|
|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
relating to the appointment of the commissioners of certain |
|
financial regulatory agencies by the Finance Commission of Texas. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Section 12.101(a), Finance Code, is amended to |
|
read as follows: |
|
(a) The banking commissioner is the chief executive officer |
|
of the Texas Department of Banking. The finance commission[, by at
|
|
least five affirmative votes,] shall appoint the banking |
|
commissioner. The banking commissioner serves at the will of the |
|
finance commission and is subject to the finance commission's |
|
orders and directions. |
|
SECTION 2. Section 13.002(a), Finance Code, is amended to |
|
read as follows: |
|
(a) The savings and mortgage lending commissioner is the |
|
chief executive officer of the Department of Savings and Mortgage |
|
Lending. The finance commission[, by at least five affirmative
|
|
votes,] shall appoint the savings and mortgage lending |
|
commissioner. The savings and mortgage lending commissioner |
|
serves at the will of the finance commission and is subject to the |
|
finance commission's orders and direction. |
|
SECTION 3. (a) The change in law made by this Act to Section |
|
12.101(a), Finance Code, applies only to the appointment of the |
|
banking commissioner on or after the effective date of this Act. A |
|
banking commissioner appointed before the effective date of this |
|
Act is governed by the law as it existed immediately before that |
|
date, and that law is continued in effect for that purpose. |
|
(b) The change in law made by this Act to Section 13.002(a), |
|
Finance Code, applies only to the appointment of the savings and |
|
mortgage lending commissioner on or after the effective date of |
|
this Act. A savings and mortgage lending commissioner appointed |
|
before the effective date of this Act is governed by the law as it |
|
existed immediately before that date, and that law is continued in |
|
effect for that purpose. |
|
SECTION 4. This Act takes effect September 1, 2015. |