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Texas Finance Code - FIN § 11.102. Qualifications of Members

Current as of January 01, 2024 | Updated by Findlaw Staff

(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) Two members of the finance commission must be banking executives, 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.

(c) Six 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) “Residential mortgage loan originator” means a person who:

(A) has had five years' or more experience as a residential mortgage loan originator, as defined by Section 180.002, during the seven-year period preceding the person's appointment;  and

(B) is a residential mortgage loan originator, as defined by Section 180.002.

(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).

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 11.102. Qualifications of Members - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-11-102/

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