These documents are currently being revised to incorporate the changes made during the 2024 Legislative Session. Please consult the Sections Affected Table for changes made during the 2024 Legislative Session.
General prohibition on deposit taking.
Except as authorized by this chapter or other governing law, a trust company may not take or hold deposits of funds in this state unless:
(1) It is authorized to do business in this state as a depository institution; and
(2) Complies with all applicable federal and state laws and regulations respecting the taking and handling of monetary deposits.