Title FI, Finance Code

Sec. 126.203. SUIT FOR INJUNCTION. (a) Not later than the fifth day after the date on which the liquidation order is served, a credit union that has not requested or consented to a liquidation order may, if authorized by certified board resolution, sue to enjoin the commissioner …

Sec. 126.204. ACTION PENDING INJUNCTION HEARING. (a) The court, without notice or hearing, may restrain the commissioner from liquidating the credit union's assets until after a hearing on the suit is held. (b) If the court restrains the commissioner, the court shall instruct the…

Sec. 126.205. HEARING ON INJUNCTION; APPEAL. (a) The court, as soon as possible, shall hear the suit and shall enter a judgment enjoining or refusing to enjoin the commissioner from liquidating the credit union's assets. (b) The commissioner, regardless of the judgment entered by…

Sec. 126.206. NATIONAL CREDIT UNION ADMINISTRATION AS LIQUIDATING AGENT. (a) The commissioner may tender a credit union that has been closed for liquidation to the National Credit Union Administration or its successor as liquidating agent if the shares and deposits of the credit …

Sec. 126.251. PERMISSIBLE ACTIVITIES IN LIQUIDATION. (a) A credit union in liquidation continues in existence to discharge debts, collect and distribute assets, and wind up the credit union's business. (b) The credit union may sue and be sued to enforce debts and obligations unti…

Sec. 126.252. COMPENSATION OF CREDIT UNION EMPLOYEES AND OFFICERS. (a) This chapter does not prevent compensation of a salaried employee or officer of a credit union during the credit union's liquidation. (b) The compensation is considered an incidental expense of the liquidation…

Sec. 126.253. LIQUIDATING AGENT SUBJECT TO COMMISSION CONTROL. The liquidating agent shall perform the duties required by the following sections subject to commission rules and under the commissioner's supervision: (1) Sections 126.254-126.258; and (2) Sections 126.301, 126.302, …

Sec. 126.254. POSSESSION, CONSOLIDATION, AND DISPOSITION OF ASSETS. The liquidating agent shall: (1) receive and take possession of the books, records, assets, and property of the credit union; (2) sell, enforce collection of, and liquidate assets and property; and (3) sell or as…

Sec. 126.255. COMPOUND DEBTS. The liquidating agent shall compound all bad or doubtful debts. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 126.256. COURT ACTION BY LIQUIDATING AGENT. The liquidating agent shall: (1) sue in the name of the liquidating agent or may sue in the name of the credit union; and (2) defend an action brought against the liquidating agent or the credit union. Acts 1997, 75th Leg., ch. 100…

Sec. 126.257. REPUDIATION OF BURDENSOME TRANSACTIONS. The liquidating agent shall repudiate a contract or unexpired lease the liquidating agent considers burdensome to the credit union. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 126.258. EXECUTION OF DOCUMENTS; OTHER NECESSARY ACTS. The liquidating agent may execute any document and perform any other action that: (1) the liquidating agent considers necessary or desirable to discharge the liquidating agent's duties; and (2) may be necessary under thi…

Sec. 126.259. JURISDICTION AND VENUE. (a) A suit against a credit union or its liquidating agent while a liquidation order is in effect must be brought in Travis County. (b) The liquidating agent may file suit in Travis County to preserve, protect, or recover the credit union's a…

Sec. 126.260. EXHAUSTION OF ADMINISTRATIVE REMEDIES. Except as provided by Subchapter E, administrative remedies must be exhausted before a court may: (1) assert jurisdiction over a claim against the liquidating agent or the credit union; or (2) restrain or otherwise affect the e…

Sec. 126.301. CLAIMS AGAINST CREDIT UNION. The liquidating agent shall: (1) determine the existence and amount of claims; (2) allow proved claims of security, preference, or priority; (3) settle or release a claim in favor of or against the credit union; (4) disallow unproved cla…

Sec. 126.302. NOTICE TO CREDITORS AND MEMBERS. (a) The liquidating agent shall give notice to creditors and members to present and prove their claims. (b) The notice must be published once a week for three successive weeks in a newspaper of general circulation in each county in w…

Sec. 126.303. PRIORITY OF CLAIMS. The liquidating agent shall use the credit union's assets to pay, in the following order: (1) secured creditors to the extent of the value of their collateral; (2) liquidation expenses, including a surety bond if required; (3) depositors; (4) gen…

Sec. 126.304. LIQUIDATION DIVIDENDS. (a) The liquidating agent from time to time shall make a ratable liquidation dividend on claims that have been: (1) proved to the satisfaction of the board or the liquidating agent; or (2) adjusted by a court. (b) After the credit union's asse…

Sec. 126.305. PAYMENT OF CLAIMS IN "NO PUBLICATION" LIQUIDATION. (a) In a "no publication" liquidation, the liquidating agent shall determine from all sources available, and within the limits of the credit union's available money, the amounts due to creditors and members. (b) Not…

Sec. 126.306. BARRED CLAIMS. (a) A claim not filed before the liquidating agent pays the final liquidation dividend is barred. (b) A claim rejected by the liquidating agent is barred unless suit to appeal the liquidating agent's rejection is filed within three months after the da…

Sec. 126.351. REMOVAL OF LIQUIDATING AGENT. (a) On finding that the liquidating agent has failed to properly perform the liquidating agent's duties in a timely and efficient manner or has violated this subtitle or a rule adopted under this subtitle, the commissioner by removal or…

Sec. 126.352. REPLACEMENT OF LIQUIDATING AGENT. The commissioner shall appoint another liquidating agent on a liquidating agent's resignation, death, illness, removal, desertion, or incapacity to function. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 126.353. CONFLICT OF INTEREST. (a) The liquidating agent may not acquire an asset of the credit union in liquidation or purchase a loan of the credit union without the commissioner's prior written approval. (b) A liquidating agent may not obtain from the liquidation compensa…

Sec. 126.354. COMPENSATION. (a) A liquidating agent is entitled to receive reasonable compensation during the liquidation. (b) The compensation is considered an incidental expense of the liquidation. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. SUBCHAPTER I. COMPLE…

Sec. 126.401. CERTIFICATE OF LIQUIDATION AND DISTRIBUTION. The commissioner shall prescribe the form of a certificate to be completed by the liquidating agent attesting that distribution has been made and liquidation is complete. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept.…

Sec. 126.402. CANCELLATION OF CERTIFICATE OF INCORPORATION. The commissioner, on receipt and approval of the certificate executed under Section 126.401, shall cancel the credit union's certificate of incorporation. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 126.403. WINDING UP OF CREDIT UNION BUSINESS. During the three-year period following cancellation of the credit union's certificate of incorporation, the credit union continues to exist and the liquidating agent, or a successor or other person designated by the commissioner,…

Sec. 126.451. BOARD RESOLUTION. Unless the commissioner has issued a liquidation order, the board may adopt a resolution recommending voluntary dissolution of the credit union and directing submission of the question of liquidation to the members of the credit union. Acts 1997, 7…

Sec. 126.452. NOTIFICATION TO COMMISSIONER OF PROPOSED LIQUIDATION. Not later than the fifth day after the date on which the board's resolution recommending voluntary dissolution is adopted, the board's presiding officer shall notify the commissioner in writing of the reasons for…

Sec. 126.453. NOTICE OF MEETING TO LIQUIDATE. Notice of the special meeting to consider voluntary liquidation shall be mailed by first-class mail to each member of the credit union and the commissioner not later than the 10th day before the date of the meeting. Acts 1997, 75th Le…

Sec. 126.454. CREDIT UNION OPERATIONS BEFORE AND AFTER VOTE. Immediately after notice under Section 126.453 is mailed, the commissioner may restrict control or give direction with respect to the continued business of the credit union pending consideration of voluntary liquidation…

Sec. 126.455. VOTE ON VOLUNTARY LIQUIDATION. At a special meeting called to consider the proposed liquidation, a majority of the credit union members voting, but not less than a quorum, may vote to dissolve and liquidate the credit union. Those members casting votes by mail or at…

Sec. 126.456. NOTICE TO COMMISSIONER OF AFFIRMATIVE VOTE TO LIQUIDATE. (a) The board's presiding officer or president and the secretary shall notify the commissioner of the intention to liquidate not later than the fifth day after the affirmative vote to dissolve and liquidate. (…

Sec. 126.457. APPOINTMENT OF LIQUIDATING AGENT. (a) If the members approve the liquidation, the board shall appoint a liquidating agent to: (1) conserve and collect the credit union's assets; (2) wind up the credit union's affairs; (3) discharge the credit union's debts; (4) dist…

Sec. 126.458. APPLICATION OF LAW TO CREDIT UNION IN VOLUNTARY LIQUIDATION. A credit union in the process of voluntary dissolution and liquidation remains subject to this subtitle and Chapter 15, including provisions for examination by the commissioner, and the credit union shall …

Sec. 149.001. APPLICABILITY OF CHAPTERS 3 AND 4, BUSINESS & COMMERCE CODE. (a) Chapters 3 and 4, Business & Commerce Code, determine the rights, responsibilities, and liabilities of a person regarding an item drawn on, transferred to, or presented, remitted, collected, settled, n…

Sec. 149.002. EXEMPTION FROM SECURITIES LAWS. (a) Except as required by this subtitle, a credit union authorized to do business under this subtitle or the Federal Credit Union Act (12 U.S.C. Section 1751 et seq.) and an officer, employee, or agent of the credit union engaged in s…

Sec. 152.001. SHORT TITLE. This chapter may be cited as the Money Services Modernization Act. Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.

Sec. 152.002. PURPOSE; CONSTRUCTION OF CHAPTER. (a) The purposes of this chapter are to: (1) protect the interests of purchasers of money services and the public; (2) preserve and protect the safety and soundness of money services businesses; and (3) protect against drug traffick…

Sec. 152.003. DEFINITIONS. In this chapter: (1) "Acting in concert" means knowingly acting together with a common goal of jointly acquiring control of a money services licensee whether or not under an express agreement. (2) "Authorized delegate" means a person designated by a mon…

Sec. 152.004. EXEMPTIONS. This chapter does not apply to: (1) an operator of a payment system to the extent that the operator provides processing, clearing, or settlement services, between or among persons exempted by this section or money services licensees, in connection with w…

Sec. 152.005. AUTHORITY TO REQUIRE DEMONSTRATION OF EXEMPTION. The commissioner may require a person claiming to be exempt from licensing under Section 152.004 to provide information and documentation to the commissioner demonstrating that the person qualifies for the exemption c…

Sec. 152.006. CENTRALIZED DIGITAL CURRENCY PROHIBITED. This chapter does not authorize the creation of any centralized bank digital currency or any other action that prohibits or limits the use of paper currency. Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01,…

Sec. 152.051. ADMINISTRATION. The department shall administer this chapter. Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.

Sec. 152.052. RULES; FEES. (a) The commission may adopt rules to administer and enforce this chapter, including rules necessary or appropriate to implement and clarify this chapter. (b) The commission may by rule impose and collect proportionate and equitable fees and costs for n…

Sec. 152.053. IMPLEMENTATION. The commissioner may, subject to Sections 152.055(a) and (b): (1) enter into agreements or relationships with other government officials or federal and state regulatory agencies and regulatory associations in order to improve efficiencies and reduce …