83R10288 ATP-F
By: Pitts H.B. No. 2609
A BILL TO BE ENTITLED
AN ACT
relating to the exclusive regulatory and oversight authority of the
consumer credit commissioner regarding certain business entities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter E, Chapter 14, Finance Code, is
amended by adding Section 14.2011 to read as follows:
Sec. 14.2011. EXCLUSIVE VISITORIAL POWERS. (a) In this
section:
(1) "Business entity" means a partnership,
corporation, joint venture, limited liability company, or other
business organization or business association, however organized.
(2) "Visitorial powers," with respect to a regulated
business entity, include:
(A) examination of a business entity;
(B) inspection of a business entity's books and
records;
(C) regulation and supervision of activities
authorized or permitted under this code; and
(D) enforcement of compliance with any
applicable state laws concerning activities authorized or
permitted under this code.
(b) Unless otherwise expressly provided by state law or
state regulation, the commissioner has exclusive visitorial powers
with respect to the content and conduct of activities authorized
for a business entity regulated by the commissioner under this
code, and the regulated business entity is not subject to any
visitorial powers of a political subdivision of this state.
SECTION 2. 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, 2013.