Title GV, Government Code

Sec. 2116.005. DEPOSITS AND DEPOSITORY ACCOUNTS; STANDARDS. (a) The depository may receive a deposit of bullion or specie from or on behalf of a person acting in the person's own right, as trustee, or in another fiduciary capacity, in accordance with rules adopted by the comptrol…

Sec. 2116.006. DEMAND, PRESENTMENT, WITHDRAWAL, DELIVERY, AND SETTLEMENT. (a) The depository shall deliver any precious metal held by or on behalf of the depository in bullion, specie, or a combination of bullion and specie, on the order of a depository account holder in a quanti…

Sec. 2116.007. TRANSFER OF DEPOSITORY ACCOUNT BALANCE. (a) In accordance with rules adopted under this chapter, a depository account holder may transfer any portion of the balance of the holder's depository account by written demand or digital electronic instruction to another pe…

Sec. 2116.008. DEPOSITORY ACCOUNT CONTRACTS. (a) To establish a depository account, a depositor must contract with the depository for a depository account. The contract must specify: (1) the terms applicable to the account, including any special terms; and (2) the conditions on w…

Sec. 2116.009. CAUSE OF ACTION FOR DENIAL OF DEPOSIT LIABILITY. (a) A cause of action for denial of deposit liability on a depository account contract without a maturity date does not accrue until the depository has denied liability and given notice of the denial to the depositor…

Sec. 2116.010. FEES; SERVICE CHARGES; PENALTIES. The comptroller may establish fees, service charges, and penalties to be charged a depository account holder for a service or activity regarding a depository account, including a fee for an overdraft, an insufficient fund check or …

Sec. 2116.011. DEPOSITORY ACCOUNT OWNERSHIP BY OWNER OF RECORD. Unless the depository acknowledges in writing a pledge of a depository account, the depository may treat the holder of record of the account as the owner of the account for all purposes and without regard to a notice…

Sec. 2116.012. TRANSFER OF DEPOSITORY ACCOUNT. (a) A depository account may be transferred on the books of the depository only on presentation to the depository of: (1) evidence of transfer satisfactory to the depository; and (2) an application for the transfer submitted by the p…

Sec. 2116.013. DEPOSITORY ACCOUNTS NOT INTEREST-BEARING. The depository may not pay on a depository account: (1) interest; (2) an amount in the nature of interest; or (3) a fee or other payment for the use or forbearance of use of money, bullion, specie, or precious metals deposi…

Sec. 2116.014. LIEN ON DEPOSITORY ACCOUNT. (a) Without the need of any further agreement or pledge, the depository has a lien on each depository account owned by a depository account holder to secure any fees, charges, or other obligations owed or that may become owed to the depo…

Sec. 2116.015. DEPOSITORY ACCOUNT AS LEGAL INVESTMENT. (a) The following persons may invest the person's money in a depository account by purchasing precious metals and depositing the precious metals with the depository or a depository agent: (1) an individual or fiduciary, inclu…

Sec. 2116.016. APPLICABILITY OF ESTATES CODE. The applicable provisions of Chapters 111, 112, and 113, Estates Code, govern a depository account. Added by Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B. 483), Sec. 1, eff. June 19, 2015.

Sec. 2116.017. PLEDGE OF JOINTLY HELD DEPOSITORY ACCOUNT. (a) Unless a term of the depository account provides otherwise, a person on whose signature precious metals may be withdrawn from a depository account that is jointly held in the names of two or more persons may, by a sign…

Sec. 2116.018. DEPOSITORY ACCOUNT HELD BY FIDUCIARY. (a) The depository or a depository agent may accept a depository account in the name of a fiduciary, including an administrator, executor, custodian, guardian, or trustee, for a named beneficiary. (b) A fiduciary may open, add …

Sec. 2116.019. DEPOSITORY ACCOUNT HELD IN TRUST; UNDISCLOSED TRUST INSTRUMENT. (a) If the depository opens a depository account for a person claiming to be the trustee for another person and the depository has no other notice of the existence or terms of the trust other than a wr…

Sec. 2116.020. POWER OF ATTORNEY; REVOCATION ON DEATH OR INCOMPETENCY. (a) The depository shall recognize the authority of an attorney-in-fact authorized in writing by a depository account holder to manage or withdraw precious metals from the depository account holder's depositor…

Sec. 2116.021. TRANSACTIONS AND RELATIONSHIPS; MARKETING AND PUBLICITY. (a) The depository may enter into transactions and relationships with bullion banks, depositories, dealers, central banks, sovereign wealth funds, financial institutions, international nongovernmental organiz…

Sec. 2116.022. CERTAIN ACTIONS PROHIBITED. The depository may not take any of the following actions, and any attempt by the depository to take any of the following actions is void ab initio and of no force or effect: (1) entering into a precious metals leasing, sale-leaseback, fo…

Sec. 2116.023. CONFISCATIONS, REQUISITIONS, SEIZURES, AND OTHER ACTIONS VOID. (a) A purported confiscation, requisition, seizure, or other attempt to control the ownership, disposition, or proceeds of a withdrawal, transfer, liquidation, or settlement of a depository account, inc…

Sec. 2116.024. OFFICIAL EXCHANGE RATES. The comptroller shall establish the references by which the official exchange rate for pricing precious metals transactions in terms of United States dollars or other currency must be established at the time of a depository transaction. The…

Sec. 2116.025. FACILITATION OF ACCOUNTING AND REPORTING OF TAXABLE GAINS. The comptroller shall establish procedures and requirements for the depository and depository agents designed to minimize the burden to system participants of accounting for and reporting taxable gains and …

Sec. 2116.026. ANNUAL REPORT. The comptroller shall submit to the governor and the legislature a report on the status, condition, operations, and prospects for the depository and depository participation each year not later than September 30. Added by Acts 2015, 84th Leg., R.S., …

Sec. 2116.027. CONFIDENTIALITY OF RECORDS; OTHER RECORDS EXEMPT FROM DISCLOSURE. (a) Records relating to individual depository accounts or depository account holders, including current, former, or prospective depository account holders, that are in the custody of the depository o…

Sec. 2116.051. USE OF DEPOSITORY AGENTS. The depository may use private, independently managed financial institutions to provide retail locations for the provision of depository services to the public on behalf of the depository. Added by Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B…

Sec. 2116.052. ELECTRONIC INFORMATION SHARING SYSTEMS AND PROCESSES. The comptroller by rule shall require a depository agent to maintain suitable systems and processes for electronic information sharing and communication with the comptroller and the depository to ensure that all…

Sec. 2116.053. PERIODIC REPORTS. A depository agent shall submit monthly, quarterly, and annual reports of all depository transactions not later than the 15th day of the month following the expiration of the period with respect to which such report is submitted. The report must c…

Sec. 2116.071. ACQUISITION OF REAL PROPERTY. The comptroller, by purchase, lease, donation, or other means, may acquire real property necessary for one or more buildings to operate the depository. Added by Acts 2021, 87th Leg., R.S., Ch. 981 (S.B. 2230), Sec. 2, eff. June 18, 202…

Sec. 2116.072. PURCHASE OF BUILDING SUBJECT TO EXISTING LEASES. The comptroller may: (1) acquire a building that is subject to a lease by a private tenant and may continue or renew a lease for the building if the comptroller determines that doing so is advantageous to this state;…

Sec. 2116.073. LEASING PROPERTY AND USE OF LEASE PROCEEDS. (a) The comptroller may lease at fair market value any portion of a property acquired under this subchapter to a private tenant for commercial activities. (b) Money received by the comptroller under a lease of property ac…

Sec. 2116.074. TITLE TO AND CONTROL OF REAL PROPERTY. The comptroller, subject to the lease-to-purchase agreement or other comparable financing agreement executed under Section 1232.1026, shall obtain in the name of this state title to any real property acquired or building const…

Sec. 2116.075. BORROWING MONEY; ISSUING AND SELLING BONDS. (a) The comptroller may borrow money in the amount and under the circumstances authorized by the legislature and may request the Texas Public Finance Authority, on behalf of the comptroller, to issue and sell bonds to acq…

Sec. 2116.101. LEGAL TENDER. (a) To the extent authorized by Section 10, Article I, United States Constitution, gold and silver specie that meet the requirements of this section are legal tender in this state. (b) To be legal tender in this state, gold and silver specie: (1) must…

Sec. 2116.102. TRANSACTIONAL CURRENCY. The comptroller may establish or authorize one or more electronic systems that enable a depositor or vendor to make and receive payments using a currency backed by gold and silver bullion held in the depository. Added by Acts 2025, 89th Leg.…

Sec. 2116.103. CONTRACTING. The comptroller may contract with one or more vendors to implement this subchapter. To the extent consistent with state and federal law, in contracting with a vendor under this section, the comptroller shall give preference to a vendor whose principal …

Sec. 2116.104. RULES. The comptroller shall adopt rules as necessary or convenient to implement and administer this subchapter, including rules to: (1) provide for the security of transactions in gold and silver specie and gold and silver currency and related information; (2) det…