(a) The finance commission by rule may determine that an activity not otherwise approved or authorized for a state bank under this subtitle or other law is:
(1) a financial activity;
(2) incidental to a financial activity; or
(3) complementary to a financial activity.
(b) In adopting a rule under Subsection (a), the finance commission shall consider:
(1) the purposes of this subtitle and the Gramm-Leach-Bliley Act (Pub. L. No. 106-102);
(2) changes or reasonably expected changes in the marketplace in which state banks compete;
(3) changes or reasonably expected changes in the technology for delivering financial services;
(4) whether the activity is necessary or appropriate to allow a state bank to:
(A) compete effectively with another company seeking to provide financial services;
(B) efficiently deliver information and services that are financial in nature through the use of technological means, including an application necessary to protect the security or efficacy of systems for the transmission of data or financial transactions; or
(C) offer customers available or emerging technological means for using financial services or for the document imaging of data;
(5) whether the activity would pose a substantial risk to the safety or soundness of a state bank or the financial system generally;
(6) if otherwise determined to be permissible, whether the conduct of the activity by a state bank should be qualified through the imposition of reasonable and necessary conditions to protect the public and require appropriate regard for safety and soundness of the bank and the financial system generally; and
(7) whether a state bank would be permitted to engage in the activity under applicable federal law, including 12 U.S.C. § 1831a, and related regulations.

(c) A rule adopted by the finance commission under this section does not alter or negate applicable licensing and regulatory requirements administered by a functional regulatory agency of this state, as defined by Section 31.303, including licensing and regulatory requirements pertaining to:
(1) insurance activities;
(2) securities activities; and
(3) real estate development, marketing, and sales activities.