(a) A person may not do business as a savings and loan association in this state or maintain an office in this state for the purpose of doing business unless the person is a:
(1) domestic association;
(2) federal association; or
(3) foreign association that holds a certificate of authority issued under Subchapter I, Chapter 62, or Section 61, Chapter 61, General Laws, Acts of the 41st Legislature, 2nd Called Session, 1929 (Article 881a-60, Vernon's Texas Civil Statutes).
(b) Subsection (a) does not prohibit activity that is not considered to be transacting business in this state under Section B, Article 8.01, Texas Business Corporation Act.
Official text of the Texas Finance Code as published by the Texas Legislative Council.