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A BILL TO BE ENTITLED
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AN ACT
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relating to the interests of certain holding companies in certain |
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repair facilities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2307.002, Occupations Code, is amended |
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by adding Subsections (e) and (f) to read as follows: |
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(e) A holding company that owns an insurer may acquire, own, |
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and operate an interest in a repair facility through a person, other |
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than an insurer, who is an affiliate or subsidiary of the holding |
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company. The facility must be licensed as a new motor vehicle |
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dealership under Chapter 2301. |
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(f) For purposes of Subsection (e), "holding company" and |
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"insurer" have the meanings assigned by Section 823.002, Insurance |
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Code. |
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SECTION 2. The change in law made by Section 2307.002(e), |
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Occupations Code, as added by this Act, applies only to the |
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acquisition, ownership, or operation of an interest in a repair |
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facility on or after the effective date of this Act. Acquisition, |
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ownership, or operation of an interest in a repair facility before |
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the effective date of this Act is governed by the law as it existed |
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before that date, and that law is continued in effect for that |
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purpose. |
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SECTION 3. 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, 2017. |