| 1 | 1 | | By: Carona S.B. No. 1008 |
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| 2 | 2 | | (Orr) |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the composition of the Finance Commission of Texas. |
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| 8 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 9 | | SECTION 1. Subsection (b), Section 11.102, Finance Code, is |
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| 10 | 10 | | amended to read as follows: |
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| 11 | 11 | | (b) One member of the finance commission must be a banking |
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| 12 | 12 | | executive, one member of the finance commission must be a savings |
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| 13 | 13 | | executive, one member of the finance commission must be a consumer |
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| 14 | 14 | | credit executive, and one member of the finance commission must be a |
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| 15 | 15 | | residential mortgage loan originator licensed under Chapter 156 or |
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| 16 | 16 | | 157 [broker]. |
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| 17 | 17 | | SECTION 2. Subdivision (4), Subsection (e), Section 11.102, |
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| 18 | 18 | | Finance Code, is amended to read as follows: |
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| 19 | 19 | | (4) "Residential mortgage loan originator" ["Mortgage |
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| 20 | 20 | | broker"] means a person who: |
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| 21 | 21 | | (A) has had five years' or more experience as a |
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| 22 | 22 | | residential mortgage loan originator [broker], as defined by |
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| 23 | 23 | | Section 180.002 [156.002], during the seven-year period preceding |
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| 24 | 24 | | the person's appointment; and |
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| 25 | 25 | | (B) is a residential mortgage loan originator |
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| 26 | 26 | | [broker], as defined by Section 180.002 [156.002]. |
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| 27 | 27 | | SECTION 3. (a) A member of the Finance Commission of Texas |
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| 28 | 28 | | who is a mortgage broker and who is serving on the effective date of |
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| 29 | 29 | | this Act continues to serve until the expiration of the term for |
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| 30 | 30 | | which the member was appointed. |
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| 31 | 31 | | (b) As soon as practicable following the expiration of the |
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| 32 | 32 | | term of the member described in Subsection (a) of this section or |
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| 33 | 33 | | following any vacancy in that position that occurs before the |
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| 34 | 34 | | expiration of the term, the governor shall make an appointment to |
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| 35 | 35 | | the Finance Commission of Texas to achieve the composition |
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| 36 | 36 | | prescribed by Section 11.102, Finance Code, as amended by this Act. |
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| 37 | 37 | | SECTION 4. This Act takes effect immediately if it receives |
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| 38 | 38 | | a vote of two-thirds of all the members elected to each house, as |
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| 39 | 39 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 40 | 40 | | Act does not receive the vote necessary for immediate effect, this |
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| 41 | 41 | | Act takes effect September 1, 2011. |
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