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A BILL TO BE ENTITLED
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AN ACT
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relating to the composition of the Finance Commission of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 11.102(b) and (c), Finance Code, are |
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amended to read as follows: |
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(b) One member of the finance commission must be a banking |
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executive, one member of the finance commission must be a savings |
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executive, one member of the finance commission must be a consumer |
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credit executive, one member of the finance commission must be a |
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motor vehicle seller finance licensee, and one member of the |
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finance commission must be a mortgage broker. |
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(c) Four [Five] members of the finance commission must be |
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representatives of the general public. At least one of those |
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members must be a certified public accountant. |
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SECTION 2. Section 11.102(e), Finance Code, is amended by |
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adding Subdivision (5) to read as follows: |
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(5) "Motor vehicle seller finance licensee" means a |
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person who: |
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(A) holds a license issued under Chapter 348; |
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(B) has had five years' or more experience as a |
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Texas automobile dealer retailing motor vehicles during the |
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seven-year period preceding the person's appointment; and |
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(C) is a dealer as defined by Section 503.001, |
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Transportation Code. |
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SECTION 3. The changes in law made by this Act in the |
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qualifications of a member of the Finance Commission of Texas do not |
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affect the entitlement of a member serving on the commission |
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immediately before the effective date of this Act to continue to |
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serve for the remainder of the person's term. The changes in law |
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apply only to appointment of commission members on or after the |
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effective date of this Act. |
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SECTION 4. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2011. |