SRC-JXG H.B. 2223 76(R)   BILL ANALYSIS


Senate Research Center   H.B. 2223
76R7390 DWS-FBy: Solomons (Sibley)
Economic Development
5/3/1999
Engrossed


DIGEST 

Currently, Texas law does not provide flexibility to permit an extension of
time for filing comprehensive financial reports.  In 1963, the legislature
adopted the Sale of Checks Act to regulate persons or businesses selling
checks and to require them to be licensed.  Some large license holders are
not able to obtain audited financial statements within 45 days after the
end of the fiscal year. H.B. 2223 would authorize the banking commissioner
of Texas (commissioner) to extend the time period for good cause shown, and
would permit Texas Department of Banking (TDB) to consider whether to allow
some license holders to provide fiscal reports to examiners during an
examination, rather than filing them with TDB as is currently required. 

PURPOSE

As proposed, H.B. 2223 sets forth reporting requirements of a license
holder under the Sale of Checks Act. 

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 152.305, Finance Code, to require a license
holder to file with the banking commissioner of Texas (commissioner) a
certification of net worth and a report, unless waived by the commissioner,
no later than the 45th day after the last day of each quarter of the
license holder's fiscal year. Requires a license holder to file an annual
audited unconsolidated financial statement dated as of the last day of the
license holder's fiscal year that ended in the immediately preceding
calendar year, no later than April 15 of each year, or a later date the
commissioner approves in writing for good cause shown. Deletes text
regarding unconsolidated financial statement and required reports. Deletes
text regarding no later than the 120th day after the last day of the
license holder's fiscal year. Makes conforming and nonsubstantive changes. 

SECTION 2. Repealer: Section 152.303, Finance Code (Report of Business
Locations). 

SECTION 3. Effective date: September 1, 1999.

SECTION 4. Emergency clause.