S.B. No. 1008
 
 
 
 
AN ACT
  relating to the composition of the Finance Commission of Texas.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subsection (b), Section 11.102, Finance Code, is
  amended to read as follows:
         (b)  One member of the finance commission must be a banking
  executive, one member of the finance commission must be a savings
  executive, one member of the finance commission must be a consumer
  credit executive, and one member of the finance commission must be a
  residential mortgage loan originator licensed under Chapter 156 or
  157 [broker].
         SECTION 2.  Subdivision (4), Subsection (e), Section 11.102,
  Finance Code, is amended to read as follows:
               (4)  "Residential mortgage loan originator" ["Mortgage
  broker"] means a person who:
                     (A)  has had five years' or more experience as a
  residential mortgage loan originator [broker], as defined by
  Section 180.002 [156.002], during the seven-year period preceding
  the person's appointment; and
                     (B)  is a residential mortgage loan originator
  [broker], as defined by Section 180.002 [156.002].
         SECTION 3.  (a)  A member of the Finance Commission of Texas
  who is a mortgage broker and who is serving on the effective date of
  this Act continues to serve until the expiration of the term for
  which the member was appointed.
         (b)  As soon as practicable following the expiration of the
  term of the member described in Subsection (a) of this section or
  following any vacancy in that position that occurs before the
  expiration of the term, the governor shall make an appointment to
  the Finance Commission of Texas to achieve the composition
  prescribed by Section 11.102, Finance Code, as amended by this Act.
         SECTION 4.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution.  If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2011.
 
 
 
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
         I hereby certify that S.B. No. 1008 passed the Senate on
  March 31, 2011, by the following vote:  Yeas 31, Nays 0.
 
 
  ______________________________
  Secretary of the Senate    
 
         I hereby certify that S.B. No. 1008 passed the House on
  May 19, 2011, by the following vote:  Yeas 146, Nays 2, one
  present not voting.
 
 
  ______________________________
  Chief Clerk of the House   
 
 
 
  Approved:
 
  ______________________________ 
              Date
 
 
  ______________________________ 
            Governor