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


Senate Research CenterC.S.S.B. 1668
By: Averitt
Business & Commerce
4/9/2003
Committee Report (Substituted)


DIGEST AND PURPOSE 

Currently, trustees are unable to provide insurance products through
affiliates.  C.S.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.  Provides that this section
does not alter or negate applicable licensing and regulatory requirements
administered by a functional regulatory agency of this state.  Deletes
language referencing permission to engage in the sale or business of
insurance.   

SECTION 2.  Effective date:  September 1, 2003.

SUMMARY OF COMMITTEE CHANGES

SECTION 1.  Amends As Filed S.B. 1668, Section 113.053(f)(1) to include
language in reference to charging the trust or custodial account for
services provided. 

SECTION 2.  No changes