Texas 2021 - 87th Regular

Texas Senate Bill SB707 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	S.B. No. 707
	1	+	By: Paxton, et al. S.B. No. 707
	2	+	(Lambert, Canales, Paddie, Goldman, Cyrier)
2	3
3	4
	5	+	A BILL TO BE ENTITLED
4	6		AN ACT
5	7		relating to the continuation and functions of the Credit Union
6	8		Department and the Credit Union Commission.
7	9		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
8	10		SECTION 1. Subchapter B, Chapter 15, Finance Code, is
9	11		amended by adding Section 15.104 to read as follows:
10	12		Sec. 15.104. NOTIFICATION AND GUIDANCE ON ADOPTION OF
11	13		CERTAIN FEDERAL LAWS OR REGULATIONS. The department shall promptly
12	14		notify and issue guidance to all credit unions chartered in this
13	15		state on the adoption of a federal law or regulation that:
14	16		(1) affects a power or authority conferred to credit
15	17		unions under Section 123.003(a);
16	18		(2) takes effect immediately; and
17	19		(3) conflicts with state law.
18	20		SECTION 2. Section 15.2041, Finance Code, is amended by
19	21		amending Subsection (b) and adding Subsection (d) to read as
20	22		follows:
21	23		(b) The training program must provide the person with
22	24		information regarding:
23	25		(1) the law governing department operations
24	26		[legislation that created the department];
25	27		(2) the programs, functions, rules, and budget of the
26	28		department;
27	29		(3) the scope of and limitations on the rulemaking
28	30		authority of the commission;
29	31		(4) the results of the most recent formal audit of the
30	32		department;
31	33		(5) [(4)] the requirements of:
32	34		(A) laws relating to open meetings, public
33	35		information, administrative procedure, and disclosing conflicts of
34	36		interest; and
35	37		(B) other laws applicable to members of a state
36	38		policy-making body in performing their duties; and
37	39		(6) [(5)] any applicable ethics policies adopted by
38	40		the department or the Texas Ethics Commission[; and
39	41		[(6) the basic principles and responsibilities of
40	42		credit union management].
41	43		(d) The commissioner shall create a training manual that
42	44		includes the information required by Subsection (b). The
43	45		commissioner shall distribute a copy of the training manual
44	46		annually to each commission member. Each commission member shall
45	47		sign and submit to the commissioner a statement acknowledging that
46	48		the commission member received and has reviewed the training
47	49		manual.
48	50		SECTION 3. Section 15.212, Finance Code, is amended to read
49	51		as follows:
50	52		Sec. 15.212. SUNSET PROVISION. The Credit Union Department
51	53		and the Credit Union Commission are subject to Chapter 325,
52	54		Government Code (Texas Sunset Act). Unless continued in existence
53	55		as provided by that chapter, the department and commission are
54	56		abolished September 1, 2033 [2021].
55	57		SECTION 4. Sections 15.409(b), (c), and (d), Finance Code,
56	58		are redesignated as Section 15.408, Finance Code, and amended to
57	59		read as follows:
58	60		Sec. 15.408. CONSUMER COMPLAINTS. (a) [(b)] The
59	61		department shall maintain a system to promptly and efficiently act
60	62		on complaints filed with the department. The department shall
61	63		maintain information about parties to the complaint, the subject
62	64		matter of the complaint, a summary of the results of the review or
63	65		investigation of the complaint, and its disposition.
64	66		(b) [(c)] The department shall make information available
65	67		describing its procedures for complaint investigation and
66	68		resolution.
67	69		(c) [(d)] The department shall periodically notify the
68	70		complaint parties [person filing the complaint and each person who
69	71		is the subject of the complaint] of the status of the complaint
70	72		until final disposition unless the notice would jeopardize an
71	73		investigation.
72	74		SECTION 5. Subchapter E, Chapter 15, Finance Code, is
73	75		amended by adding Section 15.4081 to read as follows:
74	76		Sec. 15.4081. COMPLAINT TRACKING; ANNUAL STATISTICAL
75	77		ANALYSIS. (a) To help identify and address regulatory issues and
76	78		constraints, the department shall track all phases of the complaint
77	79		and enforcement processes, including the receipt, investigation,
78	80		and disposition of complaints. The department shall maintain the
79	81		following information for each complaint:
80	82		(1) the basis for the complaint;
81	83		(2) the origin of the complaint, including whether the
82	84		complaint was issued from:
83	85		(A) another regulatory agency;
84	86		(B) a credit union member;
85	87		(C) a credit union employee;
86	88		(D) a member of the public; or
87	89		(E) a public or private entity;
88	90		(3) the number of days taken to resolve the complaint
89	91		from the date the complaint was received; and
90	92		(4) the disposition of the complaint, including:
91	93		(A) if no disciplinary action was taken, the
92	94		reasons no disciplinary action was taken;
93	95		(B) if disciplinary action was taken, the type of
94	96		disciplinary action taken, including the amount of any
95	97		administrative penalty or late fee;
96	98		(C) if dismissed or referred to another agency,
97	99		the details regarding dismissal or referral; and
98	100		(D) if ongoing, the current status of the
99	101		complaint.
100	102		(b) The department shall annually compile a statistical
101	103		analysis of the department's complaint and enforcement processes
102	104		for the preceding fiscal year. The analysis must include:
103	105		(1) the total number of complaints filed with the
104	106		department against credit unions;
105	107		(2) the number of open investigations at the end of the
106	108		fiscal year;
107	109		(3) the number of complaints that were resolved,
108	110		disaggregated by:
109	111		(A) the source of the complaint;
110	112		(B) the type of alleged violation;
111	113		(C) jurisdictional and non-jurisdictional
112	114		complaints;
113	115		(D) regulatory and nonregulatory complaints; and
114	116		(E) the disposition and type of action taken,
115	117		including any administrative penalty or late fee assessed; and
116	118		(4) the average number of days taken to resolve a
117	119		complaint, including complaints that were resolved through an
118	120		examination of a credit union.
119	121		SECTION 6. The heading to Section 15.409, Finance Code, is
120	122		amended to read as follows:
121	123		Sec. 15.409. CONSUMER INFORMATION [AND COMPLAINTS].
122	124		SECTION 7. Section 122.001(d), Finance Code, is repealed.
123	125		SECTION 8. The repeal of Section 122.001(d), Finance Code,
124	126		by this Act applies only to articles of incorporation filed on or
125	127		after the effective date of this Act. Articles of incorporation
126	128		filed before the effective date of this Act are governed by the law
127	129		in effect on the date the articles were filed, and the former law is
128	130		continued in effect for that purpose.
129	131		SECTION 9. (a) Except as provided by Subsection (b) of this
130	132		section, Section 15.2041, Finance Code, as amended by this Act,
131	133		applies to a member of the Credit Union Commission appointed
132	134		before, on, or after the effective date of this Act.
133	135		(b) A member of the Credit Union Commission who, before the
134	136		effective date of this Act, completed the training program required
135	137		by Section 15.2041, Finance Code, as that law existed before the
136	138		effective date of this Act, is only required to complete additional
137	139		training on the subjects added by this Act to the training program
138	140		required by Section 15.2041, Finance Code. A commission member
139	141		described by this subsection may not vote, deliberate, or be
140	142		counted as a member in attendance at a meeting of the commission
141	143		held on or after December 1, 2021, until the member completes the
142	144		additional training.
143	145		SECTION 10. This Act takes effect September 1, 2021.
144		-	______________________________ ______________________________
145		-	President of the Senate Speaker of the House
146		-	I hereby certify that S.B. No. 707 passed the Senate on
147		-	April 19, 2021, by the following vote: Yeas 31, Nays 0.
148		-	______________________________
149		-	Secretary of the Senate
150		-	I hereby certify that S.B. No. 707 passed the House on
151		-	May 19, 2021, by the following vote: Yeas 136, Nays 9, one
152		-	present not voting.
153		-	______________________________
154		-	Chief Clerk of the House
155		-	Approved:
156		-	______________________________
157		-	Date
158		-	______________________________
159		-	Governor