| (a) A foreign bank branch or agency may not receive
deposits except as specifically authorized under the Finance Code, §204.105(b).
A foreign bank branch or agency may receive funds from a person and
maintain a credit balance in accordance with the Finance Code, §204.105(b).
(b) A credit balance includes:
(1) proceeds of loans to customers where such proceeds
are not immediately disbursed;
(2) loan payments from customers;
(3) funds delivered by customers to settle letters
of credit accounts with the branch or agency prior to settlement date;
(4) proceeds of bills of exchange, drafts, notes, acceptances,
and other obligations for the payment of money arising out of the
purchase and sale (but not discount) of same;
(5) funds received from customers to cover currency
transactions or as the result of currency transactions consummated
by the branch or agency on behalf of customers;
(6) funds received for transmission to another place;
(7) fund arising out of repurchase agreements, federal
funds transactions, and other types of purchase, sale, or borrowing
transactions in interbank markets;
(8) proceeds of collections made for customers' accounts;
(9) accounts due to other offices or entities controlled
by or under common control with the foreign bank that owns the foreign
bank branch or agency; or
(10) funds received from customers as security for
a loan.
(c) Credit balances may not remain in the foreign bank
branch or agency after the completion of all transactions to which
they relate.
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| Source Note: The provisions of this §3.43 adopted to be effective September 13, 1996, 21 TexReg 8452; amended to be effective March 9, 2006, 31 TexReg 1643; amended to be effective July 5, 2018, 43 TexReg 4451 |
