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Texas Statutes (Last Updated: January 4, 2014) |
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FINANCE CODE |
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Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES |
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Subtitle F. TRUST COMPANIES |
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Chapter 182. POWERS, ORGANIZATION, AND FINANCIAL REQUIREMENTS |
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Subchapter A. ORGANIZATION AND POWERS IN GENERAL |
Sec. 182.021. ACTIVITIES NOT REQUIRING CHARTER
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Subject to Subchapter C, Chapter 187, a company does not engage in the trust business in a manner requiring a state charter by:
(1) acting in a manner authorized by law and in the scope of authority as an agent of a trust institution;
(2) rendering a service customarily performed as an attorney in a manner approved and authorized by the Supreme Court of Texas or State Bar of Texas;
(3) acting as trustee under a deed of trust made only as security for the payment of money or for the performance of another act;
(4) conducting business as a trust institution if the exercise of fiduciary powers in this state by the trust institution is not otherwise prohibited by law;
(5) engaging in a business regulated by the Office of Consumer Credit Commissioner, except as limited by rules adopted by the finance commission;
(6) receiving and distributing rents and proceeds of sale as a licensed real estate broker on behalf of a principal in a manner authorized by the Texas Real Estate Commission;
(7) engaging in a securities transaction or providing an investment advisory service as a licensed and registered dealer, salesman, or advisor to the extent that the activity is regulated by the State Securities Board or the Securities and Exchange Commission;
(8) engaging in the sale and administration of an insurance product by an insurance company or agent authorized or licensed by the Texas Department of Insurance to the extent that the activity is regulated by the Texas Department of Insurance;
(9) engaging in the lawful sale of prepaid funeral benefits under a permit issued by the banking commissioner under Chapter 154;
(10) engaging in the lawful business of a perpetual care cemetery corporation under Chapter 712, Health and Safety Code;
(11) engaging as a principal in the money services business under a license issued by the banking commissioner under Chapter 151;
(12) acting as trustee under a voting trust as provided by Section 6.251, Business Organizations Code;
(13) acting as trustee by a public, private, or independent institution of higher education or a university system, as defined by Section 61.003, Education Code, including an affiliated foundation or corporation of such an institution or system acting as trustee as provided by the Education Code;
(14) engaging in another activity expressly excluded from the application of this subtitle by rule of the finance commission;
(15) rendering services customarily performed by a certified accountant in a manner authorized by the Texas State Board of Public Accountancy;
(16) serving as trustee of a charitable trust as provided by Section 2.106, Business Organizations Code;
(17) performing escrow or settlement services if licensed or authorized under Title 11, Insurance Code;
(18) acting as a qualified intermediary in a tax deferred exchange under Section 1031, Internal Revenue Code of 1986, and applicable regulations; or
(19) providing permitted services at a trust representative office established in this state pursuant to Subchapter C, Chapter 187.