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Tex. Fin. Code § 34.107

ENGAGING IN COMMERCE PROHIBITED

Known as the Texas Banking Act

The act spans §§ 31.001 to 59.310 (247 sections).

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff

(a) A state bank may not buy, sell, or otherwise deal in goods in trade or commerce or own or operate a business not part of the business of banking except:

(1) as necessary to avoid or minimize a loss on a loan or investment previously made in good faith; or

(2) as otherwise provided by this subtitle or rules adopted under this subtitle.

(b) Engaging in an approved activity, directly or through a subsidiary, that is a financial activity or incidental or complementary to a financial activity, whether as principal or agent, is not considered to be engaging in commerce.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.