1. (a) An association may obtain insurance for its savings accounts from the Federal Deposit Insurance Corporation.

2. (b) Only if the account is insured by the Federal Deposit Insurance Corporation may a person advertise, represent, or offer to accept a savings account in this state as:

   1. (1) an insured or guaranteed account; or
   2. (2) the savings account of an insured or guaranteed institution.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.