Highlights 77th Texas Legislature - Senate

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FINANCE
77 th Texas Legislature
Establishes licensing requirements for car sales.
Requires OCCC to conduct a study of mortgage lending practices with an emphasis on identifying possible
predatory and discriminatory lending patterns or practices.
The State Infrastructure Bank and Road and Bridge Construction - S.B. 407
by Senator Cain, et al.
House Sponsor: Representative Pickett
A 1999 opinion from the attorney general’s office regarding whether a county may borrow money from the
State Infrastructure Bank (SIB) for road and bridge construction without issuing bonds or other obligations
evidencing the loan generally held that entering into debt must be statutorily, explicitly authorized.
Authorizes public entities in this state, including cities, counties, and state agencies, to borrow funds from
the SIB based on credit of the public entity.
Requires money borrowed to be segregated from other funds under the control of the public entity, among
certain conditions.
Internal Revenue Service E-File Providers and Consumer Loans - S.B. 935
by Senator Armbrister
House Sponsor: Representative Pitts
Currently, tax preparers who are Internal Revenue Service (IRS) authorized e-file providers who facilitate
loans on behalf of their customers for a bank are required to be licensed by the consumer credit
commissioner.
Authorizes certain IRS e-file providers to be exempted from the requirement to be licensed by the
consumer credit commissioner.
Small Loans and Refunds - H.B. 198
by Representatives Averitt and Elizabeth Jones
Senate Sponsor: Senator Carona
Repeals the provision that refunds the $10 acquisition charge on loans in excess of $100.
Savings and Loan Department (Sunset) - H.B. 1636
by Representative McCall, et al.
Senate Sponsor: Senator Sibley
One of the roles of the Texas Savings and Loan Department (department) is to protect depositors by
ensuring the safe and sound operation of state-chartered savings institutions. In 1999, the legislature also
gave the department the responsibility for licensing mortgage brokers. The Sunset Advisory Commission
began a review of the department in this capacity after the session and made, among many
recommendations, several related to the licensing of mortgage brokers, criminal background information,
and routine inspections.
Senate Research Center 102