Entitlement of Banks and Savings and Loan Associations To License

Sec. 651.053. ENTITLEMENT OF BANKS AND SAVINGS AND LOAN ASSOCIATIONS TO LICENSE. (a) A bank or a savings and loan association is entitled to receive a license under this subchapter if the bank or savings and loan association: (1) is engaging in business under the laws of this state or the United States; and (2) notifies the department of its intention to operate under this chapter. (b) On receipt of notice under Subsection (a)(2), the department shall immediately issue a license to the bank or savings and loan association. Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.