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