Last Updated on November 17, 2022
Effective November 20, 2022, the Department of Savings and Mortgage Lending adopts rules (regulations) governing the regulation of Texas-chartered savings banks (thrifts). The rule changes were identified during the Department’s periodic review of its rules conducted pursuant to Section 2001.039 of the Texas Government Code (rule review). In general, the primary purpose for the rulemaking action is to reorganize and consolidate the Department’s rules governing thrifts into one chapter. Specifically, the adopted rules: (i) repeal the preexisting thrift rules in 7 Texas Administrative Code (TAC) Chapters 75, 76, and 77; (ii) insert new rules in 7 TAC Chapter 75 largely patterned after the preexisting rules in those chapters; and (iii) rename 7 TAC Chapter 75 “Savings Banks” to better reflect its subject matter. Additionally, the Department has effectively repealed the requirements of certain rules governing loan products contained in preexisting 7 TAC Chapter 77, Subchapter A, Sections 77.2 – 77.9.
On and after November 20, 2022, the adopted rules will be reflected on the Texas Secretary of State website. Interested persons may also consult the adopted rules notice published in the Texas Register on November 11, 2022 (link active through November 17, 2022; after November 17, 2022, please consult the Texas Register archives).