Bill Text: TX SB453 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to the interests of certain holding companies in certain repair facilities.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-04-25 - No action taken in committee [SB453 Detail]
Download: Texas-2017-SB453-Introduced.html
| 85R2469 MEW-D | ||
| By: Hancock | S.B. No. 453 | |
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| relating to the interests of certain holding companies in certain | ||
| repair facilities. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 2307.002, Occupations Code, is amended | ||
| by adding Subsections (e) and (f) to read as follows: | ||
| (e) A holding company that owns an insurer may acquire, own, | ||
| and operate an interest in a repair facility through a person, other | ||
| than an insurer, who is an affiliate or subsidiary of the holding | ||
| company. The facility must be licensed as a new motor vehicle | ||
| dealership under Chapter 2301. | ||
| (f) For purposes of Subsection (e), "holding company" and | ||
| "insurer" have the meanings assigned by Section 823.002, Insurance | ||
| Code. | ||
| SECTION 2. The change in law made by Section 2307.002(e), | ||
| Occupations Code, as added by this Act, applies only to the | ||
| acquisition, ownership, or operation of an interest in a repair | ||
| facility on or after the effective date of this Act. Acquisition, | ||
| ownership, or operation of an interest in a repair facility before | ||
| the effective date of this Act is governed by the law as it existed | ||
| before that date, and that law is continued in effect for that | ||
| purpose. | ||
| 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, 2017. | ||
