By Shapiro                                            S.B. No. 1169
       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.