S.B. No. 1008
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.
______________________________ ______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 1008 passed the Senate on
March 31, 2011, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
I hereby certify that S.B. No. 1008 passed the House on
May 19, 2011, by the following vote: Yeas 146, Nays 2, one
present not voting.
______________________________
Chief Clerk of the House
Approved:
______________________________
Date
______________________________
Governor