BILL ANALYSIS H.B. 2527 By: Marchant (Shapiro) Economic Development 5-22-95 Senate Committee Report (Unamended) BACKGROUND Currently, there are no provisions in the Texas Credit Union Act addressing the potential entry by credit unions of other nations into Texas as a result of NAFTA. PURPOSE As proposed, H.B. 2527 provides for the regulation of foreign credit unions. RULEMAKING AUTHORITY It is the committee's opinion that this bill does not grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 1.02, Article 2461-1.02, V.T.C.S. (Texas Credit Union Act), by adding Subdivision (6), to define "foreign credit union." SECTION 2. Amends Section 2.11, Article 2461-2.11, V.T.C.S., as follows: Sec. 2.11. New heading: FOREIGN CREDIT UNIONS. Authorizes a foreign credit union, rather than a credit union organized under the laws of another state, to do business in this state if it is organized in a state or county that allows credit unions organized under this Act to do business in that state or country. Makes conforming changes. SECTION 3. Emergency clause. Effective date: upon passage.