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Texas Laws | Finance Code
FINANCE CODE
TITLE 2. FINANCIAL REGULATORY AGENCIES

Sec. 15.412. FILING GROUP RETURN WITH THE INTERNAL REVENUE SERVICE. (1182)(Text)

(a) The commissioner may file a consolidated group return form with the Internal Revenue Service on behalf of all credit unions under the department's jurisdiction. To be included, each credit union must annually authorize the department in writing to include the credit union in the group return and must declare that the authorization and the financial information submitted for the purpose of compiling the group return are true and complete. (1183)

(b) The state is not liable for information contained in any form submitted. Each credit union is individually responsible for the accuracy, completeness, and timeliness of the information and for any potential tax liability or penalties that may accrue. (1184)

Added by Acts 1999, 76th Leg., ch. 157, Sec. 4, eff. Sept. 1, 1999. (1185)

Sec. 15.413. INTERPRETATION OF HOME EQUITY LENDING LAW. (1186)(Text)

The commission may, on request of an interested person or on its own motion, issue interpretations of Sections 50(a)(5)-(7), (e)-(p), (t), and (u), Article XVI, Texas Constitution. An interpretation under this section is subject to Chapter 2001, Government Code, and is applicable to lenders regulated by the commission. The Finance Commission of Texas and the commission shall attempt to adopt interpretations that are as consistent as feasible or shall state justification for any inconsistency. (1187)

Acts 2003, 78th Leg., ch. 1207, Sec. 2, eff. Sept. 13, 2003. (1188)

Sec. 15.414. AUTHORITY TO CONTRACT FOR PROFESSIONAL OR PERSONAL SERVICES. (1189)(Text)

For the purpose of carrying out the powers, duties, and responsibilities of the department, the commissioner may negotiate, contract, or enter into an agreement for professional or personal services. The commission by rule shall adopt policies and procedures consistent with applicable state procurement practices for soliciting and awarding contracts under this section. (1190)

Added by Acts 2003, 78th Leg., ch. 533, Sec. 5, eff. Sept. 1, 2003. (1191)

Sec. 15.415. GIFTS OF MONEY OR PROPERTY. (1192)(Text)

The department may accept money or property by gift, bequest, devise, or otherwise for any department purpose authorized by this chapter and Subtitle D, Title 3. A gift, bequest, or devise shall be used for the purposes specified by the grantor. The commission must approve acceptance and use of any gift, bequest, or devise under this section. (1193)

Added by Acts 2003, 78th Leg., ch. 533, Sec. 5, eff. Sept. 1, 2003. (1194)

Renumbered from Finance Code, Section 15.413 by Acts 2005, 79th Leg., Ch. 728 (H.B. 2018), Sec. 23.001(26), eff. September 1, 2005. (1195)

Sec. 15.416. USE OF TECHNOLOGY. (1196)(Text)

The commission shall implement a policy requiring the department to use appropriate technological solutions to improve the department's ability to perform its functions. The policy must ensure that the public is able to interact with the department on the Internet. (1197)

Added by Acts 2009, 81st Leg., R.S., Ch. 695 (H.B. 2735), Sec. 15, eff. September 1, 2009. (1198)

SUBCHAPTER F. RULES REGARDING USE OF ADVISORY COMMITTEES (1199)(Text)
Sec. 15.501. RULEMAKING AUTHORITY. (1200)(Text)

(a) The commission shall adopt rules, in compliance with Section 15.407 and Chapter 2110, Government Code, regarding the purpose, structure, and use of advisory committees by the commission, including rules governing an advisory committee's: (1201)

(1) purpose, role, responsibility, and goals; (1202)

(2) size and quorum requirements; (1203)

(3) qualifications for membership, including experience requirements and geographic representation; (1204)

(4) appointment procedures; (1205)

(5) terms of service; (1206)

(6) training requirements; and (1207)

(7) duration. (1208)

(b) An advisory committee must be structured and used to advise the commission. An advisory committee may not be responsible for rulemaking or policymaking. (1209)

Added by Acts 2009, 81st Leg., R.S., Ch. 695 (H.B. 2735), Sec. 16, eff. September 1, 2009. (1210)

Sec. 15.502. PERIODIC EVALUATION. (1211)(Text)

The commission shall by rule establish a process by which the commission shall periodically evaluate an advisory committee to ensure its continued necessity. The commission may retain or develop committees as appropriate to meet changing needs. (1212)

Added by Acts 2009, 81st Leg., R.S., Ch. 695 (H.B. 2735), Sec. 16, eff. September 1, 2009. (1213)

Sec. 15.503. COMPLIANCE WITH OPEN MEETINGS ACT. (1214)(Text)

A commission advisory committee must comply with Chapter 551, Government Code. (1215)

Added by Acts 2009, 81st Leg., R.S., Ch. 695 (H.B. 2735), Sec. 16, eff. September 1, 2009. (1216)

CHAPTER 16. FINANCIAL REGULATORY AGENCIES: SELF-DIRECTED AND SEMI-INDEPENDENT (1217)(Text)

Sec. 16.001. DEFINITIONS. (1218)(Text)

In this chapter: (1219)

(1) "Financial regulatory agency" means: (1220)

(A) the Texas Department of Banking; (1221)

(B) the Department of Savings and Mortgage Lending; (1222)

(C) the Office of Consumer Credit Commissioner; and (1223)

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