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Texas Government Code - GOV'T § 2257.062. Penalties

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 2257.062. Penalties - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-2257-062/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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