Highlights 77th Texas Legislature - Senate

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FINANCE
77 th Texas Legislature
Sets forth standard sunset provisions related to employees and licensing and continues the department
until 2013.
Finance Commission (Sunset) - H.B. 1763
by Representative McCall, et al.
Senate Sponsor: Senator Sibley
The Finance Commission of Texas (finance commission) is the governing body for the Department of
Banking, the Savings and Loan Department, and the Office of Consumer Credit Commissioner. The
Sunset Advisory Commission reviewed the commission and recommended that it be continued with certain
changes.
Requires the finance commission to prepare and periodically update a strategic plan for coordination of the
state financial system.
Requires each finance agency to cooperate in preparation of the plan.
Requires one member, rather than two members, of the finance commission to be a banking executive, one
member, rather than two, to be a savings executive, and one member each to be a consumer credit
executive and a mortgage broker, respectively.
Requires five members of the finance commission to be representatives of the general public, with at least
one to be a certified public accountant.
Texas Department of Banking and Regulatory Reform - H.B. 1768
by Representative Grusendorf
Senate Sponsor: Senator Sibley
Essentially a housekeeping bill, as the technological advancements and regulatory reform at both the state
and national levels may have rendered some aspects of the state’s laws regarding financial institutions
obsolete.
Requires an industry-related member of the Finance Commission (commission) to be appropriately
qualified at the time of appointment and at all times thereafter, rather than qualified only at the time of
appointment.
Authorizes the Texas Department of Banking Commissioner (commissioner) to issue a written order that
articulates the required finding in order to close and liquidate a trust company.
Requires the commissioner to follow certain guidelines as to the findings on which the closing of a state
trust company are based.
Requires the commissioner, after closing a state trust company, to tender the state trust company to the
Federal Deposit Insurance Company or take certain other actions.
Vehicles and Title Registration Fees - H.B. 1994
by Representative Marchant
Senate Sponsor: Senator Carona
Senate Research Center 103