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