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Texas Laws | Finance Code

FINANCE CODE (1)(Text)

Updated: 08/31/2016 at 01:51:50. Including revisions from the 2015 Texas Legislature. (2)

TITLE 1. GENERAL PROVISIONS (3)(Text)

CHAPTER 1. GENERAL PROVISIONS (4)(Text)

Sec. 1.001. PURPOSE OF CODE. (5)(Text)

(a) This code is enacted as a part of the state's continuing statutory revision program, begun by the Texas Legislative Council in 1963 as directed by the legislature in the law codified as Section 323.007, Government Code. The program contemplates a topic-by-topic revision of the state's general and permanent statute law without substantive change. (6)

(b) Consistent with the objectives of the statutory revision program, the purpose of this code is to make the law encompassed by this code more accessible and understandable by: (7)

(1) rearranging the statutes into a more logical order; (8)

(2) employing a format and numbering system designed to facilitate citation of the law and to accommodate future expansion of the law; (9)

(3) eliminating repealed, duplicative, unconstitutional, expired, executed, and other ineffective provisions; and (10)

(4) restating the law in modern American English to the greatest extent possible. (11)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. (12)

Sec. 1.002. CONSTRUCTION OF CODE. (13)(Text)

Chapter 311, Government Code (Code Construction Act), applies to the construction of each provision in this code except as otherwise expressly provided by this code. (14)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. (15)

Sec. 1.003. REFERENCE IN LAW TO STATUTE REVISED BY CODE. (16)(Text)

A reference in a law to a statute or a part of a statute revised by this code is considered to be a reference to the part of this code that revises that statute or part of that statute. (17)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. (18)

TITLE 2. FINANCIAL REGULATORY AGENCIES (19)(Text)

CHAPTER 11. FINANCE COMMISSION OF TEXAS (20)(Text)

SUBCHAPTER A. GENERAL PROVISIONS (21)(Text)
Sec. 11.001. DEFINITIONS. (22)(Text)

(a) The definitions provided by Section 31.002 apply to this chapter. (23)

(b) In this chapter, "finance agency" means: (24)

(1) the Texas Department of Banking; (25)

(2) the Department of Savings and Mortgage Lending; or (26)

(3) the Office of Consumer Credit Commissioner. (27)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2001, 77th Leg., ch. 867, Sec. 1, eff. Sept. 1, 2001. (28)

Amended by: (29)

Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 6.002, eff. September 1, 2007. (30)

Sec. 11.002. PURPOSE OF COMMISSION; STRATEGIC PLAN. (31)(Text)

(a) The finance commission is responsible for overseeing and coordinating the Texas Department of Banking, the Department of Savings and Mortgage Lending, and the Office of Consumer Credit Commissioner and serves as the primary point of accountability for ensuring that state depository and lending institutions function as a system, considering the broad scope of the financial services industry. The finance commission is the policy-making body for those finance agencies and is not a separate state agency. The finance commission shall carry out its functions in a manner that protects consumer interests, maintains a safe and sound banking system, and increases the economic prosperity of the state. (32)

(b) The finance commission shall prepare and periodically update a strategic plan for coordination of the state financial system. Each finance agency shall cooperate in preparation of the plan. (33)

Added by Acts 2001, 77th Leg., ch. 867, Sec. 2, eff. Sept. 1, 2001. (34)

Amended by: (35)

Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 6.003, eff. September 1, 2007. (36)

SUBCHAPTER B. COMPOSITION AND OPERATION (37)(Text)
Sec. 11.101. APPOINTMENT; TERMS; OATH. (38)(Text)

(a) The Finance Commission of Texas is composed of 11 members appointed by the governor with the advice and consent of the senate. (39)

(b) Members of the finance commission serve staggered six-year terms, with as near as possible to one-third of the members' terms expiring February 1 of each even-numbered year. (40)

(c) An appointment to the finance commission must be made without regard to the race, color, age, sex, religion, disability, or national origin of the appointee. (41)

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. (42)

Amended by: (43)

Acts 2011, 82nd Leg., R.S., Ch. 881 (S.B. 249), Sec. 1, eff. June 17, 2011. (44)

Sec. 11.102. QUALIFICATIONS OF MEMBERS. (45)(Text)

(a) A member of the finance commission must be a registered voter of this state. Not more than two members may be residents of the same state senatorial district. (46)

(b) Two members of the finance commission must be banking executives, one member of the finance commission must be a savings executive, one member of the finance commission must be a consumer credit executive, and one member of the finance commission must be a residential mortgage loan originator licensed under Chapter 156 or 157. (47)

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