(a) An opinion of legal counsel required by this subchapter must be addressed to the banking commissioner and state the opinions expressed, the specific documents reviewed and the matters considered of both law and fact, as legal counsel has considered necessary or appropriate in the exercise of professional judgment for the opinions expressed, and the assumptions, qualifications, limitations, and exceptions made or taken with respect to the opinions expressed. A draft opinion may be submitted with an application under this chapter provided a final, signed opinion is delivered to the banking commissioner prior to final action on the application. Any variation in the final opinion from the draft version must be specifically called to the attention of the banking commissioner.
(b) An opinion letter required under this subchapter will be governed by and interpreted in accordance with the Third Party Legal Opinion Report, Including the Legal Opinion Accord, of the Section of Business Law (American Bar Association, 1991), available in pamphlet form as reprinted from the November 1991 issue of The Business Lawyer (Volume 47, Number 1, Page 167), (the Accord), or a successor document officially promulgated by an appropriate authority.
(c) Unless specifically noted in the opinion, the department will assume that the opinions expressed are based upon and subject to the assumptions, qualifications, limitations and exceptions set forth in the Accord, provided the Accord is incorporated by reference. In addition, whether or not stated in the Accord, if specifically noted in the opinion, counsel:
  (1) need not express an opinion as to the laws of the United States or a foreign jurisdiction, except as required by §15.108(b)(12)(A) of this title (relating to Conversion of a Financial Institution into a State Bank), or the laws of a state jurisdiction other than this state;
  (2) may assume that the parties to the transaction have engaged only in activities provided in their respective constitutive documents, and that all surviving parties to the transaction will engage only in activities provided in their respective constitutive documents;
  (3) may assume that the transaction will be consummated in accordance with its terms as disclosed in the application; and
  (4) may qualify the opinions given as opinions solely for the benefit of the department that may not be quoted in whole or in part or otherwise referred to in another document or report, and that may not be furnished to a person or entity other than the department and its representatives without the written consent of counsel, except as may be permitted or required by law, including the Finance Code, §31.303, and the Government Code, Chapter 552.
(d) Legal counsel must specifically notify the banking commissioner of any substantive deviation from the assumptions, qualifications, limitations and exceptions allowed in this section and the Accord, and any substantive deviation from the opinion requirements of the section of this subchapter that governs a particular application. Deviations may result in a processing delay of the application to the extent additional analysis is required to understand the purpose of the deviation. A substantive deviation from the requirements of this subchapter applicable to legal opinions that is not brought to the attention of the banking commissioner will be considered a material misrepresentation in the application.
(e) Legal counsel rendering an opinion under this subchapter must be an attorney in good standing admitted to practice before the highest court of a state, territory or district of the United States. However, legal counsel must be well versed and professionally competent in applicable Texas law, or should seek the advice and opinion of an attorney in good standing admitted to practice before the highest courts in this state if legal counsel may not properly and ethically render opinions regarding applicable Texas law. An opinion of local legal counsel must be disclosed if relied on by legal counsel. Additionally, with respect to an interstate merger transaction, conversion of an out-of-state financial institution into a Texas bank, or other transaction under Finance Code, Title 3, Subtitle G, legal counsel must be well versed and professionally competent in applicable home state and host state law and United States law regarding interstate banking and branching.
(f) Legal counsel rendering an opinion under this subchapter must be independent of the applicant, the notice provider, or another person or entity required to submit an opinion of counsel pursuant to this section. Legal counsel is considered independent if able to exercise independent professional judgment and render candid advice, whether in private practice or employed by an applicant.

Source Note: The provisions of this §15.109 adopted to be effective September 15, 1997, 22 TexReg 8948; amended to be effective January 7, 2004, 29 TexReg 80