By Driver H.B. No. 1670 A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the assignment of certain insurance agents' 1-3 commissions. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Section 18, Article 21.07, Insurance Code, is 1-6 amended to read as follows: 1-7 Sec. 18. Assignment of Agent's Commissions. (a) 1-8 Notwithstanding any provisions of either this Article or of the 1-9 Insurance Code to the contrary, an employee, officer, director, or 1-10 shareholder of a state or national bank, a state or federal savings 1-11 and loan association or corporation, or a state or federal credit 1-12 union, who is licensed as an agent under this Article and who 1-13 enters into a contract with an insurer to act as the insurer's 1-14 agent in soliciting or writing policies or certificates of credit 1-15 life insurance, credit accident and health insurance, or both, 1-16 covering debtors of the bank, savings and loan, or credit union in 1-17 which such agent is an employee, officer, director, or shareholder, 1-18 may assign and transfer to such bank, savings and loan, or credit 1-19 union any commissions, fees, or other compensation to be paid to 1-20 such agent under the agent's contract with the insurer. 1-21 (b) Notwithstanding any provisions of either this Article or 1-22 of the Insurance Code to the contrary, an employee, officer, 1-23 director, or shareholder of a person who holds a valid dealer's 2-1 general distinguishing number issued by the Texas Department of 2-2 Transportation pursuant to the authority of Article 6686, Revised 2-3 Statutes, who is licensed as an agent under this Article and who 2-4 enters into a contract with an insurer to act as the insurer's 2-5 agent in soliciting or writing policies or certificates of credit 2-6 life insurance, credit accident and health insurance, or both, may 2-7 assign and transfer to the dealer or any affiliate of the dealer, 2-8 any commissions, fees, or other compensation to be paid to the 2-9 agent under the agent's contract with the insurer. 2-10 SECTION 2. The importance of this legislation and the 2-11 crowded condition of the calendars in both houses create an 2-12 emergency and an imperative public necessity that the 2-13 constitutional rule requiring bills to be read on three several 2-14 days in each house be suspended, and this rule is hereby suspended, 2-15 and that this Act take effect and be in force from and after its 2-16 passage, and it is so enacted.