(a) A foreign bank that desires to establish and maintain a Texas state branch or agency shall submit an application to the commissioner. The application must:
(1) be accompanied by all application fees and deposits required by applicable rules;
(2) be in the form specified by the commissioner;
(3) be subscribed and acknowledged by an officer of the foreign bank;
(4) have attached:
(A) a complete copy of the foreign bank’s application to the Board of Governors of the Federal Reserve System under Section 7(d), International Banking Act (12 U.S.C. § 3105(d));
(B) an authenticated copy of the foreign bank’s certificate of formation and bylaws or other constitutive documents and, if the copy is in a language other than English, an English translation of the document, under the oath of the translator; and
(C) evidence of compliance with Section 201.102;
(5) be submitted when the federal application is submitted to the board of governors; and
(6) include on its face or in accompanying documents:
(A) the name of the foreign bank;
(B) the street address where the principal office of the Texas state branch or agency is to be located and, if different, the Texas state branch or agency’s mailing address;
(C) the name and qualifications of each officer and director of the foreign bank who will have control of all or part of the business and affairs of the Texas state branch or agency;
(D) a detailed statement of the foreign bank’s financial condition as of a date not more than 360 days before the date of the application; and
(E) other information that:
(i) is necessary to enable the commissioner to make the findings listed in Section 204.103;
(ii) is required by rules adopted under this subtitle; or
(iii) the commissioner reasonably requests.
(b) The finance commission may adopt rules prescribing abbreviated application procedures and standards applicable to applications by foreign banks that have already established an initial Texas state branch or agency to establish additional intrastate branches or agencies.