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