Chapter 55 — Powers

55.01 Definitions This section defines key terms for the safe deposit company law. A 'safe deposit box' is any box, safe, or vault space … 55.02 Powers Safe deposit companies that follow this chapter have the power to rent safe deposit boxes and accept valuable property … 55.03 License Required No one can operate a safe deposit business without first getting a license from the state. This licensing requirement … 55.04 Licenses The Commissioner of Commerce issues licenses for safe deposit companies. The application must include the business … 55.041 Annual License Fee Every licensed safe deposit company must pay a $150 annual license fee to the Commissioner of Commerce by December 20 … 55.05 Bonds Before getting a license, a safe deposit company must post a surety bond of $5,000 to $1,000,000 with the state. The … 55.06 Business Not to Be Conducted Without License Only licensed safe deposit companies, banks, savings banks, credit unions, savings associations, and trust companies can … 55.07 Deposits, How Kept; Accounts Kept Safe deposit companies must keep all boxes and stored property in a fireproof vault approved by the Commissioner of … 55.08 License Posted Safe deposit companies must display their license in a visible place at their business location so customers can see it. … 55.09 This section has been repealed and is no longer in effect. 55.095 Duties of Commissioner of Commerce The Commissioner of Commerce supervises and controls all safe deposit companies. The commissioner can examine any … 55.10 Liability; Exemptions When a safe deposit box has multiple renters with joint access, the company is not liable for letting any authorized … 55.11 Not Charged With Notice of Fiduciary Relation A safe deposit company does not need to investigate whether a box renter holds the contents in trust for someone else. … 55.12 Liability May Be Limited A safe deposit company can limit how much it will pay if your property is lost due to its negligence. The company can … 55.13 This section has been repealed and is no longer in effect. 55.14 This section has been repealed and is no longer in effect. 55.15 Application This chapter does not limit or restrict how banks, savings banks, credit unions, or trust companies run their safe …