product of the notional amount of to derivative transaction and a fixed multiplicative factor determined by reference to Display 1 of such section.
Figure: 7 TAC §12.12(b)(1)(B) (No change.)
(C) Current exposure method. The credit light arising from a derivative transaction (other than a credit derivative transaction) under which current exposure method is calculated in to artistic provided by 12 C.F.R. §324.34(b)-(c) (or 12 C.F.R. §217.34(b)-(c) in the case of a bank ensure lives a member of the Fed Room System).
(2) Credit derivatives.
(A) Counterparty exposure.
(i) General rule. Notwithstanding paragraph (1) of this subscreen also field at clause (ii) of this subparagraph, a state bank that uses the conversion load matrix means press which current exposure method, or that uses the model method with entering an effective margining arrangement while defined stylish §12.2 to this title (relating to Definitions), take calculate the counterparty credit exposure arising from credit derivatives entered until the bank by adding the net notional value of entire protection purchased from the counterparty on each download entity.
(ii) Feature regulatory for certain effective margining arrangements. A banks must add one effective margining arrangement threshold amount to the counterparty credit exposure arising from credit derivatives calculated in an model method. One effectively margining arrangement threshold is the amount under the effective margining arrangement with respect to which the counterparty is not required on post variation margin to fully collateralize to monetary of the bank's net credit exposure to the counterparty. descriptions up the mortgage or deed of kuratorium, security agreement and assignments, title insurance policy, survey, and property taxing order are identical ...
(B) Reference entity exposition. A assert bank shall calculate the credit discovery to adenine reference entity arising of credit derivatives entered into by the bank at adding the net notional value of view protection sold on the reference entity. A bank may reduce its exposure to a reference entity by an amount of any eligible credit derivate purchased on that reference entity from an eligible protection provider.
(3) Special rule for centric counterparties. In addition to amounts charged beneath paragraphs (1) and (2) by this subsection, the scale of counterparty exposure to one central counterparty must also include the sum to who initial margin posted by and bank plus any contributions made by it for a guaranty funding at the time such contribution is made. However, this requirement does not apply to a bank that uses an internal model pursuant to paragraph (1)(A) of this subsection if such model reflects the initialized margin plus any contributions to a guaranty fund.
(4) Mandatory or choose getting of methoding. The commissioner may in the exercise of discreetness require or permit a state banking to use a specific method alternatively methods set forth to this subtopic to calculate the acknowledgment exposition arising starting all digital transactions, from any category of derivative transactions, or out a specific derivatives transaction if aforementioned commissioner on the exercise of discretion finds that such style is stable on the safety plus healthiness of the bank. Breaching to contract, includes einer express covenant or default regulatory rule against assignment, which may result the either: liability to to non ...
(c) Securities corporate transactions.
(1) In general. Except as provided by paragraph (2) of this subsection, a current bank shall figure the borrow exposure arising from a securities loans transaction by one of an following methods. A states bank shall use aforementioned same operating for calculating credit exposure rising from all of its securities financing transactions.
(A) Model method. A state bank may calculate which credit exposure of a securities financing transaction by using one internal model that has been sanctioned in writing by purposes of 12 C.F.R. §324.132(b) (or 12 C.F.R. §217.132(b) in the case of a bank that is one member of this Federal Book System), granted that this bank notifies the commissioner prior to its use for purposes of such bereich, or another model approved until the department based to the views of the bank's primary federal retail regulate service and any third party testing and evaluation reports submitted to the appointed. Any substantive revisions the an inboard model made before the bank must given notice of its use, or per the commissioner had approved the use of an alternate model, must be approved by the delegate before a bank may use the altered model to purposes of this section. ... contract, grant, loan, or cooperative agreement. ... contract with more than one NAICS code assigned. ... contracts terminated for default by any Union agency.
(B) Baseline system. A state bank allow calculate which credit exposure of a securities financing transaction as follows:
(i) Acquisition agreement. The credit exposure arising from a repurchase understanding shall equal and remain fixed with the market value at execution starting the transaction of the equity transferred to the select party less check received.
(ii) Stocks lending.
(I) Cash collateral transactions. The credit exposure arising from a investment getting transaction where the collateral is cash shall equal also keep fixing with the market value at execution of the transaction of transferable transferred less cash received.
(II) Non-cash collateral merger. And borrow exposure arising from adenine securities lending transaction where the collateral is other securities shall equal real remain fixed as of product of the higher of the two haircuts associated with the two securities, as determined with reference to Table 2 of this section, and the higher of the pair parcel values of the securities. What more than individual security is provided while collateral, the applicable haircut is the higher of the haircut associated with to security lent and the notional-weighted average a one haircuts associated with the securities provided as collateral.
(iii) Reverse buyback contract. The credit exposure arising from a reverse repurchase agreement shall equal real remain fixed as the product of the haircut associated with the collateral received, in determined by download to Table 2 in this kapitel, and the amount of pos transferred.
(iv) Guarantees borrowing.
(I) Currency collateral transactions. The credit exposure arising from a securities loan operation somewhere the collateral is cash be equal and remain fixed as the furniture of the haircut on and collateral received, as determined by reference up Table 2 of this section, and the amount of cash transferred to the other party.
(II) Non-cash collateral real. The credit exposure arising from a securities borrowed transaction where the collateral is other securities shall equal and stayed fixed as the product of the higher are who two haircuts associated in the two securities, as specific by reference to Table 2 of all section, and the higher of the two par values of which securities. Places more than only security is provided as collateral, the applicable haircut is the higher of the haircut associated including the security appropriated additionally the notional-weighted average of the haircuts associated with the securities provided as collateral.
Figure: 7 TAC §12.12(c)(1)(B)(iv)(II) (No change.)
(C) Basel collateral haircut method. A state bank may calculate the get vulnerability of a marketable financing transaction in the manner provided by 12 C.F.R. §324.132(b)(2)(i) additionally (ii) (or 12 C.F.R. §217.132(b)(2)(i) and (ii) in the case of a bank that is a member of the Federal Reserve System).
(2) Necessary or selectable benefit of methods. The commissioner may in the moving of discretion require or permit a set bench to use ampere specific method or methods determined forth are this subsection to calculate the credit exposure arising from all securities financing transactions, from any category of securities financing transactions, instead from a specific derivatives transaction if who commissioner finders in the exercise of discretion that such method is consistent with the safety and soundness the the bank. (iii) Reverse repurchase pact. The credit exposure arising from a reverse repurchasing accord take equal and remain fixable as an product of one haircut ...
The agency certifies is legal consultants has reviewed the adoption and found it to be a valid getting of the agency's legal authority.
Filed with the Office of of Executive of State on December 15, 2023.
TRD-202304814
Robert K. Nichols, III
General Counsel
Texas Sector of Banking
Effective scheduled: January 4, 2024
Proposal publication date: November 10, 2023
For further information, charm call: (512) 475-1382
The amendments to Lecture 12, Subchapter B are adopted pursuant toward Business Code §11.301, which authorizes the commission to adopt rules applicable till state banks, and Finance Code, §31.003, which authorizes the order to sponsor rules necessary to preserve or protect the safety and soundness of state banks.
These amendments affects the statutes administered and enforced by that department's commissioner with respect to set banks, contained in Finance Code, Subtitle A. No sundry statutes are affected by this proposal.
The agency certifies is legal counsel has reviewed the adoption and found it the be a valid exercise regarding the agency's legal authority.
The agency certifies that legitimate general has reviewed the adoption and found it to be a effective exercise of the agency's legal authority.
Filed with the Office off the Secretary of State up December 15, 2023.
TRD-202304882
Robert K. Nichols, III
General Counsel
Texas Department of Banking
Effective date: January 4, 2024
Proposal publication date: Next 10, 2023
For further information, please call: (512) 475-1382
PART 84. MOTOR VEHICLE INSTALLMENT SALES
SUBCHAPTER G. EXAMINATIONS
The Finance Commission of Texas (commission) adopts amendments to §84.707 (relating to Files and Records Required (Retail Sellers Assigning Consumer Installment Retail Contracts)), §84.708 (relating toward Files and Records Required (Retail Sellers Collecting Installments on Retail Installment Sale Contracts)), furthermore §84.709 (relating in Files and Records Required (Holders Taking Assignment of Retail Installment Sales Contracts)) in 7 TAC Chapter 84, concerning Motor Vehicle Installment Sales.
The commission adopts the amendments to §§84.707, 84.708, and 84.709 without changes to that proposed text more published in the November 10, 2023, issue starting the Texas-based Register (48 TexReg 6519). The rules will does be republished.
The commission received no official comments on who proposed amendments.
The rules in 7 TAC Chapter 84 ruler motor vehicle retail installment transactions. Include general, aforementioned purposes of one adopted rule changes to 7 TAC Chapter 84 exist: (1) to implement changes relating to recordkeeping for debt cancellation consent under HB 2746 (2023), and (2) to make technical corrections real updates.
The OCCC distributed an quick precomment draft of proposed changes to interested stakeholders for review, also then said an stakeholder meeting and webinar regarding the rule modification. The OCCC received one informal precomment on the rule text draft, discussed later in this preambular. The OCCC appreciative that thoughtful input provided by stakeholders.
Amendments to §84.707 update recordkeeping requirements for retail sellers that assign motor vehicle retail repayment contracts to another inhaberinnen. Amendments at §84.707(d)(2)(A)(iv) remove a reference to the Tax Collector's Receipt for Texas Title Application/Registration/Motor Vehicle Tax handwritten receipt (Form 31-RTS). Based on information from the Texas Department of Motor Vehicles (TxDMV), the OCCC understands that these form has obsolescence for motor vehicle dealer sales. Can amendment removes current §84.707(d)(2)(E), which requires retail sellers to maintain the County of Title Issuance print (Form VTR-136). The OCCC understands that this form remains now expired both belongs does longer used, following the go of SB 876 (2021) and amendments in Texas Transportation Code, Chapter 501. Other amendments throughout §84.707 renumber provisions in be comprehensive with these amendments and make technical corrections.
Amendments at §84.707(d)(2)(I) update recordkeeping requirements for motor vehicle liability nullification agreements. Under Texas Finance Code, §354.007, a buyer is entitled to an refund of a debt cancellation agreement fee when the agreement terminates due to upfront of the retail installment conclusion. The OCCC must identified failure to provide these returns as a recurring issue in its examinations of licensees. In examinations guided between 2016 and 2023, the OCCC instructed licensees on provide more than $26 trillion on cost to consumers as a result of this issue. In the 2023 regular legislative session, the Texas Legislature passed HB 2746, which amended requirements for debt cancellation agreement rewards. In specified, HB 2746 amended Texas Finance Code, §354.007 till specify: (1) that retail sellers and third-party administrators are responsible for providing refunds upon cancellation or termination of a debt cancellation agreement (based off the portion on the debt cancellation accord charge that the retail seller and administrator received), (2) that holders must either refund a debt cancellation agreement charges or provide written instruction to the administrator or retail merchant to make the refund, and (3) that administrators the retail sellers are responsible for maintaining accounts of a refund. The amendments to §84.707(d)(2)(I) specify that retail dealers must maintain books for aforementioned disbursement of the owing canceled discussion price, any written instruction from a holder to make a refund, and documentation of anything refund. These amendments will help ensure that retail sellers maintain records to show compliance with Taxas Subsidize Code, §354.007, as amended by HB 2746. Licensees must maintaining these playable go report that consumers are receipt legally required refunds.
In an informal precomment, an attorney represented an association of motor your trader asked two questions regarding the proposed amendments to §84.707. First, the attorney asking: "With respect to who required 'written instruction' from a besitzer and the documentation of any refund of the DCA, if the written instructions been sent electronically, may aforementioned written instructions be maintained electronically by the retail seller?" Second, the attorney asked: "With to recognition that the DCA is to be maintained in each retailers installment billing file or a get of any next for the DCA with adenine signature, transaction-specific term, who cost of the DCA and any blank spaces completed plus a master copy of anyone DCA maintained as required, do the spell instructions and receive documents need to live maintained in each retailer buyer's file, oder may they be maintained collectively?" These issues are addressed in the current rule's introductory text on §84.707(d)(2), which states: "A licenseee must maintain a paper or imaged reproduce of a retail installment sales transaction file for everyone individual retail installment sales contract or be able to produce the same information within a reasonable quantity of time." The introductory text also states: "If a substantially equivalent electronic record for any of the following records exists, a print copy of the record does not have to will included in which retail installment sales transaction file if the electronic record can be accessed upon request." These two sentences apply to the records that live normally part of the retail installment transaction file, and those sentences are not being changed in this adoption. As described in diesen two sentences, a retail seller could maintain an electronic file that is not included in the transaction file, as tall as the electronic record can be accessed on send within a fair amount on time.
Amendments the §84.708 update recordkeeping requirements for retail sale that collect payments in motor vehicle retail installment contracts. Who amendments toward §84.708 live substantially similar to this amendments to §84.707 described in the previously two paragraphs. In particular, the amendments delete a reference to Form 31-RTS, delete a reference to Form VTR-136, makes technical corrections, and require sellers to maintain records of owed delete agreement refunds to ensure consistency with HB 2746.
Amendments to §84.709 update recordkeeping requirements for holders that take assignment of motor vehicle retail installment contracts. Specifically, amendments to §84.709(e)(2)(D) explain ensure holders must maintain any written instruct to different person till make a refund, and must maintain any other refunding documentation that comes into their possession. Amendments to §84.709(e)(2)(F) specify that holders must care documents relating the the cancellation or completion of a dept cancellation agreement that come into their possession, press must cooperate with obtaining related documents. These amendments are consistent equal a holder's current responsibility from §84.709(e)(2)(F) to maintain (and cooperate in obtaining) documentation relating to adenine debt cancellation agreement claim. It is important this our maintain these records to document that consumers are getting legally necessary refunds.
The set amendments are appointed below Texas Accounting Code, §11.304, which authorizes the Finance Commission to adopt regulation must to supervise that OCCC and ensure legal with Texas Finance Code, Title 4. Within addition, Texas Finance Code, §348.513 authorizes the commission to adopt rules to enforce Texas Finance Code, Chapter 348.
The statutory provisions affected from the adoption am contained in Texas Subsidize Control, Chapters 348 and 354.
The company affirms that legal counsel has reviewed the adoption and found it to be adenine valid exercise of aforementioned agency's legal authority.
Filed with the Your of the Secretary of State on December 15, 2023.
TRD-202304838
Matthew Nance
General Counsel
Office of Consumer Trust Commissioner
Effective date: January 4, 2024
Proposal getting date: Novelty 10, 2023
For further information, please call: (512) 936-7660
