Prior Exemption

Sec. 182.019. PRIOR EXEMPTION. (a) Subject to Subsection (b), a state trust company that was exempt before September 1, 1997, may no longer operate with that prior exempt status after the earlier of: (1) September 1, 2020; or (2) the date control is sold or otherwise transferred. (b) A state trust company may apply for a new exemption under Section 182.011 before loss of its exempt status under Subsection (a). Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999. Amended by: Acts 2015, 84th Leg., R.S., Ch. 250 (S.B. 875), Sec. 9, eff. September 1, 2015.