Bill Text: TX SB147 | 2013-2014 | 83rd Legislature | Comm Sub

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to the amount of outstanding total liability of a mortgage guaranty insurer.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2013-06-14 - Effective immediately [SB147 Detail]

Download: Texas-2013-SB147-Comm_Sub.html

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By: Deuell S.B. No. 147
(Smithee)

A BILL TO BE ENTITLED
AN ACT
relating to the amount of outstanding total liability of a mortgage
guaranty insurer.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subsection (b), Section 3502.156, Insurance
Code, is amended to read as follows:
(b) [A mortgage guaranty insurer shall compute the
insurer's liability for the purposes of this section on the basis of
the insurer's liability under the election as provided by Section
3502.158.] An insurer shall compute the insurer's liability for
leases on the basis of the insurer's liability as determined by the
department.
SECTION 2. Section 3502.158, Insurance Code, is repealed.
SECTION 3. 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.