Tex. Gov't Code § 2257.062

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 2257.062 - Penalties

(a) The comptroller may revoke a depository's designation as a state depository for one year if, after notice and a hearing, the comptroller makes a written finding that the depository, while acting as either a depository or a custodian:

(1) did not maintain reasonable compliance with this chapter; and

(2) failed to remedy a violation of this chapter within a reasonable time after receiving written notice of the violation.

(b) The comptroller may permanently revoke a depository's designation as a state depository if the comptroller makes a written finding that the depository:

(1) has not maintained reasonable compliance with this chapter; and

(2) has acted in bad faith by not remedying a violation of this chapter.

Tex. Gov't. Code § 2257.062

Amended by Acts 1997, 75th Leg., ch. 891, Sec. 3.19, eff. 9/1/1997.

Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. 9/1/1993.