Senate Committee on Insurance Holding Company and Mortgage Loan - 61st R.S. (1969)

Committee Members

Public members

Will Davis
E.A. Stumpf, III

Charges

Legislation has been presented to the 61st Session of the Texas Legislature relative to amending Article 3.67 of the Insurance Code to include among those prohibited from pecuniarily profiting from insurance companies' loans, sales and purchases those owning ten (10%) percent of any equity security of such insurance companies or officers or directors who are interested in other corporations which also profit.
Legislation was also introduced with a view to prohibiting mortgage lenders from requiring an equity interest in mortgaged property as a condition of making a loan under certain circumstances.
Legislation was also introduced to permit the organization of insurance company holding companies in Texas as well as holding companies in connection with other financial institutions.
None of such legislation passed both Houses of the Legislature and it is desired that a special committee of the Senate of the State of Texas be appointed to investigate the merits of such legislation.

Notes

Appointed by Lieutenant Governor pursuant to SR 937 and SR 977 (Senate Journal appendix, 61st Regular, p. 2325).

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