S.B. 1668 78(R)    BILL ANALYSIS


S.B. 1668
By: Averitt
Financial Institutions
Committee Report (Unamended)



BACKGROUND AND PURPOSE 

Currently, financial institutions serving as trustees are unable to
provide insurance products through their affiliates.  S.B. 1668 removes
this prohibition to bring the Texas Property Code in line with other
states' and federal laws. 

RULEMAKING AUTHORITY

It is the committee's opinion that this bill does not expressly grant any
additional rulemaking authority to a state officer, department, agency, or
institution. 

ANALYSIS

S.B. 1668 amends Section 113.053, Property Code, to permit a financial
institution serving as a trustee to use an affiliate or division within
the financial institution to provide insurance and charge the trust
account for it.  The bill provides that this authority does not negate
applicable licensing and regulatory requirements. 

EFFECTIVE DATE

September 1, 2003