(a) Subject to Subsection (b), a state trust company that was exempt before September 1, 1997, may no longer operate with that prior exempt status after the earlier of:
(1) September 1, 2020; or
(2) the date control is sold or otherwise transferred.
(b) A state trust company may apply for a new exemption under § 182.011 before loss of its exempt status under Subsection (a).