| 2 | | - | (In the Senate - Filed February 19, 2015; |
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| 3 | | - | February 24, 2015, read first time and referred to Committee on |
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| 4 | | - | Business and Commerce; March 23, 2015, reported favorably by the |
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| 5 | | - | following vote: Yeas 9, Nays 0; March 23, 2015, sent to printer.) |
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| 6 | | - | Click here to see the committee vote |
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| 7 | 2 | | |
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| 8 | 3 | | |
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| 9 | 4 | | A BILL TO BE ENTITLED |
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| 10 | 5 | | AN ACT |
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| 11 | 6 | | relating to the appointment of the commissioners of certain |
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| 12 | 7 | | financial regulatory agencies by the Finance Commission of Texas. |
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| 13 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 14 | 9 | | SECTION 1. Section 12.101(a), Finance Code, is amended to |
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| 15 | 10 | | read as follows: |
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| 16 | 11 | | (a) The banking commissioner is the chief executive officer |
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| 17 | 12 | | of the Texas Department of Banking. The finance commission[, by at |
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| 18 | 13 | | least five affirmative votes,] shall appoint the banking |
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| 19 | 14 | | commissioner. The banking commissioner serves at the will of the |
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| 20 | 15 | | finance commission and is subject to the finance commission's |
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| 21 | 16 | | orders and directions. |
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| 22 | 17 | | SECTION 2. Section 13.002(a), Finance Code, is amended to |
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| 23 | 18 | | read as follows: |
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| 24 | 19 | | (a) The savings and mortgage lending commissioner is the |
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| 25 | 20 | | chief executive officer of the Department of Savings and Mortgage |
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| 26 | 21 | | Lending. The finance commission[, by at least five affirmative |
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| 27 | 22 | | votes,] shall appoint the savings and mortgage lending |
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| 28 | 23 | | commissioner. The savings and mortgage lending commissioner serves |
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| 29 | 24 | | at the will of the finance commission and is subject to the finance |
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| 30 | 25 | | commission's orders and direction. |
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| 31 | 26 | | SECTION 3. (a) The change in law made by this Act to |
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| 32 | 27 | | Section 12.101(a), Finance Code, applies only to the appointment of |
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| 33 | 28 | | the banking commissioner on or after the effective date of this Act. |
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| 34 | 29 | | A banking commissioner appointed before the effective date of this |
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| 35 | 30 | | Act is governed by the law as it existed immediately before that |
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| 36 | 31 | | date, and that law is continued in effect for that purpose. |
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| 37 | 32 | | (b) The change in law made by this Act to Section 13.002(a), |
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| 38 | 33 | | Finance Code, applies only to the appointment of the savings and |
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| 39 | 34 | | mortgage lending commissioner on or after the effective date of |
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| 40 | 35 | | this Act. A savings and mortgage lending commissioner appointed |
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| 41 | 36 | | before the effective date of this Act is governed by the law as it |
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| 42 | 37 | | existed immediately before that date, and that law is continued in |
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| 43 | 38 | | effect for that purpose. |
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| 44 | 39 | | SECTION 4. This Act takes effect September 1, 2015. |
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