{"data":{"id":"us-tx/tex.-finance-code-92.156","jurisdiction":"us-tx","citation":"Tex. Finance Code § 92.156","heading":"FINANCIAL INSTITUTION BOND.","body":"(a) A savings bank shall maintain a financial institution bond that provides adequate coverage to protect the savings bank from loss:\n(1) by or through dishonest or criminal action or omission, including fraud, theft, or misplacement, by any of the following persons:\n(A) an officer or employee of the savings bank;\n(B) an attorney retained by the savings bank;\n(C) a nonemployee performing data processing services for the savings bank; or\n(D) a director of the savings bank performing a duty of an officer or employee; or\n(2) by other perils such as robbery, burglary, forgery, or alteration.\n(b) A savings bank that employs a collection agent who is not covered by the bond required by Subsection (a) shall:\n(1) ensure that the savings bank is included as a loss payee in the collection agent's crime coverage; and\n(2) obtain a certificate of insurance evidencing the sufficiency of the collection agent's crime coverage.\n(c) Subject to rules adopted under Subsection (e), the board shall, at least annually, review and approve:\n(1) the coverage, including the amount of the coverage, provided by the bond and the form of the bond; and\n(2) the sustainability of the corporate surety or insurer that issued the bond.\n(d) The bond must provide that a cancellation or other termination by the corporate surety or insurer or by the insured is not effective until the earlier of:\n(1) the date the commissioner approves; or\n(2) the 30th day after the date written notice of the cancellation is given to the commissioner.\n(e) The finance commission may adopt rules establishing:\n(1) the coverage, including the amount of the coverage, that must be provided by the bond and the form of the bond; and\n(2) the sustainability of the corporate surety or insurer that issues the bond.\nActs 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.\nAmended by:\nActs 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.06, eff. September 1, 2005.\nActs 2017, 85th Leg., R.S., Ch. 165 (H.B. 2579), Sec. 1, eff. September 1, 2017.","path":["FINANCE CODE","TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES","SUBTITLE C. SAVINGS BANKS","CHAPTER 92. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS","SUBCHAPTER D. ADMINISTRATION"],"source_url":"https://statutes.capitol.texas.gov/Docs/FI/htm/FI.92.htm#92.156","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:13Z","sha256":"a77858a902efad8020dde013d3205ef87c7b8173b43c981357d84c2558eeeb18","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-finance-code-92.155","next":"us-tx/tex.-finance-code-92.157"},"notice":"GroundRules: Original legal text. Not legal advice."}