SRC-JFA H.B. 3077 75(R) BILL ANALYSIS Senate Research Center H.B. 3077 By: Oliveira (Sibley) Economic Development 5-17-97 Engrossed DIGEST Currently, Texas law does not allow federal associations domiciled in Texas that merge with or convert to domestic or foreign bank to retain their branches in Texas. This bill would allow for federal associations domiciled in Texas which merge with or convert to a domestic or foreign savings bank to retain their branches in Texas and to have all powers, rights, and privileges held by a Texas savings bank. PURPOSE As proposed, H.B. 3077 allows for federal associations domiciled in Texas which merge with or convert to a domestic or foreign savings bank to retain their branches in Texas and to have all powers, rights, and privileges held by a Texas savings bank. RULEMAKING AUTHORITY This bill does not grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 1.03(13), Article 489e, V.T.C.S. (Texas Savings Bank Act), to redefine "federal savings bank." SECTION 2. Amends Section 11.06, Article 489e, V.T.C.S., to provide that a federal savings bank that has been merged, consolidated, or converted into a domestic or foreign savings bank or association is entitled to retain any duly authorized offices under the terms provided for a foreign savings bank under Section 11.07 of this Act. SECTION 3. Amends Section 1.03(9), Article 852a, V.T.C.S. (Texas Savings and Loan Act), to redefine "federal association." SECTION 4. Amends Chapter 10, Article 852a, V.T.C.S., by adding Section 10.05, as follows: Sec. 10.05. FEDERAL ASSOCIATIONS. Provides that a federal association that has been merged, consolidated, or converted into a domestic or foreign savings bank or association is entitled to retain any duly authorized offices under the terms provided for a foreign savings bank under Section 11.07, Texas Savings Bank Act (Article 489e, V.T.C.S.). SECTION 5. Emergency clause. Effective date: upon passage.