Sec. 16.009. POST-PARTICIPATION LIABILITY. (a) If a financial regulatory agency no longer has status under this chapter as a self-directed semi-independent financial regulatory agency for any reason, the agency shall be liable for any expenses or debts incurred by the agency during the time the agency was a self-directed semi-independent financial regulatory agency. The agency's liability under this section includes liability for any lease entered into by the agency. This state is not liable for any expense or debt covered by this subsection, and money from the general revenue fund may not be used to repay the expense or debt.
(b) If a financial regulatory agency no longer has status under this chapter as a self-directed semi-independent financial regulatory agency for any reason, ownership of any property or other asset acquired by the agency during the time the agency was a self-directed semi-independent financial regulatory agency, including unexpended fees in a deposit account in the Texas Treasury Safekeeping Trust Company, shall be transferred to this state.
Added by Acts 2009, 81st Leg., R.S., Ch. 1317 (H.B. 2774), Sec. 28(a), eff. September 1, 2009.
Structure Texas Statutes
Title 2 - Financial Regulatory Agencies
Chapter 16 - Financial Regulatory Agencies: Self-Directed and Semi-Independent
Section 16.002. Self-Directed and Semi-Independent Status of Financial Regulatory Agencies
Section 16.003. Budget, Revenues, and Expenses
Section 16.005. Records; Reporting Requirements
Section 16.006. Ability to Contract
Section 16.009. Post-Participation Liability
Section 16.010. Due Process; Open Government