HBA-TYH H.B. 2745 76(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 2745 By: Wise Financial Institutions 3/31/1999 Introduced BACKGROUND AND PURPOSE Current Texas law requires state-chartered credit unions to provide public information through the Texas Register when expanding their charters. Federal credit unions do not have to provide any type of public notification. During the period when state-chartered credit unions must provide public notice before being granted permission to expand or change, the federal credit unions have an opportunity to adjust their business plans, object to the expansion or change, and take whatever measures they feel necessary to protect their operations. H.B. 2745 requires federal credit unions to provide the same type of public notification as state-chartered credit unions when expanding their charters. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that rulemaking authority is expressly delegated to the Credit Union Commission in SECTION 1 (Section 149.003, Finance Code) of this bill. SECTION BY SECTION ANALYSIS SECTION 1. Amends Chapter 149, Finance Code, by adding Section 149.003, as follows: Sec. 149.003. NOTICE REQUIREMENT FOR FEDERAL CREDIT UNION. Requires a federal credit union, not later than the 61st day before a federal credit union doing business in this state is authorized to expand the credit union's field of membership, to submit notice of the expansion to the secretary of state for publication in the Texas Register. Requires the Credit Union Commission, by rule, to provide for other appropriate public notice relating to the expansion of membership. SECTION 2. Emergency clause. Effective date: upon passage.