1. (a) A foreign bank agency may not receive deposits pursuant to the Finance Code, §39.108. A foreign bank agency may receive funds from a person and maintain a credit balance if the funds are not intended to be deposits.

2. (b) A credit balance includes:

   1. (1) proceeds of loans to customers where such proceeds are not immediately disbursed;
   2. (2) loan payments from customers;
   3. (3) funds delivered by customers to settle letters of credit accounts with the agency prior to settlement date;
   4. (4) proceeds of bills of exchange, drafts, notes, acceptances, and other obligations for the payment of money arising out of the purchase and sale (but not discount) of same;
   5. (5) funds received from customers to cover currency transactions or as the result of currency transactions consummated by the agency on behalf of customers;
   6. (6) funds received for transmission to another place;
   7. (7) fund arising out of repurchase agreements, federal funds transactions, and other types of purchase, sale, or borrowing transactions in interbank markets;
   8. (8) proceeds of collections made for customers' accounts;
   9. (9) accounts due to other offices or entities controlled by or under common control with the foreign bank corporation that owns the foreign bank agency; or
   10. (10) funds received from customers as security for a loan.
3. (c) Credit balances may not remain in the foreign bank agency after the completion of all transactions to which they relate.

Source Note:The provisions of this §3.43 adopted to be effective September 13, 1996, 21 TexReg 8452.