CHAPTER 11. FINANCE COMMISSION OF TEXAS - Texas Statutes

FINANCE CODE

TITLE 2. FINANCIAL REGULATORY AGENCIES

CHAPTER 11. FINANCE COMMISSION OF TEXAS

SUBCHAPTER A. GENERAL PROVISIONS

Sec. 11.001. DEFINITIONS. (a) The definitions provided by

Section 31.002 apply to this chapter.

(b) In this chapter, "finance agency" means:

(1) the Texas Department of Banking;

(2) the Department of Savings and Mortgage Lending; or

(3) the Office of Consumer Credit Commissioner.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by Acts 2001, 77th Leg., ch. 867, Sec. 1, eff. Sept. 1,

2001.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 6.002, eff. September 1, 2007.

Sec. 11.002. PURPOSE OF COMMISSION; STRATEGIC PLAN. (a) The

finance commission is responsible for overseeing and coordinating

the Texas Department of Banking, the Department of Savings and

Mortgage Lending, and the Office of Consumer Credit Commissioner

and serves as the primary point of accountability for ensuring

that state depository and lending institutions function as a

system, considering the broad scope of the financial services

industry. The finance commission is the policy-making body for

those finance agencies and is not a separate state agency. The

finance commission shall carry out its functions in a manner that

protects consumer interests, maintains a safe and sound banking

system, and increases the economic prosperity of the state.

(b) The finance commission shall prepare and periodically update

a strategic plan for coordination of the state financial system.

Each finance agency shall cooperate in preparation of the plan.

Added by Acts 2001, 77th Leg., ch. 867, Sec. 2, eff. Sept. 1,

2001.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 6.003, eff. September 1, 2007.

SUBCHAPTER B. COMPOSITION AND OPERATION

Sec. 11.101. APPOINTMENT; TERMS; OATH. (a) The Finance

Commission of Texas is composed of nine members appointed by the

governor with the advice and consent of the senate.

(b) Members of the finance commission serve staggered terms of

six years with the terms of one-third of the members expiring

February 1 of each even-numbered year.

(c) An appointment to the finance commission must be made

without regard to the race, color, age, sex, religion,

disability, or national origin of the appointee.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 11.102. QUALIFICATIONS OF MEMBERS. (a) A member of the

finance commission must be a registered voter of this state. Not

more than two members may be residents of the same state

senatorial district.

(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 mortgage broker.

(c) Five members of the finance commission must be

representatives of the general public. At least one of those

members must be a certified public accountant.

(d) A person may not be a public member of the finance

commission if the person or the person's spouse:

(1) is registered, certified, or licensed by a regulatory agency

in an industry regulated by a finance agency;

(2) is employed by or participates in the management of a

business entity or other organization regulated by or receiving

money from a finance agency;

(3) owns or controls, directly or indirectly, more than a 10

percent interest in a business entity or other organization

regulated by or receiving money from a finance agency; or

(4) uses or receives a substantial amount of tangible goods,

services, or money from a finance agency other than compensation

or reimbursement authorized by law for finance commission

membership, attendance, or expenses.

(e) For the purposes of this section:

(1) "Banking executive" means a person who:

(A) has had five years' or more executive experience in a bank

during the seven-year period preceding the person's appointment;

and

(B) is an officer of a state bank.

(2) "Savings executive" means a person who:

(A) has had five years' or more executive experience in a

savings association or savings bank during the seven-year period

preceding the person's appointment; and

(B) is an officer of a state savings association or savings

bank.

(3) "Consumer credit executive" means a person who:

(A) has had five years' or more executive experience in an

entity regulated by the consumer credit commissioner during the

seven-year period preceding the person's appointment; and

(B) is an officer of an entity regulated by the consumer credit

commissioner.

(4) "Mortgage broker" means a person who:

(A) has had five years' or more experience as a mortgage broker,

as defined by Section 156.002, during the seven-year period

preceding the person's appointment; and

(B) is a mortgage broker, as defined by Section 156.002.

(f) Experience as banking commissioner, deputy banking

commissioner, examiner, or supervisor of examiners for a state or

federal banking regulatory agency is considered executive

experience in a bank for the purposes of Subsection (e)(1)(A).

Experience as savings and mortgage lending commissioner, deputy

savings and mortgage lending commissioner, examiner, or

supervisor of examiners for a state or federal savings and loan

regulatory agency is considered executive experience in a savings

association or savings bank for the purposes of Subsection

(e)(2)(A).

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by Acts 2001, 77th Leg., ch. 867, Sec. 3, eff. Sept. 1,

2001.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 6.004, eff. September 1, 2007.

Sec. 11.1021. CONFLICT OF INTEREST. (a) In this section,

"Texas trade association" means a cooperative and voluntarily

joined association of business or professional competitors in

this state designed to assist its members and its industry or

profession in dealing with mutual business or professional

problems and in promoting their common interest.

(b) A person may not be a member of the finance commission if:

(1) the person is an officer, employee, or paid consultant of a

Texas trade association in an industry regulated by a finance

agency; or

(2) the person's spouse is an officer, manager, or paid

consultant of a Texas trade association in an industry regulated

by a finance agency.

(c) A person may not be a member of the finance commission if

the person is required to register as a lobbyist under Chapter

305, Government Code, because of the person's activities for

compensation on behalf of a profession related to the operation

of a finance agency.

Added by Acts 2001, 77th Leg., ch. 867, Sec. 4, eff. Sept. 1,

2001.

Sec. 11.103. REMOVAL OF MEMBERS. (a) It is a ground for

removal from the finance commission that a member:

(1) does not have at the time of taking office the

qualifications required by Section 11.102;

(2) does not maintain during service on the finance commission

the qualifications required by Section 11.102;

(3) is ineligible for membership under Section 11.102 or

11.1021;

(4) cannot, because of illness or disability, discharge the

member's duties for a substantial part of the member's term; or

(5) is absent from more than half of the regularly scheduled

finance commission meetings that the member is eligible to attend

during a calendar year without an excuse approved by a majority

vote of the finance commission.

(b) If the banking commissioner, savings and mortgage lending

commissioner, or consumer credit commissioner has knowledge that

a potential ground for removal exists, the banking commissioner,

savings and mortgage lending commissioner, or consumer credit

commissioner shall notify the presiding officer of the finance

commission of the potential ground. The presiding officer shall

then notify the governor and the attorney general that a

potential ground for removal exists. If the potential ground for

removal involves the presiding officer, the banking commissioner,

savings and mortgage lending commissioner, or consumer credit

commissioner shall notify the next highest ranking officer of the

finance commission, who shall then notify the governor and the

attorney general that a potential ground for removal exists.

(c) The validity of an action of the finance commission is not

affected by the fact that it was taken when a ground for removal

of a member of the finance commission existed.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by Acts 2001, 77th Leg., ch. 867, Sec. 5, eff. Sept. 1,

2001.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 6.005, eff. September 1, 2007.

Sec. 11.104. EXPENSES AND COMPENSATION OF MEMBERS. A member of

the finance commission is entitled to:

(1) the reimbursement for reasonable and necessary expenses

incidental to travel incurred in connection with the performance

of official duties; and

(2) a per diem for each day that the member engages in the

business of the finance commission.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2009, 81st Leg., R.S., Ch.

1317, Sec. 28(b), eff. September 1, 2009.

Sec. 11.105. MATTER IN WHICH MEMBER HAS PERSONAL INTEREST. A

member of the finance commission may not act or participate in

the portion of a commission meeting during which the matter

considered specifically relates to an entity:

(1) of which the member or the member's spouse is an officer,

director, stockholder, shareholder, or owner; or

(2) in which the member or the member's spouse has another

financial interest.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

237, Sec. 1, eff. September 1, 2007.

Sec. 11.106. MEETINGS. (a) The finance commission shall hold

at least six regular public meetings during each calendar year on

dates set by the commission.

(b) The presiding officer or three members of the finance

commission may call a special public meeting of the commission.

(c) The finance commission may hold an open or closed special

meeting by telephone conference call if:

(1) immediate action is required;

(2) the convening at one location of a quorum of the finance

commission is difficult or impossible;

(3) notice is given for the meeting as for other meetings;

(4) the notice specifies a location for the meeting at which the

public may attend;

(5) each part of the meeting that is required to be open to the

public is audible to the public at the location specified in the

notice of the meeting; and

(6) the meeting is tape-recorded and the tape recording of each

portion of the meeting that is required to be open to the public

is made available to the public.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 11.107. PRESIDING OFFICER. (a) The governor shall appoint

a member of the finance commission as presiding officer of the

commission. The presiding officer serves at the will of the

governor.

(b) The presiding officer shall preside at and provide for the

keeping of minutes of each public meeting of the finance

commission.

(c) The presiding officer may:

(1) adopt rules and procedures as the presiding officer

considers necessary for the orderly operation of the finance

commission and for communication among the finance commission,

the department, the Department of Savings and Mortgage Lending,

and the Office of Consumer Credit Commissioner;

(2) adopt internal procedures governing the time and place of

meetings, the type of notice for special public meetings, the

manner in which public meetings are to be conducted, and other

similar matters; and

(3) appoint committees composed of finance commission members as

the presiding officer considers necessary to carry out the

commission's business.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 6.006, eff. September 1, 2007.

Sec. 11.108. SUNSET PROVISION. The finance commission is

subject to Chapter 325, Government Code (Texas Sunset Act).

Unless continued in existence as provided by that chapter, the

commission is abolished September 1, 2013.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by Acts 2001, 77th Leg., ch. 867, Sec. 6, eff. Sept. 1,

2001.

Sec. 11.109. STANDARDS OF CONDUCT. The presiding officer of the

finance commission or the presiding officer's designee shall

provide to members of the finance commission, as often as

necessary, information regarding the requirements for office

under this title, including information regarding a person's

responsibilities under applicable laws relating to standards of

conduct for state officers.

Added by Acts 2001, 77th Leg., ch. 867, Sec. 7, eff. Sept. 1,

2001.

Sec. 11.110. TRAINING. (a) A person who is appointed to and

qualifies for office as a member of the finance commission may

not vote, deliberate, or be counted as a member in attendance at

a meeting of the finance commission until the person completes a

training program that complies with this section.

(b) The training program must provide the person with

information regarding:

(1) the legislation that created the finance agencies and the

finance commission;

(2) the programs operated by the finance agencies;

(3) the role and functions of the finance agencies;

(4) the rules of the finance commission with an emphasis on the

rules that relate to disciplinary and investigatory authority;

(5) the current budget for the finance agencies;

(6) the results of the most recent formal audit of the finance

agencies;

(7) the requirements of:

(A) the open meetings law, Chapter 551, Government Code;

(B) the public information law, Chapter 552, Government Code;

(C) the administrative procedure law, Chapter 2001, Government

Code; and

(D) other laws relating to public officials, including

conflict-of-interest laws; and

(8) any applicable ethics policies adopted by the finance

commission or the Texas Ethics Commission.

(c) A person appointed to the finance commission is entitled to

reimbursement under Section 11.104, as if the person were a

member of the finance commission, for the travel expenses

incurred in attending the training program regardless of whether

the attendance at the program occurs before or after the person

qualifies for office.

Added by Acts 2001, 77th Leg., ch. 867, Sec. 7, eff. Sept. 1,

2001.

Amended by:

Acts 2009, 81st Leg., R.S., Ch.

1317, Sec. 28(c), eff. September 1, 2009.

Sec. 11.111. SEPARATION OF FUNCTIONS. The finance commission

shall develop and implement policies that clearly separate the

policymaking responsibilities of the finance commission and the

management responsibilities of the banking commissioner, savings

and mortgage lending commissioner, and consumer credit

commissioner and staff of the finance agencies.

Added by Acts 2001, 77th Leg., ch. 867, Sec. 7, eff. Sept. 1,

2001.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 6.007, eff. September 1, 2007.

Sec. 11.112. PUBLIC TESTIMONY. The finance commission shall

develop and implement policies that provide the public with a

reasonable opportunity to appear before the finance commission

and to speak on any issue under the jurisdiction of the finance

agencies.

Added by Acts 2001, 77th Leg., ch. 867, Sec. 7, eff. Sept. 1,

2001.

SUBCHAPTER C. STAFF AND EXPENSES

Sec. 11.202. HEARINGS OFFICER AND AUDITOR. (a) The finance

commission shall direct a finance agency to employ an internal

auditor to provide services to and facilitate commission

oversight and control over the finance agencies.

(b) The Texas Department of Banking may employ a hearings

officer to serve the finance agencies as determined by

interagency agreement. For the purposes of Section 2003.021,

Government Code, a hearings officer employed under this section

is considered to be an employee of each agency for which hearing

services are provided. The hearings officer's only duty is to

preside over matters related to contested cases before a finance

agency or the finance commission.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by Acts 2001, 77th Leg., ch. 867, Sec. 8, eff. Sept. 1,

2001.

Sec. 11.203. LIMITATION ON DIRECTION OF AUDITOR. The internal

auditor reports to the finance commission and is not subject to

direction by the employing finance agency.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by Acts 2001, 77th Leg., ch. 867, Sec. 9, eff. Sept. 1,

2001.

Sec. 11.204. SHARING OF STAFF, EQUIPMENT, AND FACILITIES;

ALLOCATION OF COSTS. (a) The finance commission shall use the

staff, equipment, and facilities of the finance agencies to the

extent necessary to carry out the finance commission's duties. To

reduce administrative costs, the finance agencies shall share

staff, equipment, and facilities to the extent that the sharing

contributes to cost efficiency without detracting from the staff

expertise needed for individual areas of agency responsibility.

(b) An interagency agreement must provide that the cost of staff

used by the finance commission, including the internal auditor,

is to be charged to the finance agencies in proportion to the

amount of time devoted to each agency's business. All other costs

of operation of the finance commission are to be shared by and

included in the budgets of the finance agencies in proportion to

the amount of cash receipts of each of those agencies.

(c) The finance commission shall have charge and control of the

property known as the Finance Commission Building and use of

staff, equipment, and facilities of the finance agencies. The

Finance Commission Building refers to the property located in the

city of Austin and titled in the name of the Banking Section of

the Finance Commission of Texas, as described by deed recorded in

Volume 5080, Page 1099, of the Deed Records of Travis County,

Texas.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by Acts 2001, 77th Leg., ch. 867, Sec. 10, eff. Sept. 1,

2001.

Amended by:

Acts 2009, 81st Leg., R.S., Ch.

1317, Sec. 28(d), eff. September 1, 2009.

SUBCHAPTER D. POWERS AND DUTIES

Sec. 11.301. BANKING RULES. The finance commission may adopt

banking rules as provided by Section 31.003.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 11.302. SAVINGS ASSOCIATION AND SAVINGS BANK RULES. (a)

The finance commission may adopt rules applicable to state

savings associations or to savings banks and may authorize state

savings associations and savings banks to invest money of state

savings associations or savings banks in any manner permitted for

a federal savings association or federal savings bank domiciled

in this state. This subsection does not authorize the finance

commission to diminish or limit a right or power specifically

given to state savings associations or savings banks by state

law.

(b) The finance commission may adopt rules to:

(1) prevent state savings associations or savings banks from

concentrating an excessive or unreasonable portion of the

resources of state savings associations or savings banks in a

type or character of loan or security authorized by Subtitle B or

C, Title 3; and

(2) establish standards for investments by state savings

associations or savings banks, including limits on the amount

that a state savings association or savings bank may invest in a

type or character of investment to an amount or percentage of the

savings association's or savings bank's assets or net worth.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 11.303. DISCLOSURE OF CERTAIN INFORMATION TO FINANCE

COMMISSION PROHIBITED. Information regarding the financial

condition of a state savings association or savings bank obtained

through examination or otherwise may not be disclosed to a member

of the finance commission, except that the savings and mortgage

lending commissioner may disclose to the finance commission a

file or record pertinent to a hearing or matter pending before

the commission.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 6.008, eff. September 1, 2007.

Sec. 11.304. CONSUMER CREDIT RULES. The finance commission may

adopt rules necessary to supervise the consumer credit

commissioner and ensure compliance with Chapter 14 and Title 4.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Sec. 11.305. RESEARCH. (a) The finance commission shall

instruct the consumer credit commissioner to establish a program

to address alternatives to high-cost lending in this state. The

program shall:

(1) study and report on the problem of high-cost lending,

including without limitation the availability, quality, and

prices of financial services, including lending and depository

services, offered in this state to agricultural businesses, small

businesses, and individual consumers in this state;

(2) evaluate alternatives to high-cost lending and the practices

of business entities in this state that provide financial

services to agricultural businesses, small businesses, and

individual consumers in this state;

(3) develop models to provide lower-cost alternatives to assist

borrowers who contract for high-cost loans; and

(4) track the location of lenders who enter into loan contracts

providing for an interest charge authorized by Section 342.201,

map the location of the lenders by senatorial district and by any

other appropriate areas, provide other demographic information

relating to the loans and the location of the lenders, and

provide information on the changes in the distribution of the

lenders from 1997 through the date of the report.

(b) The program may:

(1) apply for and receive public and private grants and gifts to

conduct the research authorized by this section;

(2) contract with public and private entities to carry out

studies and analyses under this section;

(3) provide funding for pilot programs; and

(4) make grants to nonprofit institutions working to provide

alternatives to high-cost loans.

(c) Not later than December 1 of each year, the consumer credit

commissioner shall provide to the legislature a report detailing

its findings and making recommendations to improve the

availability, quality, and prices of financial services.

(d) The Texas Department of Banking and the Department of

Savings and Mortgage Lending shall jointly conduct a continuing

review of the condition of the state banking system. The review

must include a review of all available national and state

economic forecasts and an analysis of changing banking practices

and new banking legislation. Periodically the departments shall

submit a report to the finance commission on the results of the

review, including information relating to the condition of the

state banking system at the time of the report and the predicted

condition of that system in the future.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.

Amended by Acts 2001, 77th Leg., ch. 867, Sec. 11, eff. Sept. 1,

2001; Acts 2001, 77th Leg., ch. 916, Sec. 7, eff. Sept. 1, 2001;

Acts 2003, 78th Leg., ch. 211, Sec. 2.03(c), eff. June 16, 2003.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 6.009, eff. September 1, 2007.

Sec. 11.3055. FINANCIAL SERVICES STUDY. (a) The finance

commission may assign the banking commissioner, savings and

mortgage lending commissioner, or consumer credit commissioner to

conduct research on:

(1) the availability, quality, and prices of financial services,

including lending and depository services, offered in this state

to agricultural businesses, small businesses, and individual

consumers in this state; and

(2) the practices of business entities in this state that

provide financial services to agricultural businesses, small

businesses, and individual consumers in this state.

(b) The banking commissioner, savings and mortgage lending

commissioner, or consumer credit commissioner may:

(1) apply for and receive public and private grants and gifts to

conduct the research authorized by this section; and

(2) contract with public and private entities to carry out

studies and analyses under this section.

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. September 1, 1997.

Amended by Acts 2001, 77th Leg., ch. 867, Sec. 11, eff. September

1, 2001.

Renumbered from Finance Code Sec. 11.305(a), (b) and amended by

Acts 2003, 78th Leg., ch. 211, Sec. 2.03(c), eff. June 16, 2003.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 6.010, eff. September 1, 2007.

Sec. 11.306. MORTGAGE BROKER RULES. The finance commission may

adopt mortgage broker rules as provided by Chapter 156.

Added by Acts 1999, 76th Leg., ch. 1254, Sec. 1, eff. Sept. 1,

1999. Amended by Acts 2001, 77th Leg., ch. 867, Sec. 12, eff.

Sept. 1, 2001.

Sec. 11.307. RULES RELATING TO CONSUMER COMPLAINTS. (a) The

finance commission shall adopt rules applicable to each entity

regulated by the Texas Department of Banking or the Department of

Savings and Mortgage Lending specifying the manner in which the

entity provides consumers with information on how to file

complaints with the appropriate agency.

(b) The finance commission shall adopt rules applicable to each

entity regulated by a finance agency requiring the entity to

include information on how to file complaints with the

appropriate agency in each privacy notice that the entity is

required to provide consumers under law, including Pub. L. No.

106-102.

Added by Acts 2001, 77th Leg., ch. 867, Sec. 13, eff. Sept. 1,

2001.

Amended by:

Acts 2007, 80th Leg., R.S., Ch.

921, Sec. 6.011, eff. September 1, 2007.

Sec. 11.308. INTERPRETATION OF HOME EQUITY LENDING LAW. The

finance commission may, on request of an interested person or on

its own motion, issue interpretations of Sections 50(a)(5)-(7),

(e)-(p), (t), and (u), Article XVI, Texas Constitution. An

interpretation under this section is subject to Chapter 2001,

Government Code, and is applicable to all lenders authorized to

make extensions of credit under Section 50(a)(6), Article XVI,

Texas Constitution, except lenders regulated by the Credit Union

Commission. The finance commission and the Credit Union

Commission shall attempt to adopt interpretations that are as

consistent as feasible or shall state justification for any

inconsistency.

Acts 2003, 78th Leg., ch. 1207, Sec. 1, eff. Sept. 13, 2003.

Sec. 11.309. RULES RELATING TO CHECK VERIFICATION ENTITIES. (a)

In this section, "check verification entity" and "financial

institution" have the meanings assigned by Section 523.052,

Business & Commerce Code.

(b) The finance commission shall adopt rules:

(1) requiring a check verification entity to register with the

banking commissioner:

(A) at the intervals the finance commission determines, but not

less frequently than annually; and

(B) by providing to the banking commissioner the information

that the finance commission determines is necessary to enable a

financial institution or a check verification entity to comply

with the requirements of Section 523.052, Business & Commerce

Code;

(2) authorizing the banking commissioner to charge a check

verification entity a reasonable annual fee, not to exceed $100,

to register with the commissioner; and

(3) requiring the banking commissioner to establish an

electronic notification system, through secure e-mail or another

secure system, to be used by a financial institution to notify

check verification entities as required by Section 523.052,

Business & Commerce Code.

(c) The finance commission may not impose a duty on the banking

commissioner under Subsection (b)(3) to verify the validity or

completeness of information transmitted through the electronic

notification system.

(d) The banking commissioner may solicit and accept gifts,

grants, and donations from public and private entities to

establish and maintain the secure notification system.

Added by Acts 2007, 80th Leg., R.S., Ch.

1044, Sec. 2, eff. September 1, 2007.

Amended by:

Acts 2009, 81st Leg., R.S., Ch.

87, Sec. 10.001, eff. September 1, 2009.