By Marchant H.B. No. 2527
74R5553 LJR-F
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the regulation of foreign credit unions.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 1.02, Texas Credit Union Act (Article
1-5 2461-1.02, Vernon's Texas Civil Statutes), is amended by adding
1-6 Subdivision (6) to read as follows:
1-7 (6) "Foreign credit union" means a credit union that
1-8 is not organized under the laws of this state or the United States.
1-9 SECTION 2. Section 2.11, Texas Credit Union Act (Article
1-10 2461-2.11, Vernon's Texas Civil Statutes), is amended to read as
1-11 follows:
1-12 Sec. 2.11. FOREIGN <OUT-OF-STATE> CREDIT UNIONS. A foreign
1-13 credit union <organized under the laws of another state> may do
1-14 business in this state if it is organized in a state or country
1-15 that allows credit unions organized under this Act to do business
1-16 in that state or country. The foreign <out-of-state> credit union
1-17 is subject to the rules adopted under this Act and any additional
1-18 requirements established by the commission. The commissioner may
1-19 suspend or revoke a foreign <an out-of-state> credit union's
1-20 authority to do business in this state if the commissioner finds
1-21 that the credit union has violated the rules adopted under this Act
1-22 or fails to meet the requirements established by the commission.
1-23 SECTION 3. The importance of this legislation and the
1-24 crowded condition of the calendars in both houses create an
2-1 emergency and an imperative public necessity that the
2-2 constitutional rule requiring bills to be read on three several
2-3 days in each house be suspended, and this rule is hereby suspended,
2-4 and that this Act take effect and be in force from and after its
2-5 passage, and it is so enacted.