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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. Subsection (b), Section 11.102, Finance Code, is |
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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, and one member of the finance commission must be a |
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residential mortgage loan originator licensed under Chapter 156 or |
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157 [broker]. |
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SECTION 2. Subdivision (4), Subsection (e), Section 11.102, |
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Finance Code, is amended to read as follows: |
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(4) "Residential mortgage loan originator" ["Mortgage
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broker"] means a person who: |
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(A) has had five years' or more experience as a |
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residential mortgage loan originator [broker], as defined by |
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Section 180.002 [156.002], during the seven-year period preceding |
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the person's appointment; and |
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(B) is a residential mortgage loan originator |
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[broker], as defined by Section 180.002 [156.002]. |
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SECTION 3. (a) A member of the Finance Commission of Texas |
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who is a mortgage broker and who is serving on the effective date of |
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this Act continues to serve until the expiration of the term for |
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which the member was appointed. |
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(b) As soon as practicable following the expiration of the |
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term of the member described in Subsection (a) of this section or |
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following any vacancy in that position that occurs before the |
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expiration of the term, the governor shall make an appointment to |
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the Finance Commission of Texas to achieve the composition |
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prescribed by Section 11.102, Finance Code, as amended by 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. |