Texas 2009 - 81st Regular

Texas House Bill HB77

Filed
11/10/08  
Out of House Committee
4/8/09  
Voted on by House
4/23/09  
Governor Action
 
Bill Becomes Law
 

Caption

Relating to the collateralization of certain public funds and to custodians with which certain pledged securities may be deposited; providing administrative penalties.

Impact

The implementation of HB 77 aims to ensure that participating institutions back their public deposits with securities valued at at least 102% of the total public funds. This is expected to increase the security and transparency associated with the management of public finances. The bill outlines specific procedures for monitoring and reporting that institutions must adhere to, intending to create a more robust framework for financial oversight in the state.

Summary

House Bill 77 focuses on the collateralization of certain public funds held by financial institutions in Texas. This bill introduces a new subchapter under Chapter 2257 of the Government Code that establishes a pooled collateral program for securing deposits of public funds. The comptroller is tasked with overseeing this program, which allows financial institutions to pledge collateral to secure public deposits in a centralized manner, potentially simplifying compliance for institutions while enhancing the safety of public funds.

Contention

While the bill offers a structured approach to collateralizing public deposits, there may be concerns regarding the administrative penalties imposed for non-compliance with the new regulations. The comptroller has the authority to impose penalties for late reporting or failure to maintain proper collateral levels, which could be viewed as excessive by some advocacy groups. Critics may argue that these financial standards could place a disproportionate burden on smaller institutions, potentially impacting their ability to operate effectively within the new regulatory framework.

Companion Bills

TX SB638

Identical Relating to the collateralization of certain public funds; providing administrative penalties.

Previously Filed As

TX SB1246

Relating to authorized investments of public money by certain governmental entities and the confidentiality of certain information related to those investments.

TX HB1942

Relating to the regulation of sports wagering; requiring occupational permits; authorizing fees; imposing a tax; decriminalizing wagering on certain sports events; creating criminal offenses; providing administrative penalties.

TX SB895

Relating to the regulation of money services businesses; creating a criminal offense; creating administrative penalties; authorizing the imposition of a fee.

TX SB715

Relating to the regulation of sports wagering; requiring occupational permits; authorizing fees; imposing a tax; decriminalizing wagering on certain sports events; creating criminal offenses; providing administrative penalties.

TX HB2324

Relating to the regulation of certain health professionals and health facilities; providing civil and administrative penalties; creating a criminal offense.

TX HB2459

Relating to the administration of violations and administrative penalties of the employment of children.

TX HB3002

Relating to the authority of certain political subdivisions to issue certificates of obligation.

TX HB2760

Relating to the disclosure of certain gifts, grants, contracts, and financial interests received from a foreign source by certain state agencies, public institutions of higher education, and state contractors, and to the approval and monitoring of employment-related foreign travel and activities by certain public institution of higher education employees; providing civil and administrative penalties.

TX SB2459

Relating to the disclosure of certain gifts, grants, contracts, and financial interests received from a foreign source by certain state agencies, public institutions of higher education, and state contractors, and to the approval and monitoring of employment-related foreign travel and activities by certain public institution of higher education employees; providing civil and administrative penalties.

TX HB38

Relating to the elimination of certain property taxes for school district maintenance and operations and the provision of public education funding by increasing the rates of certain state taxes.

Similar Bills

TX SB638

Relating to the collateralization of certain public funds; providing administrative penalties.

TX SB1664

Relating to the establishment of the Texas Achieving a Better Life Experience (ABLE) Program; authorizing the imposition of fees.

TX HB3505

Relating to the establishment and administration of a state bullion depository and the investment of certain public money in precious metals and depository accounts.

AL SB133

Public deposits, Security for Alabama Funds Enhancement (SAFE) Program board, to allow for virutal meetings, Sec. 41-14A-6 am'd.

AL HB85

Public deposits, Security for Alabama Funds Enhancement (SAFE) Program board, to allow for virutal meetings, Sec. 41-14A-6 am'd.

GA HB531

Local government; provide investment policies

TX SB1983

Relating to the creation of the Texas Urban Agricultural Innovation Authority.

TX HB2996

Relating to the creation of the Texas Urban Agricultural Innovation Authority.