TITLE: Relating to the composition of the Finance Commission of Texas.

SUMMARY: Relating to the composition of the Finance Commission of Texas.

FULL TEXT:
AN ACT relating to the composition of the Finance Commission of Texas. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Sections 11.101(a) and (b), Finance Code, are amended to read as follows: (a) The Finance Commission of Texas is composed of 11 [nine] members appointed by the governor with the advice and consent of the senate. (b) Members of the finance commission serve staggered six-year terms,with as near as possible to [of six years with the terms of] one-third of the members' terms [members] expiring February 1 of each even-numbered year. SECTION 2. Sections 11.102(b) and (c), Finance Code, are amended to read as follows: (b) Two members [One member] of the finance commission must be [a] banking executives [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) Six [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. SECTION 3. As soon as practicable after the effective date of this Act, the governor shall appoint two additional members to the Finance Commission of Texas. In appointing those members, the governor shall appoint one person to a term expiring February 1, 2014, and one person to a term expiring February 1, 2016. SECTION 4. 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.