84R8639 CLG-F
By: Eltife S.B. No. 657
A BILL TO BE ENTITLED
AN ACT
relating to the appointment of the commissioners of certain
financial regulatory agencies by the Finance Commission of Texas.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 12.101(a), Finance Code, is amended to
read as follows:
(a) The banking commissioner is the chief executive officer
of the Texas Department of Banking. The finance commission[, by at
least five affirmative votes,] shall appoint the banking
commissioner. The banking commissioner serves at the will of the
finance commission and is subject to the finance commission's
orders and directions.
SECTION 2. Section 13.002(a), Finance Code, is amended to
read as follows:
(a) The savings and mortgage lending commissioner is the
chief executive officer of the Department of Savings and Mortgage
Lending. The finance commission[, by at least five affirmative
votes,] shall appoint the savings and mortgage lending
commissioner. The savings and mortgage lending commissioner
serves at the will of the finance commission and is subject to the
finance commission's orders and direction.
SECTION 3. (a) The change in law made by this Act to Section
12.101(a), Finance Code, applies only to the appointment of the
banking commissioner on or after the effective date of this Act. A
banking commissioner appointed before the effective date of this
Act is governed by the law as it existed immediately before that
date, and that law is continued in effect for that purpose.
(b) The change in law made by this Act to Section 13.002(a),
Finance Code, applies only to the appointment of the savings and
mortgage lending commissioner on or after the effective date of
this Act. A savings and mortgage lending commissioner appointed
before the effective date of this Act is governed by the law as it
existed immediately before that date, and that law is continued in
effect for that purpose.
SECTION 4. This Act takes effect September 1, 2015.