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

Committee: Senate Insurance Holding Company and Mortgage Loan
Title: Interim Report
Library Catalog Title: A report to the Senate of the 62nd Legislature, state of Texas / by the Insurance Holding Company and Mortgage Loan Committee.
Subjects: Insurance industry |
Library Call Number: L1836.61 in7cr
Session: 61st R.S. (1969)
Online version: View report [78 pages  File size: 3,064 kb]
Charge: This report should address the charge below.
1. 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.
Supporting documents
Committee: Senate Insurance Holding Company and Mortgage Loan
Title: Transcript and Exhibits, May 7, 1970 (Testimony, Dr. Charles Moeller, Metropolitan Life Insurance Company, Statement on the Economic and Capital Market Effects Concerning Practices of Mortgage Lenders Requiring Equity Interests in Mortgage Properties; John Terrell, Texas Association of Homebuilders)
Library Catalog Title: Minutes
Library Call Number: L1836.61 IN7CM
Session: 61st R.S. (1969)
Online version: View document [84 pages  File size: 1,414 kb]

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