1. (a) Subject to Subsection (b), a state trust company that was exempt before September 1, 1997, may no longer operate with that prior exempt status after the earlier of:

   1. (1) September 1, 2020; or
   2. (2) the date control is sold or otherwise transferred.
2. (b) A state trust company may apply for a new exemption under Section 182.011 before loss of its exempt status under Subsection (a).

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.

Acts 2015, 84th Leg., R.S., Ch. 250 (S.B. 875), Sec. 9, eff. September 1, 2015.