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Can you summarize Tex. Fin. Chapter 11?
FINANCIAL REGULATORY AGENCIES > FINANCE COMMISSION OF TEXAS
Short Summary
The provided legal document content pertains to the Finance Commission of Texas, its composition, operation, and powers. 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. It serves as the policy-making body for these finance agencies and ensures the functioning of state depository and lending institutions. The document outlines the composition of the Finance Commission, including the appointment process, qualifications, and restrictions on members. It also discusses the grounds for removal of members and their entitlements. The document provides guidelines for the meetings of the Finance Commission, the role of the presiding officer, and the possibility of appointing advisory committees. Additionally, it addresses the employment of an internal auditor and hearings officer by finance agencies under the direction of the Finance Commission. The document governs the sharing of staff, equipment, and facilities between the Finance Commission and finance agencies, as well as the allocation of costs. It also grants the Finance Commission control over the Finance Commission Building. The document further outlines the powers and duties of the Finance Commission, including the adoption of banking rules, establishment of standards for investments, supervision of the consumer credit commissioner, and adoption of residential mortgage loan origination rules. The Finance Commission is responsible for receiving reports on the state banking system and conducting research on financial services. It may also issue interpretations and adopt rules related to extensions of credit and check verification entities. No specific penalties or exemptions are mentioned in these documents.
Whom does it apply to?
The Finance Commission of Texas, Texas Department of Banking, Department of Savings and Mortgage Lending, Office of Consumer Credit Commissioner, members of the Finance Commission, and entities regulated by the Texas Department of Banking or the Department of Savings and Mortgage Lending.
What does it govern?
The composition, operation, and powers of the Finance Commission of Texas, employment of internal auditor and hearings officer, sharing of staff, equipment, and facilities, and the Finance Commission's control over the Finance Commission Building.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Texas