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A BILL TO BE ENTITLED
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AN ACT
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relating to the exclusive regulatory and oversight authority of the |
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consumer credit commissioner regarding certain business entities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 14, Finance Code, is |
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amended by adding Section 14.2011 to read as follows: |
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Sec. 14.2011. EXCLUSIVE VISITORIAL POWERS. (a) In this |
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section: |
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(1) "Business entity" means a partnership, |
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corporation, joint venture, limited liability company, or other |
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business organization or business association, however organized. |
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(2) "Visitorial powers," with respect to a regulated |
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business entity, include: |
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(A) examination of a business entity; |
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(B) inspection of a business entity's books and |
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records; |
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(C) regulation and supervision of activities |
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authorized or permitted under this code; and |
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(D) enforcement of compliance with any |
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applicable state laws concerning activities authorized or |
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permitted under this code. |
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(b) Unless otherwise expressly provided by state law or |
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state regulation, the commissioner has exclusive visitorial powers |
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with respect to the content and conduct of activities authorized |
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for a business entity regulated by the commissioner under this |
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code, and the regulated business entity is not subject to any |
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visitorial powers of a political subdivision of this state. |
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SECTION 2. 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, 2013. |