By: Eltife S.B. No. 1553
(In the Senate - Filed March 12, 2015; March 23, 2015, read
first time and referred to Committee on Business and Commerce;
April 22, 2015, reported adversely, with favorable Committee
Substitute by the following vote: Yeas 7, Nays 0; April 22, 2015,
sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR S.B. No. 1553 By: Eltife
A BILL TO BE ENTITLED
AN ACT
relating to the interests of certain holding companies in certain
repair facilities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2307.002, Occupations Code, is amended
by adding Subsections (e) and (f) to read as follows:
(e) A holding company that owns an insurer may acquire, own,
and operate an interest in a repair facility through a person, other
than an insurer, who is an affiliate or subsidiary of the holding
company. The facility must be licensed as a new motor vehicle
dealership under Chapter 2301.
(f) For purposes of Subsection (e), "holding company" and
"insurer" have the meanings assigned by Section 823.002, Insurance
Code.
SECTION 2. The change in law made by Section 2307.002(e),
Occupations Code, as added by this Act, applies only to the
acquisition, ownership, or operation of an interest in a repair
facility on or after the effective date of this Act. Acquisition,
ownership, or operation of an interest in a repair facility before
the effective date of this Act is governed by the law as it existed
before that date, and that law is continued in effect for that
purpose.
SECTION 3. 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, 2015.
* * * * *