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