This law allows a bank to serve as a depository for a political subdivision's funds even if certain officers or employees of that subdivision have ties to the bank. It ensures that conflicts of interest do not automatically disqualify banks from providing financial services to local governments, as long as specific conditions are met.
Banks can serve as depositories despite officer ties.
No disqualification if selection duties are not involved.
Promotes financial service accessibility for political subdivisions.
Frequently Asked Questions
Why Attorneys Choose FlawFinder
Side-by-side with Westlaw and LexisNexis
Feature
FlawFinder
Westlaw
LexisNexis
Monthly price
$19 - $99
$133 - $646
$153 - $399
Contract
None
1-3 year min
1-6 year min
Hidden fees
$0, always
Up to $469/search
$25/mo + per-doc
Police SOPs
✓ 310+ departments
✗
✗
Zero-hallucination AI
✓ CitationGuard
✗
✗
Cancel
One click
Termination fees
No option to cancel
Explain Like I'm 5
In simple terms: Learn about Texas's CONFLICT OF INTEREST. (a) A bank is not law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
FlawFinder provides legal information, not legal advice. Consult a licensed attorney for specific legal guidance.