Tex.
Fin. Code Section 31.005
Implying that Person Is Bank
(a)
A person may not use the term “bank,” “bank and trust,” or a similar term or a character, ideogram, phonogram, phrase, or foreign language word in its name, stationery, or advertising in a manner that would imply to the public that the person is engaged in the business of banking in this state.(b)
Subsection (a) does not apply to a federally insured depository institution organized under the laws of this state, another state, the United States, or a foreign sovereign state to the extent that the depository institution or other entity is:(1)
authorized under its charter or the laws of this state or the United States to use a term, word, character, ideogram, phonogram, or phrase prohibited by Subsection (a); and(2)
authorized by the laws of this state or the United States to conduct the activities in which it is engaged in this state.(c)
A person violating this section is subject to an enforcement action initiated by the banking commissioner under Subchapter C (Inapplicability), Chapter 35 (Enforcement Actions), except that the maximum administrative penalty under Section 35.211 (Administrative Penalty) for violation involving only Subsection (a) is $500 for each day the violation continues.
Source:
Section 31.005 — Implying that Person Is Bank, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.31.htm#31.005 (accessed Jun. 5, 2024).
