By: Orr	H.B. No. 2982

	A BILL TO BE ENTITLED
	AN ACT
	relating to the composition of the Finance Commission of Texas.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1.  Section 11.102(b), Finance Code, is amended to
	read as follows:
	(b)  One member of the finance commission must be a banking
	executive, 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 [broker].
	SECTION 2.  Section 11.102(e)(4), Finance Code, is amended
	to read as follows:
	(4)  "Residential mortgage loan originator" ["Mortgage
	broker"] means a person who:
	(A)  has had five years' or more experience as a
	residential mortgage loan originator [broker], as defined by
	Section 180.002 [156.002], during the seven-year period preceding
	the person's appointment; and
	(B)  is a residential mortgage loan originator
	[broker], as defined by Section 180.002 [156.002].
	SECTION 3.  (a)  A member of the Finance Commission of Texas
	who is a mortgage broker and who is serving on the effective date of
	this Act continues to serve until the expiration of the term for
	which the member was appointed.
	(b)  As soon as practicable following the expiration of the
	term of the member described in Subsection (a) of this section or
	following any vacancy in that position that occurs before the
	expiration of the term, the governor shall make an appointment to
	the Finance Commission of Texas to achieve the composition
	prescribed by Section 11.102, Finance Code, as amended by this Act.
	SECTION 4.  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, 2011.