Tex. Finance Code § 154.257
This is the official text of Tex. Finance Code § 154.257, part of Texas’s Finance Code — regulates banks and other financial institutions.
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§ 154.257. INVESTMENT PLAN.
Official statutory text
(a) A permit holder or trustee, if the permit holder deposits the money with a financial institution as trustee, shall:
(1) adopt a written investment plan consistent with this section and Sections 154.256 and 154.258 that specifies the quality, maturity, and diversification of investments;
(2) at least annually, review the adequacy and implementation of the investment plan;
(3) maintain investment records covering each transaction; and
(4) maintain the investment plan in the principal offices of the permit holder and trustee.
(b) The permit holder shall provide the investment plan to the department with the filing of the permit holder's annual report.
(a) The trustee of a prepaid funeral benefits trust shall invest and manage trust assets in accordance with the Uniform Prudent Investor Act (Chapter 117, Property Code), in a manner consistent with the requirements of this chapter and the purposes, terms, distribution requirements, and other circumstances of the trust.
(b) The commission may adopt reasonable rules to administer and clarify law regarding the investment and management of prepaid funeral benefits trust funds, provided that the rules are consistent with the Uniform Prudent Investor Act (Chapter 117, Property Code), the requirements of this chapter, and the purposes, terms, distribution requirements, and other circumstances of a prepaid funeral benefits trust, including rules to:
(1) define trust and investment terms;
(2) specify standards applicable to the written investment plan required by Section 154.257; and
(3) establish guidelines, rebuttable presumptions, or safe harbor provisions with respect to suitable investments and investment strategies for a prepaid funeral benefits trust.
(c) Repealed by Acts 2007, 80th Leg., R.S., Ch. 720, Sec. 4(1), eff. September 1, 2007.
(d) Repealed by Acts 2007, 80th Leg., R.S., Ch. 720, Sec. 4(1), eff. September 1, 2007.
(e) Repealed by Acts 2007, 80th Leg., R.S., Ch. 720, Sec. 4(1), eff. September 1, 2007.
(1) adopt a written investment plan consistent with this section and Sections 154.256 and 154.258 that specifies the quality, maturity, and diversification of investments;
(2) at least annually, review the adequacy and implementation of the investment plan;
(3) maintain investment records covering each transaction; and
(4) maintain the investment plan in the principal offices of the permit holder and trustee.
(b) The permit holder shall provide the investment plan to the department with the filing of the permit holder's annual report.
(a) The trustee of a prepaid funeral benefits trust shall invest and manage trust assets in accordance with the Uniform Prudent Investor Act (Chapter 117, Property Code), in a manner consistent with the requirements of this chapter and the purposes, terms, distribution requirements, and other circumstances of the trust.
(b) The commission may adopt reasonable rules to administer and clarify law regarding the investment and management of prepaid funeral benefits trust funds, provided that the rules are consistent with the Uniform Prudent Investor Act (Chapter 117, Property Code), the requirements of this chapter, and the purposes, terms, distribution requirements, and other circumstances of a prepaid funeral benefits trust, including rules to:
(1) define trust and investment terms;
(2) specify standards applicable to the written investment plan required by Section 154.257; and
(3) establish guidelines, rebuttable presumptions, or safe harbor provisions with respect to suitable investments and investment strategies for a prepaid funeral benefits trust.
(c) Repealed by Acts 2007, 80th Leg., R.S., Ch. 720, Sec. 4(1), eff. September 1, 2007.
(d) Repealed by Acts 2007, 80th Leg., R.S., Ch. 720, Sec. 4(1), eff. September 1, 2007.
(e) Repealed by Acts 2007, 80th Leg., R.S., Ch. 720, Sec. 4(1), eff. September 1, 2007.
Status: repealed · Read it on the official government site
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