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                               * * * * *