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Senate Bill 1008 |
Senate Author: Carona |
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Effective: 9-1-13 |
House Sponsor: Anderson |
Senate Bill 1008 revises and updates Finance Code provisions relating to the business, supervision, and regulation of state savings and loan associations and state banks. Among other provisions, the bill:
· reduces from seven to five the years of experience in the executive management or supervision of a savings association or savings bank required of the savings and mortgage lending commissioner and additionally requires such experience to have occurred during the 10 years preceding the commissioner's appointment;
· under the Texas Savings and Loan Act, revises the conduct that constitutes the offense of criminal slander and makes the offense a state jail felony;
· under the Texas Savings Bank Act, creates the state jail felony offense of criminal slander or libel for a person who knowingly makes, utters, circulates, or transmits to another person a statement that is untrue and derogatory to the financial condition of a savings bank or, with intent to injure a savings bank, counsels, aids, procures, or induces another person to do so; and
· under the Texas Savings Bank Act, makes a loan's qualification as a commercial loan contingent on the loan not being a qualified thrift asset, among other conditions.
Senate Bill 1008 repeals provisions of the Texas Savings and Loan Act that require a savings bank to maintain certain liquidity levels and to maintain in its portfolio not less than 15 percent of its deposits from its local service area in certain loans; exempt from the required annual audit a savings bank that either received at its most recent examination a composite rating of 1 or 2 on the CAMEL financial institution rating scale or had at the beginning of its current fiscal year consolidated assets of $500 million or less; and require a savings bank to provide to the commissioner an annual written report of its affairs, operations, and finances.