Texas § FI.185.201 - INVESTIGATION OF UNAUTHORIZED TRUST ACTIVITY

§ FI.185.201. INVESTIGATION OF UNAUTHORIZED TRUST ACTIVITY

INVESTIGATION OF UNAUTHORIZED TRUST ACTIVITY. (a) If the banking commissioner has reason to believe that a person has engaged, is engaging, or is likely to engage in an unauthorized trust activity, the banking commissioner may: (1) investigate as necessary within or outside this state to: (A) determine whether the unauthorized trust activity has occurred or is likely to occur; or (B) aid in the enforcement of the laws administered by the banking commissioner; (2) initiate appropriate disciplinary action as provided by this subchapter; and (3) report any unauthorized trust activity to a law enforcement agency or another regulatory agency with appropriate jurisdiction. (b) The banking commissioner may: (1) on written request furnish to a law enforcement agency evidence the banking commissioner has compiled in connection with the unauthorized activity, including materials, documents, reports, and complaints; and (2) assist the law enforcement agency or other regulatory agency as requested. (c) A person acting without malice, fraudulent intent, or bad faith is not subject to liability, including liability for libel, slander, or other relevant tort, because the person files a report or furnishes, orally or in writing, information concerning a suspected, anticipated, or completed unauthorized activity to a law enforcement agency, the banking commissioner or another regulatory agency with appropriate jurisdiction, or an agent or employee of a law enforcement agency, the banking commissioner, or other regulatory agency. The person is entitled to attorney's fees and court costs if the person prevails in an action for libel, slander, or any other relevant tort based on the report or other information the person furnished as provided by this subchapter. (d) This section does not: (1) affect or modify a common law or statutory privilege or immunity; (2) preempt the authority or relieve the duty of a law enforcement agency or other regulatory agency with appropriate jurisdiction to investigate and prosecute suspected criminal acts; (3) prohibit a person from voluntarily disclosing information to a law enforcement agency or other regulatory agency; or (4) limit a power or duty granted to the banking commissioner under this subtitle or other law. Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.