General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature Page: 552
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58TH LEGISLATURE-REGULAR SESSION
(h) "Amount of loan" means the cash advance plus the interest, au-
thorized by Section 17.
(i) "Month" means that period of time from one date in a calendar
month to the corresponding date in the following calendar month, but if
there is no such corresponding date then the last day of such following
calendar month and when computations are made for a fraction of a
month a day shall be one-thirtieth (1/30) of a month.
Office of Regulatory Loan Commissioner Created
Sec. 4. (a) There is hereby created the office of Regulatory Loan
Commissioner of the State of Texas. The commissioner shall be appoint-
ed by the Finance Commission and shall serve at the pleasure of the
Finance Commission. The commissioner shall be an employee of the
Finance Commission, subject to its orders and directions. The commis-
sioner is authorized to appoint and remove examiners and employees,
and to prescribe the duties of each.
(b) The commissioner shall, from time to time, as directed by the
Finance Commission, submit to the Finance Commission a full and com-
plete report of the receipts and expenditures of this office, and the Fi-
nance Commission may, from time to time, examine the financial records
of the Regulatory Loan Commissioner, or cause them to be examined.
In addition, the office of Regulatory Loan Commissioner shall be audited
from time to time by the state auditor in the same manner as state de-
partments, and the actual costs of such audit shall be paid to the state
auditor from the funds of the Regulatory Loan Commissioner. The Fi-
nance Commission shall, as of December 31, 1963, and annually thereafter
report to the Governor of the State of Texas the receipts and disburse-
ments of the office of the Regulatory Loan Commissioner for each cal-
endar year.
(c) The commissioner shall appoint a deputy commissioner, such
examiners and assistant examiners as may be required to examine all
licensees under this Act annually and such employees as may be neces-
sary to maintain and operate the office of the Regulatory Loan Commis-
sioner and to enforce the laws of this state relative to the licensees un-
der this Act.
(d) The commissioner, the deputy commissioner, the examiners and
assistant examiners shall, before entering upon the duties of office, take
an oath of office and make a fidelity bond in the sum of Ten Thousand
Dollars ($10,000) payable to the Finance Commission and its successors
in office, in individual, schedule or blanket form, executed by a surety
appearing upon the list of approved sureties acceptable to the Finance
Commission. The bond shall be in form approved by the Finance Com-
mission.
(e) The commissioner shall supervise and shall regulate as provided
in this Act all licensees and shall enforce the provisions of this Act in
person through the deputy commissioner or any examiner or assistant
examiner. The commissioner, the deputy commissioner, each examiner
and assistant examiner and each employee under this Act shall not be
personally liable for damages occasioned by his official act or omissions
except when such acts or omissions are corrupt or malicious. The Attor-
ney General shall defend any action brought against any of the above-
mentioned officers or employees by reason of his official act or omission
whether or not at the time of the institution of the act the defendant has
terminated his services with the office of the Regulatory Loan Commis-
sioner.
552Ch. 205
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Texas. Legislature. General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature, legislative document, 1963; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth221759/m1/888/?q=+date%3A1945-1972: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.