Bill Text: TX HB2579 | 2017-2018 | 85th Legislature | Enrolled
Bill Title: Relating to the bond and other coverages required to be maintained by or for the benefit of a savings bank.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Passed) 2017-05-26 - Effective on 9/1/17 [HB2579 Detail]
Download: Texas-2017-HB2579-Enrolled.html
H.B. No. 2579 |
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relating to the bond and other coverages required to be maintained | ||
by or for the benefit of a savings bank. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 92.156, Finance Code, is amended to read | ||
as follows: | ||
Sec. 92.156. FINANCIAL INSTITUTION BOND [ |
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maintain a financial institution [ |
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provides [ |
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(1) by or through dishonest or criminal action or | ||
omission, including fraud, theft, or misplacement [ |
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(A) an officer or employee of the savings bank; | ||
(B) an attorney retained by the savings bank; | ||
(C) a nonemployee performing data processing | ||
services for the savings bank; or | ||
(D) a director of the savings bank performing a | ||
[ |
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(2) by other perils such as robbery, burglary, | ||
forgery, or alteration. | ||
(b) A savings bank that employs a collection agent who is | ||
not covered by the bond required by Subsection (a) shall: | ||
(1) ensure that the savings bank is included as a loss | ||
payee in the collection agent's crime coverage; and | ||
(2) obtain a certificate of insurance evidencing the | ||
sufficiency of the collection agent's crime coverage [ |
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(c) Subject to rules adopted under Subsection (e), the board | ||
shall, at least annually, review and approve: | ||
(1) the coverage, including the amount of the | ||
coverage, provided by the bond and the form of the bond; and | ||
(2) the sustainability [ |
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surety or insurer that issued the bond. | ||
(d) The bond must provide that a cancellation or other | ||
termination by the corporate surety or insurer or by the insured is | ||
not effective until the earlier of: | ||
(1) the date the commissioner approves; or | ||
(2) the 30th day after the date written notice of the | ||
cancellation is given to the commissioner. | ||
(e) The finance commission may adopt rules establishing: | ||
(1) the coverage, including the amount of the | ||
coverage, that must be provided by the bond and the form of the | ||
bond; and | ||
(2) the sustainability [ |
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surety or insurer that issues the bond. | ||
SECTION 2. Not later than January 1, 2018: | ||
(1) a savings bank that maintains a bond under Section | ||
92.156, Finance Code, on the effective date of this Act shall obtain | ||
a bond that satisfies the requirements of Section 92.156, Finance | ||
Code, as amended by this Act; and | ||
(2) a collection agent employed by a savings bank | ||
shall maintain crime coverage in compliance with Section 92.156(b), | ||
Finance Code, as amended by this Act. | ||
SECTION 3. This Act takes effect September 1, 2017. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I certify that H.B. No. 2579 was passed by the House on April | ||
20, 2017, by the following vote: Yeas 144, Nays 0, 2 present, not | ||
voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
I certify that H.B. No. 2579 was passed by the Senate on May | ||
12, 2017, by the following vote: Yeas 31, Nays 0. | ||
______________________________ | ||
Secretary of the Senate | ||
APPROVED: _____________________ | ||
Date | ||
_____________________ | ||
Governor |