| 1 | 1 | | 82R6405 JE-F |
|---|
| 2 | 2 | | By: Harless, Anderson of McLennan, Legler, H.B. No. 1681 |
|---|
| 3 | 3 | | Nash |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | |
|---|
| 6 | 6 | | A BILL TO BE ENTITLED |
|---|
| 7 | 7 | | AN ACT |
|---|
| 8 | 8 | | relating to the composition of the Finance Commission of Texas. |
|---|
| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 10 | 10 | | SECTION 1. Sections 11.102(b) and (c), Finance Code, are |
|---|
| 11 | 11 | | amended to read as follows: |
|---|
| 12 | 12 | | (b) One member of the finance commission must be a banking |
|---|
| 13 | 13 | | executive, one member of the finance commission must be a savings |
|---|
| 14 | 14 | | executive, one member of the finance commission must be a consumer |
|---|
| 15 | 15 | | credit executive, one member of the finance commission must be a |
|---|
| 16 | 16 | | motor vehicle seller finance licensee, and one member of the |
|---|
| 17 | 17 | | finance commission must be a mortgage broker. |
|---|
| 18 | 18 | | (c) Four [Five] members of the finance commission must be |
|---|
| 19 | 19 | | representatives of the general public. At least one of those |
|---|
| 20 | 20 | | members must be a certified public accountant. |
|---|
| 21 | 21 | | SECTION 2. Section 11.102(e), Finance Code, is amended by |
|---|
| 22 | 22 | | adding Subdivision (5) to read as follows: |
|---|
| 23 | 23 | | (5) "Motor vehicle seller finance licensee" means a |
|---|
| 24 | 24 | | person who: |
|---|
| 25 | 25 | | (A) holds a license issued under Chapter 348; |
|---|
| 26 | 26 | | (B) has had five years' or more experience as a |
|---|
| 27 | 27 | | Texas automobile dealer retailing motor vehicles during the |
|---|
| 28 | 28 | | seven-year period preceding the person's appointment; and |
|---|
| 29 | 29 | | (C) is a dealer as defined by Section 503.001, |
|---|
| 30 | 30 | | Transportation Code. |
|---|
| 31 | 31 | | SECTION 3. The changes in law made by this Act in the |
|---|
| 32 | 32 | | qualifications of a member of the Finance Commission of Texas do not |
|---|
| 33 | 33 | | affect the entitlement of a member serving on the commission |
|---|
| 34 | 34 | | immediately before the effective date of this Act to continue to |
|---|
| 35 | 35 | | serve for the remainder of the person's term. The changes in law |
|---|
| 36 | 36 | | apply only to appointment of commission members on or after the |
|---|
| 37 | 37 | | effective date of this Act. |
|---|
| 38 | 38 | | SECTION 4. This Act takes effect immediately if it receives |
|---|
| 39 | 39 | | a vote of two-thirds of all the members elected to each house, as |
|---|
| 40 | 40 | | provided by Section 39, Article III, Texas Constitution. If this |
|---|
| 41 | 41 | | Act does not receive the vote necessary for immediate effect, this |
|---|
| 42 | 42 | | Act takes effect September 1, 2011. |
|---|