(a) A local government that receives approval for a district under this chapter shall notify the department in writing on or before the 21st day after the date: (1) the financial institution opens a branch in the district and the address of the branch; and(2) the financial institution closes a branch in the district.(b) On behalf of the commission, the department may request periodic status reports from the local government in order to ensure that the needs of the community located in the district are being met in an appropriate manner.Adopted by Texas Register, Volume 40, Number 44, October 30, 2015, TexReg 7621, eff. 11/5/2015