SAVINGS AND LOAN DEPARTMENT
SAVINGS AND LOAN DEPARTMENT. Before 1913 savings and loan associations in Texas were chartered by special acts of the legislature but were not regulated separately from other corporations. In 1913 the legislature began requiring the incorporation of savings and loan associations and placed them under the control of the state commissioner of insurance and banking. Although the Department of Banking was established as a separate agency in 1923, control of savings and loan institutions was not transferred from the Insurance Commission to the Department of Banking until 1929. The legislature established a separate Savings and Loan Department in 1961. The department was responsible for the administration of the Texas Savings and Loan Act, which provided for the regulation and supervision of state-chartered savings and loan associations. In this capacity the department conducted regular examinations of each existing association and acted on applications for new associations. The Savings and Loan Department operated under the policies and supervision of the Finance Commission of Texas.
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For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml
Uploaded on June 15, 2010. Published by the Texas State Historical Association.