SRC-LBB S.B. 1668 78(R)   BILL ANALYSIS


Senate Research Center   S.B. 1668
By: Averitt
Business & Commerce
4/5/2003
As Filed


DIGEST AND PURPOSE 

Currently, trustees are unable to provide insurance products through
affiliates.  As proposed, S.B. 1668 removes the prohibition of insurance
sales or business by financial institutions employed by trustees and
brings the Texas Property Code in line with other state and federal law
regarding services provided by financial institutions. 

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to
a state officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Section 113.053(f), Property Code, to include
"insurance" in the list of account services.  Deletes language referencing
permission to engage in the sale or business of insurance.  Provides that
this section does not alter or negate applicable licensing and regulatory
requirements administered by a functional regulatory agency of this state. 

SECTION 2.  Effective date:  September 1, 2003.