As used in this chapter and in these rules, the following words
and terms shall have the following meanings, unless the context clearly
(1) Account services--Are those services and transactions
performed by a depository agent that are made in connection with creating,
transferring, clearing, settling, or liquidating the rights and interests
of a depository account holder in a depository account.
(A) Account services include:
(i) assisting retail customers in opening or creating
a depository account;
(ii) accepting deposits from depository account holders
on behalf of the depository;
(iii) processing withdrawal requests;
(iv) assisting retail customers in transferring depository
(v) assisting retail customers in closing a depository
(vi) otherwise accessing the depository account of
a depository account holder to help manage the account on behalf of
the depository account holder.
(B) For the purposes of this chapter account services
do not include:
(i) participation as a party or counterparty to a purchase
or sale of bullion or specie, if the purchase or sale is an independent
transaction and the bullion or specie is not being purchased or sold
on behalf of the depository; or
(ii) arranging the shipment, delivery or transport
of precious metals, bullion or specie to the depository, if the transaction
is made or provided by a person who is not authorized to act on behalf
of the depository and the transaction does not involve accessing the
account of a depository account holder.
(2) Administrator--The bullion depository administrator
appointed by the comptroller to administer, supervise, and direct
the operations and affairs of the depository or the administrator's
(3) Bullion--Precious metals that are formed into uniform
shapes and quantities such as ingots, bars, or plates, with uniform
content and purity, as are suitable for or customarily used in the
purchase, sale, storage, transfer, and delivery of bulk or wholesale
transactions in precious metals.
(4) Business day--A day other than a Saturday, Sunday,
or banking holiday for a bank chartered under the laws of this state.
(5) Deposit--The establishment of an executory obligation
of the depository to deliver to the order of the person establishing
with the depository the obligation, on demand, a quantity of a specified
precious metal, in bullion or specie, or a combination of bullion
and specie, equal to the quantity of the same precious metal delivered
by or on behalf of the depositor into the custody of the depository
or a depository agent, subject to the terms of the depository account
(6) Depositor--A person who makes a deposit.
(7) Depository--The Texas Bullion Depository, a state
agency, created by Government Code, §2116.002.
(8) Depository account--The business arrangement between
the depository and a depositor through which the depository provides
services to a depositor and records transactions that evidence the
rights, interests, and entitlements established in favor of a depositor
with respect to a deposit of bullion or specie.
(9) Depository account holder--The original depositor
for a depository account, or the successor or assignee of the original
(10) Depository agent--A person who:
(A) has entered into an agreement with the depository
to serve as an intermediary between the depository and a retail customer
to provide depository agent services; and
(B) is licensed or exempted from being licensed under
Texas Finance Code, Subchapter J, to provide depository agent services.
(11) Depository agent services--Services rendered to
the general public including purchasing, selling, transferring, accepting,
transporting, delivering, or otherwise dealing in precious metals,
bullion or specie, that are made:
(A) for or on behalf of the depository; and
(B) in connection with providing account services to
retail customers of the depository.
(12) For or on behalf of the depository--Pursuant to
express authorization by the depository. A service or transaction
is not made for or on behalf of the depository unless the person providing
the service or transaction has entered into an agreement with the
depository to act as a depository agent and the person acts only within
the scope of authority conferred by the agreement or the depository
is a party to the transaction. The depository is not a party to a
transaction involving the shipment, transport, or delivery of precious
metals, bullion or specie merely by virtue of the fact that the depository
is the destination for such shipment, transport, or delivery.
(13) Precious metal--A metal, including gold, silver,
platinum, palladium, and rhodium, that:
(A) bears a high value-to-weight ratio relative to
common industrial metals; and
(B) customarily is formed into bullion or specie.
(14) Retail customer--An individual, partnership, or
corporation who is not engaged in the business of buying, selling,
investing or managing precious metals, bullion, or specie for others,
or who is not otherwise an eligible contract participant as that term
is defined by the Commodity Exchange Act, 7 U.S.C §1a, as amended.
(15) Retail transaction--A contract for the purchase
or sale of bullion or specie to a retail customer.
(16) Specie--A precious metal stamped into coins of
uniform shape, size, design, content, and purity, suitable for or
customarily used as currency, as a medium of exchange, or as the medium
for purchase, sale, storage, transfer, or delivery of precious metals
in retail or wholesale transactions.