1-1 By: Marchant (Senate Sponsor - Shapiro) H.B. No. 2527
1-2 (In the Senate - Received from the House April 21, 1995;
1-3 April 24, 1995, read first time and referred to Committee on
1-4 Economic Development; May 22, 1995, reported favorably by the
1-5 following vote: Yeas 9, Nays 0; May 22, 1995, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to the regulation of foreign credit unions.
1-9 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-10 SECTION 1. Section 1.02, Texas Credit Union Act (Article
1-11 2461-1.02, Vernon's Texas Civil Statutes), is amended by adding
1-12 Subdivision (6) to read as follows:
1-13 (6) "Foreign credit union" means a credit union that
1-14 is not organized under the laws of this state or the United States.
1-15 SECTION 2. Section 2.11, Texas Credit Union Act (Article
1-16 2461-2.11, Vernon's Texas Civil Statutes), is amended to read as
1-17 follows:
1-18 Sec. 2.11. FOREIGN <OUT-OF-STATE> CREDIT UNIONS. A foreign
1-19 credit union <organized under the laws of another state> may do
1-20 business in this state if it is organized in a state or country
1-21 that allows credit unions organized under this Act to do business
1-22 in that state or country. The foreign <out-of-state> credit union
1-23 is subject to the rules adopted under this Act and any additional
1-24 requirements established by the commission. The commissioner may
1-25 suspend or revoke a foreign <an out-of-state> credit union's
1-26 authority to do business in this state if the commissioner finds
1-27 that the credit union has violated the rules adopted under this Act
1-28 or fails to meet the requirements established by the commission.
1-29 SECTION 3. The importance of this legislation and the
1-30 crowded condition of the calendars in both houses create an
1-31 emergency and an imperative public necessity that the
1-32 constitutional rule requiring bills to be read on three several
1-33 days in each house be suspended, and this rule is hereby suspended,
1-34 and that this Act take effect and be in force from and after its
1-35 passage, and it is so enacted.
1-36 * * * * *