SECTION 3.42. Foreign Bank Branch and Agency Records

A foreign bank branch or agency shall maintain the following records in English, or accompanied by an English translation, at its authorized location and make the records available for examination by the department or as otherwise requested by the banking commissioner:

(1) the records required under the Finance Code, Chapter 204, including §204.002, and, to the extent applicable, §3.60 and §3.61 of this title (relating to Pledge and Maintenance of Assets by Foreign Bank Licensed to Maintain Texas State Branch or Agency);

(2) separate accounting records relating to its assets and liabilities and, if available, its income and expenses resulting from the branch's or agency's operations in this state;

(3) records relating to all filings or permits required by federal regulators;

(4) records of all credit balances, including:

(A) a list of each credit balance;

(B) the contractual terms applicable to each credit balance; and

(C) the contractual terms specifying the completion of the transactions to which the credit balance relates;

(5) records listing all representative offices, loan production offices, or other subsidiaries maintained in this state by the foreign bank branch or agency or by the foreign bank that controls the branch or agency; and

(6) such other records that the banking commissioner may require.

Source Note: The provisions of this §3.42 adopted to be effective September 13, 1996, 21 TexReg 8451; amended to be effective March 9, 2006, 31 TexReg 1643