| 1 | 1 | | 83R21933 CLG-F |
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| 2 | 2 | | By: Villarreal H.B. No. 3486 |
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| 3 | 3 | | Substitute the following for H.B. No. 3486: |
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| 4 | 4 | | By: Villarreal C.S.H.B. No. 3486 |
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| 5 | 5 | | |
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| 6 | 6 | | |
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| 7 | 7 | | A BILL TO BE ENTITLED |
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| 8 | 8 | | AN ACT |
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| 9 | 9 | | relating to financial coaches for economically disadvantaged |
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| 10 | 10 | | persons. |
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| 11 | 11 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 12 | 12 | | SECTION 1. Subchapter C, Chapter 14, Finance Code, is |
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| 13 | 13 | | amended by adding Section 14.1021 to read as follows: |
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| 14 | 14 | | Sec. 14.1021. CERTIFICATION PROGRAM FOR FINANCIAL COACHES. |
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| 15 | 15 | | (a) In this section, "charitable organization" means a nonprofit |
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| 16 | 16 | | corporation that: |
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| 17 | 17 | | (1) is located in this state; |
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| 18 | 18 | | (2) is exempt from federal income tax under Section |
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| 19 | 19 | | 501(a) of the Internal Revenue Code of 1986 by being listed as an |
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| 20 | 20 | | exempt organization in Section 501(c)(3) of that code; and |
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| 21 | 21 | | (3) provides services to economically disadvantaged |
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| 22 | 22 | | individuals and families. |
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| 23 | 23 | | (b) The office shall establish and operate a voluntary |
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| 24 | 24 | | certification program for persons serving as financial coaches for |
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| 25 | 25 | | clients of charitable organizations. |
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| 26 | 26 | | (c) The finance commission by rule shall adopt forms, |
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| 27 | 27 | | criteria, and procedures for issuing certificates to financial |
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| 28 | 28 | | coaches under this section. |
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| 29 | 29 | | (d) The criteria for the program must include training and |
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| 30 | 30 | | educational materials to be determined by the finance commission. |
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| 31 | 31 | | (e) The securities commissioner may issue a no-action |
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| 32 | 32 | | letter to a financial coach issued a certificate under this section |
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| 33 | 33 | | who, without compensation, provides to an economically |
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| 34 | 34 | | disadvantaged individual assistance with the individual's |
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| 35 | 35 | | enrollment in any fund or plan established under Subchapter G or H, |
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| 36 | 36 | | Chapter 54, Education Code. The State Securities Board shall adopt |
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| 37 | 37 | | rules to implement this subsection. |
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| 38 | 38 | | SECTION 2. This Act takes effect September 1, 2013. |
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