Tex. Finance Code § 154.053
This is the official text of Tex. Finance Code § 154.053, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 154.053. RECORDS; EXAMINATION.
Official statutory text
(a) A permit holder that has outstanding contracts for prepaid funeral benefits shall maintain records as required by rule of the commission.
(b) The department shall examine the records of each permit holder at least once every 18-month period, except that the department may examine a permit holder more frequently if:
(1) the permit holder:
(A) has received a uniform risk rating, under standards adopted by rule of the commission, that is less than satisfactory as a result of the permit holder's most recent examination; or
(B) is subject to a formal enforcement proceeding or order by the commissioner; or
(2) the commissioner determines in the exercise of discretion that additional examination is necessary to safeguard the interests of purchasers and beneficiaries and to efficiently enforce applicable law.
(c) The department may defer an examination under this section for not more than six months if the commissioner determines that deferment of the examination is necessary for the efficient enforcement of applicable law.
(d) Any record may be maintained and provided for examination in electronic format if the record is reliable and can be retrieved in a timely manner.
(e) The department, in consultation with the advisory committee established under Section 154.208, shall develop an examination manual that includes procedures intended to reduce the expense of examinations under this section to the department and the permit holders.
(b) The department shall examine the records of each permit holder at least once every 18-month period, except that the department may examine a permit holder more frequently if:
(1) the permit holder:
(A) has received a uniform risk rating, under standards adopted by rule of the commission, that is less than satisfactory as a result of the permit holder's most recent examination; or
(B) is subject to a formal enforcement proceeding or order by the commissioner; or
(2) the commissioner determines in the exercise of discretion that additional examination is necessary to safeguard the interests of purchasers and beneficiaries and to efficiently enforce applicable law.
(c) The department may defer an examination under this section for not more than six months if the commissioner determines that deferment of the examination is necessary for the efficient enforcement of applicable law.
(d) Any record may be maintained and provided for examination in electronic format if the record is reliable and can be retrieved in a timely manner.
(e) The department, in consultation with the advisory committee established under Section 154.208, shall develop an examination manual that includes procedures intended to reduce the expense of examinations under this section to the department and the permit holders.
Status: in_force · Read it on the official government site
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