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Texas Finance Code - Section 13.010. Conflicts Of Interest

Legal Research Home > Texas Laws > Finance Code > Texas Finance Code - Section 13.010. Conflicts Of Interest

§ 13.010. CONFLICTS OF INTEREST.  (a) In this section, 
"Texas trade association" means a cooperative and voluntarily 
joined association of business or professional competitors in this 
state designed to assist its members and its industry or profession 
in dealing with mutual business or professional problems and in 
promoting their common interest.
	(b)  A person may not be a Savings and Loan Department 
employee employed in a "bona fide executive, administrative, or 
professional capacity," as that phrase is used for purposes of 
establishing an exemption to the overtime provisions of the federal 
Fair Labor Standards Act of 1938 (29 U.S.C. Section 201 et seq.), 
and its subsequent amendments, if:
		(1)  the person is an officer, employee, or paid 
consultant of a Texas trade association in a field regulated by the 
Savings and Loan Department;  or
		(2)  the person's spouse is an officer, manager, or paid 
consultant of a Texas trade association in a field regulated by the 
Savings and Loan Department.
	(c)  A person may not act as the general counsel to the 
Savings and Loan Department if the person is required to register as 
a lobbyist under Chapter 305, Government Code, because of the 
person's activities for compensation on behalf of a profession 
related to the operation of the Savings and Loan Department
	(d)  Before the 11th day after the date on which an employee 
begins employment with the Savings and Loan Department, the 
employee shall read the conflict-of-interest statutes applicable 
to employees of the Savings and Loan Department and sign a notarized 
affidavit stating that the employee has read those statutes.

Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.  Amended 
by Acts 2001, 77th Leg., ch. 337, § 1, eff. Sept. 1, 2001.

Last modified: August 11, 2007