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AN ACT
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relating to the bond and other coverages required to be maintained |
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by or for the benefit of a savings bank. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 92.156, Finance Code, is amended to read |
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as follows: |
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Sec. 92.156. FINANCIAL INSTITUTION BOND [INDEMNITY BONDS OF
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DIRECTORS, OFFICERS, AND EMPLOYEES]. (a) A savings bank shall |
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maintain a financial institution [blanket indemnity] bond that |
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provides [with an] adequate coverage to protect [corporate surety
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protecting] the savings bank from loss: |
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(1) by or through dishonest or criminal action or |
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omission, including fraud, theft, or misplacement [robbery, or
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burglary], by any of the following persons: |
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(A) an officer or employee of the savings bank; |
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(B) an attorney retained by the savings bank; |
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(C) a nonemployee performing data processing |
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services for the savings bank; or |
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(D) a director of the savings bank performing a |
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[when the director performs the] duty of an officer or employee; or |
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(2) by other perils such as robbery, burglary, |
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forgery, or alteration. |
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(b) A savings bank that employs a collection agent who is |
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not covered by the bond required by Subsection (a) shall: |
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(1) ensure that the savings bank is included as a loss |
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payee in the collection agent's crime coverage; and |
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(2) obtain a certificate of insurance evidencing the |
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sufficiency of the collection agent's crime coverage [provide for
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the bonding of the agent in an amount equal to at least twice the
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average monthly collection of the agent unless the agent is a
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financial institution insured by the Federal Deposit Insurance
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Corporation. An agent shall settle with the savings bank at least
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monthly]. |
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(c) Subject to rules adopted under Subsection (e), the board |
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shall, at least annually, review and approve: |
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(1) the coverage, including the amount of the |
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coverage, provided by the bond and the form of the bond; and |
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(2) the sustainability [sufficiency] of the corporate |
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surety or insurer that issued the bond. |
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(d) The bond must provide that a cancellation or other |
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termination by the corporate surety or insurer or by the insured is |
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not effective until the earlier of: |
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(1) the date the commissioner approves; or |
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(2) the 30th day after the date written notice of the |
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cancellation is given to the commissioner. |
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(e) The finance commission may adopt rules establishing: |
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(1) the coverage, including the amount of the |
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coverage, that must be provided by the bond and the form of the |
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bond; and |
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(2) the sustainability [sufficiency] of the corporate |
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surety or insurer that issues the bond. |
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SECTION 2. Not later than January 1, 2018: |
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(1) a savings bank that maintains a bond under Section |
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92.156, Finance Code, on the effective date of this Act shall obtain |
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a bond that satisfies the requirements of Section 92.156, Finance |
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Code, as amended by this Act; and |
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(2) a collection agent employed by a savings bank |
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shall maintain crime coverage in compliance with Section 92.156(b), |
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Finance Code, as amended by this Act. |
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SECTION 3. This Act takes effect September 1, 2017. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 2579 was passed by the House on April |
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20, 2017, by the following vote: Yeas 144, Nays 0, 2 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 2579 was passed by the Senate on May |
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12, 2017, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |