Tex. Finance Code § 66.252
CLOSING OF ASSOCIATION BY COMMISSIONER'S ORDER
Texas · Texas Finance Code · Status: effective
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- Citation
- Tex. Finance Code § 66.252, CLOSING OF ASSOCIATION BY COMMISSIONER'S ORDER, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/645489
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Full text
The commissioner or the commissioner's representative may close an association if the commissioner determines after an examination that:
(1) the interests of the depositors and creditors of the association are jeopardized because of:
(A) the association's insolvency or imminent insolvency; or
(B) a substantial dissipation of the association's assets or earnings because of a violation of a law or an unsafe or unsound practice; and
(2) it is in the best interest of the depositors and creditors to close the association and liquidate the association's assets.