Bill Text: TX HB2609 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to the exclusive regulatory and oversight authority of the consumer credit commissioner regarding certain business entities.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-03-20 - Referred to Investments & Financial Services [HB2609 Detail]
Download: Texas-2013-HB2609-Introduced.html
| 83R10288 ATP-F | ||
| By: Pitts | H.B. No. 2609 | |
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| relating to the exclusive regulatory and oversight authority of the | ||
| consumer credit commissioner regarding certain business entities. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter E, Chapter 14, Finance Code, is | ||
| amended by adding Section 14.2011 to read as follows: | ||
| Sec. 14.2011. EXCLUSIVE VISITORIAL POWERS. (a) In this | ||
| section: | ||
| (1) "Business entity" means a partnership, | ||
| corporation, joint venture, limited liability company, or other | ||
| business organization or business association, however organized. | ||
| (2) "Visitorial powers," with respect to a regulated | ||
| business entity, include: | ||
| (A) examination of a business entity; | ||
| (B) inspection of a business entity's books and | ||
| records; | ||
| (C) regulation and supervision of activities | ||
| authorized or permitted under this code; and | ||
| (D) enforcement of compliance with any | ||
| applicable state laws concerning activities authorized or | ||
| permitted under this code. | ||
| (b) Unless otherwise expressly provided by state law or | ||
| state regulation, the commissioner has exclusive visitorial powers | ||
| with respect to the content and conduct of activities authorized | ||
| for a business entity regulated by the commissioner under this | ||
| code, and the regulated business entity is not subject to any | ||
| visitorial powers of a political subdivision of this state. | ||
| SECTION 2. This Act takes effect immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect September 1, 2013. | ||
