S.B. No. 417 4-1 COMMITTEE AMENDMENT NO. 1 4-2 Amend Senate Bill 417 as follows: 4-3 Add new subsection (7) which reads as follows: 4-4 (7) Notwithstanding any provisions of the Texas Insurance Code to 4-5 the contrary, an employee, officer, director, or shareholder of a 4-6 lender who is individually licensed as an agent and receives 4-7 commission, fees, or other compensation as the result of the 4-8 writing or placement of policies or certificates of collateral 4-9 protection insurance, vendor's single interest or comparable 4-10 coverage, may assign and transfer to such lender any commissions, 4-11 fees, or other compensation paid to such agent by the insurer. 4-12 Add the following to Section 2 at the end of line 17, on page 4-13 3: 4-14 SECTION 2. This Act applies to commissions, fees or other 4-15 compensation paid or to be paid to an agent without regard to 4-16 whether the policy or certificate was issued or entered into 4-17 before, on, or after the effective date of this Act. 4-18 Carona