Enrolled Bill Summary

            House Bill 1763 amends the Finance Code to continue the Finance Commission of Texas until September 1, 2013, and to include across-the-board sunset provisions. The bill changes the role of the finance commission, specifying that it is the policy-making and sole rulemaking body for the Texas Department of Banking, the Savings and Loan Department, and the Office of Consumer Credit Commissioner, together defined as "finance agencies," and that it is not a separate state agency. The bill makes changes in accordance with this altered role throughout applicable sections of the Finance Code. The bill requires the finance commission to prepare and periodically update a strategic plan for coordinating the state financial system.

            The bill changes the composition of the finance commission to replace one banking executive and one savings executive with a consumer credit executive and a mortgage broker. The bill also requires the Texas Department of Banking and the Savings and Loan Department to jointly conduct a continuing review of the condition of the state banking system and requires the departments to report to the finance commission on the results of the review, which must include a review of all available national and state economic forecasts and an analysis of changing banking practices and new banking legislation.

            Finally, the bill requires the finance commission and the Department of Information Resources to create and direct a committee consisting of representatives of the pawnbroker industry, law enforcement, and the computer software industry to devise standard formats for pawnbrokers to electronically provide reportable data to law enforcement agencies, considering privacy issues to ensure the protection of the financial information of pawnbroker customers. The committee is to report its findings and recommendations to the legislature by June 30, 2002.