7 TAC §29.3
(Editor's note: The text of the following section proposed for
repeal will not be published. The section may be examined in the offices of
the Texas Department of Banking or in the Texas Register office, Room 245,
James Earl Rudder Building, 1019 Brazos Street, Austin.)
The Finance Commission of Texas (commission) proposes
the repeal of §29.3, concerning an exemption for commercial transactions.
The commission has reviewed §29.3 in connection with its rule review
of Chapter 29 and concluded that the reason for the initial adoption of §29.3
no longer exists and that the section should be repealed.
Section 29.3 was adopted to implement former Finance Code, §152.103,
which authorized the banking commissioner, by rule, to exempt persons engaged
in certain commercial transactions in interstate commerce from the licensing
requirements of Finance Code, Chapter 152 (Chapter 152). In 2001, the Texas
Legislature amended Finance Code, §152.103, and deleted the commercial
transaction exemption from that section. At the same time, the legislature
added a new, broader commercial transaction exemption as Finance Code, §152.202(a)(6).
Section 152.202(a)(6) incorporated the qualifying elements of §29.3 and
eliminated the requirement that the exemption be established by rule. As a
result of the amendments, §29.3 is unnecessary. The section should be
repealed because the reason for its initial adoption no longer exists.
Ms. Stephanie Newberg, Deputy Commissioner, Texas Department of Banking,
has determined that for the first five year period the repeal is in effect,
there will be no fiscal implications for state or local governments as a result
of enforcing or administering the repeal.
Ms. Newberg has also determined that, for each of the first five years
the repeal as proposed will be in effect, the anticipated public benefit will
be the removal of an unnecessary and obsolete regulation. No economic cost
will be incurred by a person required to comply with the repeal. There will
be no adverse economic effect on small businesses.
To be considered, comments concerning the proposed repeal should be submitted
not later than 30 days after the date of publication of this notice. Comments
should be addressed to Sarah Shirley, Assistant General Counsel, Texas Department
of Banking, 2601 North Lamar Boulevard, Austin, Texas 78705-4294, or by email
to sarah.shirley@banking.state.tx.us.
The repeal is proposed under Government Code, §2001.039,
which requires a state agency to review each of its rules every four years
and readopt, readopt with amendments, or repeal a rule based upon the agency's
rule review and its determination as to whether the reasons for initially
adopting the rule continue to exist.
No statute, article or code is affected by the proposed repeal.
§29.3.Exemption for Commercial Transactions.
This agency hereby certifies that the proposal has been
reviewed by legal counsel and found to be within the agency's legal authority
to adopt.
Filed with the Office of
the Secretary of State on February 20, 2004.
TRD-200401229
Everette D. Jobe
Certifying Official
Texas Department of Banking
Proposed date of adoption: April 16, 2004
For further information, please call: (512) 475-1300