| 2 | | - | (In the Senate - Filed March 12, 2015; March 23, 2015, read |
|---|
| 3 | | - | first time and referred to Committee on Business and Commerce; |
|---|
| 4 | | - | April 22, 2015, reported adversely, with favorable Committee |
|---|
| 5 | | - | Substitute by the following vote: Yeas 7, Nays 0; April 22, 2015, |
|---|
| 6 | | - | sent to printer.) |
|---|
| 7 | | - | Click here to see the committee vote |
|---|
| 8 | | - | COMMITTEE SUBSTITUTE FOR S.B. No. 1553 By: Eltife |
|---|
| 9 | 2 | | |
|---|
| 10 | 3 | | |
|---|
| 11 | 4 | | A BILL TO BE ENTITLED |
|---|
| 12 | 5 | | AN ACT |
|---|
| 13 | 6 | | relating to the interests of certain holding companies in certain |
|---|
| 14 | 7 | | repair facilities. |
|---|
| 15 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 16 | 9 | | SECTION 1. Section 2307.002, Occupations Code, is amended |
|---|
| 17 | 10 | | by adding Subsections (e) and (f) to read as follows: |
|---|
| 18 | 11 | | (e) A holding company that owns an insurer may acquire, own, |
|---|
| 19 | 12 | | and operate an interest in a repair facility through a person, other |
|---|
| 20 | 13 | | than an insurer, who is an affiliate or subsidiary of the holding |
|---|
| 21 | 14 | | company. The facility must be licensed as a new motor vehicle |
|---|
| 22 | 15 | | dealership under Chapter 2301. |
|---|
| 23 | 16 | | (f) For purposes of Subsection (e), "holding company" and |
|---|
| 24 | 17 | | "insurer" have the meanings assigned by Section 823.002, Insurance |
|---|
| 25 | 18 | | Code. |
|---|
| 26 | 19 | | SECTION 2. The change in law made by Section 2307.002(e), |
|---|
| 27 | 20 | | Occupations Code, as added by this Act, applies only to the |
|---|
| 28 | 21 | | acquisition, ownership, or operation of an interest in a repair |
|---|
| 29 | 22 | | facility on or after the effective date of this Act. Acquisition, |
|---|
| 30 | 23 | | ownership, or operation of an interest in a repair facility before |
|---|
| 31 | 24 | | the effective date of this Act is governed by the law as it existed |
|---|
| 32 | 25 | | before that date, and that law is continued in effect for that |
|---|
| 33 | 26 | | purpose. |
|---|
| 34 | 27 | | SECTION 3. This Act takes effect immediately if it receives |
|---|
| 35 | 28 | | a vote of two-thirds of all the members elected to each house, as |
|---|
| 36 | 29 | | provided by Section 39, Article III, Texas Constitution. If this |
|---|
| 37 | 30 | | Act does not receive the vote necessary for immediate effect, this |
|---|
| 38 | 31 | | Act takes effect September 1, 2015. |
|---|