Texas Government Code 404.022 – Applications
(a) The comptroller, not later than the first business day in May of each odd-numbered year, shall notify eligible institutions of the conditions with which applicants for designation as a state depository must comply. The comptroller shall keep on file in the comptroller’s office and make available for inspection by any person a list of institutions to which notification has been sent.
(b) The application for designation as a state depository must include a statement:
(1) of the amount of the applicant’s paid capital stock and permanent surplus, if any;
(2) of the maximum amount of state time deposits the applicant will accept;
(3) of the applicant’s condition according to the most recent financial statement on the date the application is submitted; and
(4) that the books and accounts of the institution, if it is designated as a state depository, will be open at all times for inspection by the comptroller or a representative of the comptroller.
Terms Used In Texas Government Code 404.022
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) An application shall be mailed or electronically submitted to the comptroller at Austin and must be received before noon on the first business day of August of the year in which the notification is sent. An application received after that time may be considered at the option of the comptroller. The comptroller may charge a processing fee of $25 for each application and shall deposit the fees to the credit of the general revenue fund. The comptroller may specify the format required for electronic submissions and may adopt rules to administer this section.
(d) The comptroller shall prepare a list of the names of the applicants and the amount for which each has applied.
(e) The comptroller may approve those applicants that are acceptable and may reject those whose management or condition, in the opinion of the comptroller, does not warrant the placing of state funds in their possession.
(f) The designation as a state depository is effective for a period of not more than two years.
(g) As soon as practicable after the comptroller has made its designations, the comptroller shall inform applicants whether they have been designated as state depositories.
(h) The comptroller may execute a simplified version of a depository agreement with an eligible institution desiring to hold state deposits that are fully insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.