7 Tex. Admin. Code § 3.43 - Credit Balance of Funds

(a) A foreign bank branch or agency may not receive deposits except as specifically authorized under the Finance Code, § 204.105(b). A foreign bank branch or agency may receive funds from a person and maintain a credit balance in accordance with the Finance Code, § 204.105(b).

(b) A credit balance includes:

(1) proceeds of loans to customers where such proceeds are not immediately disbursed;

(2) loan payments from customers;

(3) funds delivered by customers to settle letters of credit accounts with the branch or agency prior to settlement date;

(4) proceeds of bills of exchange, drafts, notes, acceptances, and other obligations for the payment of money arising out of the purchase and sale (but not discount) of same;

(5) funds received from customers to cover currency transactions or as the result of currency transactions consummated by the branch or agency on behalf of customers;

(6) funds received for transmission to another place;

(7) fund arising out of repurchase agreements, federal funds transactions, and other types of purchase, sale, or borrowing transactions in interbank markets;

(8) proceeds of collections made for customers' accounts;

(9) accounts due to other offices or entities controlled by or under common control with the foreign bank that owns the foreign bank branch or agency; or

(10) funds received from customers as security for a loan.

(c) Credit balances may not remain in the foreign bank branch or agency after the completion of all transactions to which they relate.

Notes

7 Tex. Admin. Code § 3.43

The provisions of this §3.43 adopted to be effective September 13, 1996, 21 TexReg 8452; amended to be effective March 9, 2006, 31 TexReg 1643; Amended by Texas Register, Volume 43, Number 26, June 29, 2018, TexReg 4452, eff. 7/5/2018