Texas § FI.37.006 - FINANCIAL MORATORIUM
Full text of Texas The Texas Constitution § FI.37.006 — FINANCIAL MORATORIUM, with citation guidance and answers to common questions.
§ FI.37.006. FINANCIAL MORATORIUM
FINANCIAL MORATORIUM. (a) The banking commissioner, with the approval of a majority of the finance commission and the governor, may proclaim a financial moratorium for, and invoke a uniform limitation on, withdrawal of deposits of every character from all banks within this state. A bank refusing to comply with a written proclamation of the banking commissioner under this section, signed by a majority of the members of the finance commission and the governor: (1) forfeits its charter if it is a state bank; or (2) may not act as reserve agent for a state bank or as depository of state, county, municipal, or other public money if it is a national bank. (b) On order of the banking commissioner after refusal of a national bank to comply with the proclamation, a depositor of public money with the bank: (1) shall immediately withdraw the public money from the bank; and (2) may not redeposit public money in the bank without the banking commissioner's prior written approval. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Frequently Asked Questions About Texas § FI.37.006
What does The Texas Constitution § FI.37.006 cover?
Section FI.37.006 ("FINANCIAL MORATORIUM") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § FI.37.006?
A common citation format is "The Texas Constitution § FI.37.006" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § FI.37.006 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.