34 Tex. Admin. Code § 14.1 - Definitions
As used in this chapter and in these rules, the following words and terms shall have the following meanings, unless the context clearly indicates otherwise:
(1) Account
services--Are those services and transactions performed by a depository agent
that are made in connection with creating, transferring, clearing, settling, or
liquidating the rights and interests of a depository account holder in a
depository account.
(A) Account services
include:
(i) assisting retail customers in
opening or creating a depository account;
(ii) accepting deposits from depository
account holders on behalf of the depository;
(iii) processing withdrawal
requests;
(iv) assisting retail
customers in transferring depository account balances;
(v) assisting retail customers in closing a
depository account; and
(vi)
otherwise accessing the depository account of a depository account holder to
help manage the account on behalf of the depository account holder.
(B) For the purposes of this
chapter account services do not include:
(i)
participation as a party or counterparty to a purchase or sale of bullion or
specie, if the purchase or sale is an independent transaction and the bullion
or specie is not being purchased or sold on behalf of the depository;
or
(ii) arranging the shipment,
delivery or transport of precious metals, bullion or specie to the depository,
if the transaction is made or provided by a person who is not authorized to act
on behalf of the depository and the transaction does not involve accessing the
account of a depository account holder.
(2) Administrator--The bullion depository
administrator appointed by the comptroller to administer, supervise, and direct
the operations and affairs of the depository or the administrator's
designee.
(3) Bullion--Precious
metals that are formed into uniform shapes and quantities such as ingots, bars,
or plates, with uniform content and purity, as are suitable for or customarily
used in the purchase, sale, storage, transfer, and delivery of bulk or
wholesale transactions in precious metals.
(4) Business day--A day other than a
Saturday, Sunday, or banking holiday for a bank chartered under the laws of
this state.
(5) Deposit--The
establishment of an executory obligation of the depository to deliver to the
order of the person establishing with the depository the obligation, on demand,
a quantity of a specified precious metal, in bullion or specie, or a
combination of bullion and specie, equal to the quantity of the same precious
metal delivered by or on behalf of the depositor into the custody of the
depository or a depository agent, subject to the terms of the depository
account agreement.
(6) Depositor--A
person who makes a deposit.
(7)
Depository--The Texas Bullion Depository, a state agency, created by Government
Code, §
2116.002.
(8) Depository account--The business
arrangement between the depository and a depositor through which the depository
provides services to a depositor and records transactions that evidence the
rights, interests, and entitlements established in favor of a depositor with
respect to a deposit of bullion or specie.
(9) Depository account holder--The original
depositor for a depository account, or the successor or assignee of the
original depositor.
(10) Depository
agent--A financial institution that has entered into an agreement with the
depository to provide a retail location for the provision of depository
services to the general public for or on behalf of the depository.
(11) Fees--The fees, service charges,
penalties or other amounts charged to a depository account holder for services
or activities regarding a depository account.
(12) Financial Institution--Has the meaning
assigned by Finance Code, §
201.101.
(13) For or on behalf of the
depository--Pursuant to express authorization by the depository. A service or
transaction is not made for or on behalf of the depository unless the person
providing the service or transaction has entered into an agreement with the
depository to act as a depository agent and the person acts only within the
scope of authority conferred by the agreement or the depository is a party to
the transaction. The depository is not a party to a transaction involving the
shipment, transport, or delivery of precious metals, bullion or specie merely
by virtue of the fact that the depository is the destination for such shipment,
transport, or delivery.
(14)
Precious metal--A metal, including gold, silver, platinum, palladium, and
rhodium, that:
(A) bears a high
value-to-weight ratio relative to common industrial metals; and
(B) customarily is formed into bullion or
specie.
(15) Specie--A
precious metal stamped into coins of uniform shape, size, design, content, and
purity, suitable for or customarily used as currency, as a medium of exchange,
or as the medium for purchase, sale, storage, transfer, or delivery of precious
metals in retail or wholesale transactions.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.