§ 11.102. QUALIFICATIONS OF MEMBERS. (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) One member of the finance commission must be a banking 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) 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. (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) "Mortgage broker" means a person who: (A) has had five years' or more experience as a mortgage broker, as defined by Section 156.002, during the seven-year period preceding the person's appointment; and (B) is a mortgage broker, as defined by Section 156.002. (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 loan commissioner, deputy savings and loan 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). Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended by Acts 2001, 77th Leg., ch. 867, § 3, eff. Sept. 1, 2001.

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Last modified: August 10, 2007