Bill Text: TX SB453 | 2017-2018 | 85th Legislature | Introduced


Bill Title: Relating to the interests of certain holding companies in certain repair facilities.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-04-25 - No action taken in committee [SB453 Detail]

Download: Texas-2017-SB453-Introduced.html
  85R2469 MEW-D
 
  By: Hancock S.B. No. 453
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the interests of certain holding companies in certain
  repair facilities.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 2307.002, Occupations Code, is amended
  by adding Subsections (e) and (f) to read as follows:
         (e)  A holding company that owns an insurer may acquire, own,
  and operate an interest in a repair facility through a person, other
  than an insurer, who is an affiliate or subsidiary of the holding
  company. The facility must be licensed as a new motor vehicle
  dealership under Chapter 2301. 
         (f)  For purposes of Subsection (e), "holding company" and
  "insurer" have the meanings assigned by Section 823.002, Insurance
  Code.
         SECTION 2.  The change in law made by Section 2307.002(e),
  Occupations Code, as added by this Act, applies only to the
  acquisition, ownership, or operation of an interest in a repair
  facility on or after the effective date of this Act. Acquisition,
  ownership, or operation of an interest in a repair facility before
  the effective date of this Act is governed by the law as it existed
  before that date, and that law is continued in effect for that
  purpose.
         SECTION 3.  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.  If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2017.
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