Texas Finance Code 16.005 – Records; Reporting Requirements
(a) A financial regulatory agency shall keep financial and statistical information as necessary to disclose completely and accurately the financial condition and results of operations of the agency.
(b) Before the beginning of each regular session of the legislature, each financial regulatory agency shall submit to the legislature and the governor a report describing all of the agency’s activities in the previous biennium. The report must include:
(1) an audit as required by Section 16.004;
(2) a financial report of the previous fiscal year, including reports on financial condition and results of operations;
(3) a description of all changes in fees imposed on regulated industries;
(4) a report on changes in the regulatory jurisdiction of the agency, including the number of chartered financial institutions, license holders, and registrants subject to the agency’s jurisdiction and any changes in those figures; and
(5) a list of all new rules adopted or repealed.
Terms Used In Texas Finance Code 16.005
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) In addition to the reporting requirements of Subsection (b), not later than November 1 of each year, each financial regulatory agency shall submit to the governor, the committee of each house of the legislature that has jurisdiction over appropriations, and the Legislative Budget Board a report that contains:
(1) the salary for all financial regulatory agency personnel and the total amount of per diem expenses and travel expenses paid for all agency employees;
(2) the total amount of per diem expenses and travel expenses paid for each member of the agency’s policy-making body, provided that only one report must be submitted regarding the Finance Commission of Texas;
(3) the agency’s operating plan and annual budget; and
(4) a detailed report of all revenue received and all expenses incurred by the financial regulatory agency in the previous 12 months.