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A BILL TO BE ENTITLED
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AN ACT
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relating to the regulation of persons and business activities |
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subject to regulation by certain finance agencies. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 11, Finance Code, is |
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amended by adding Section 11.003 to read as follows: |
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Sec. 11.003. EXCLUSIVE REGULATORY AUTHORITY. (a) In this |
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section: |
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(1) "Business entity" has the meaning assigned by |
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Section 306.001. |
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(2) "Person subject to regulation by a finance agency" |
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means a business entity or other person that: |
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(A) is required by state law to obtain a license, |
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permit, registration certificate, or other evidence of authority |
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from a finance agency to practice the person's occupation or |
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conduct the entity's business in this state; and |
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(B) is subject to the primary regulatory |
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authority of the finance agency. |
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(b) Except as expressly provided otherwise by this code, a |
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person subject to regulation by a finance agency and the person's |
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business activities subject to that regulation are subject only to |
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applicable federal law and regulations and applicable state law, |
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including rules adopted by the finance commission. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2017. |