By: Carona S.B. No. 1008
(In the Senate - Filed February 28, 2011; March 16, 2011,
read first time and referred to Committee on Business and Commerce;
March 22, 2011, reported favorably by the following vote: Yeas 9,
Nays 0; March 22, 2011, sent to printer.)
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. Subsection (b), Section 11.102, Finance Code, is
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, and one member of the finance commission must be a
residential mortgage loan originator licensed under Chapter 156 or
157 [broker].
SECTION 2. Subdivision (4), Subsection (e), Section 11.102,
Finance Code, is amended to read as follows:
(4) "Residential mortgage loan originator" ["Mortgage
broker"] means a person who:
(A) has had five years' or more experience as a
residential mortgage loan originator [broker], as defined by
Section 180.002 [156.002], during the seven-year period preceding
the person's appointment; and
(B) is a residential mortgage loan originator
[broker], as defined by Section 180.002 [156.002].
SECTION 3. (a) A member of the Finance Commission of Texas
who is a mortgage broker and who is serving on the effective date of
this Act continues to serve until the expiration of the term for
which the member was appointed.
(b) As soon as practicable following the expiration of the
term of the member described in Subsection (a) of this section or
following any vacancy in that position that occurs before the
expiration of the term, the governor shall make an appointment to
the Finance Commission of Texas to achieve the composition
prescribed by Section 11.102, Finance Code, as amended by 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.
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