Texas 2015 - 84th Regular

Texas House Bill HB2493 Compare Versions

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Version 2 (New)

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1	1	By: Parker, et al. (Senate Sponsor - Creighton) H.B. No. 2493
2	2	(In the Senate - Received from the House May 11, 2015;
3	3	May 15, 2015, read first time and referred to Committee on Business
4	4	and Commerce; May 22, 2015, reported favorably by the following
5	5	vote: Yeas 6, Nays 2; May 22, 2015, sent to printer.)
6	6	Click here to see the committee vote
7	7
8	8
9	9	A BILL TO BE ENTITLED
10	10	AN ACT
11	11	relating to the self-directed and semi-independent status of the
12	12	State Securities Board; authorizing fees.
13	13	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
14	14	SECTION 1. Section 472.001, Government Code, is amended to
15	15	read as follows:
16	16	Sec. 472.001. APPLICABILITY OF CHAPTER. This chapter
17	17	applies to:
18	18	(1) the Texas State Board of Public Accountancy;
19	19	(2) the Texas Board of Professional Engineers; [and]
20	20	(3) the Texas Board of Architectural Examiners; and
21	21	(4) the State Securities Board.
22	22	SECTION 2. The Securities Act (Article 581-1 et seq.,
23	23	Vernon's Texas Civil Statutes) is amended by adding Sections 44,
24	24	45, 46, and 47 to read as follows:
25	25	Sec. 44. SELF-DIRECTED AND SEMI-INDEPENDENT STATUS. The
26	26	State Securities Board has self-directed and semi-independent
27	27	status as provided under Chapter 472, Government Code.
28	28	Sec. 45. REPORT TO BOARD. Periodically, the Commissioner
29	29	shall submit to the members of the Board, as directed by the Board
30	30	members, a report of the receipts and expenditures of the agency.
31	31	Sec. 46. REFUND OF REGISTRATION FEE. If the Commissioner or
32	32	Board determines that all or part of a registration fee should be
33	33	refunded, the refund shall be made by warrant on the state treasury
34	34	from the fund into which the registration fee was deposited.
35	35	Sec. 47. REPRESENTATION BY ATTORNEY GENERAL. The attorney
36	36	general may assess and collect from the Commissioner or the Board
37	37	reasonable attorney's fees associated with any legal
38	38	representation requested by the Commissioner and provided by the
39	39	attorney general. Notwithstanding any other law, a requirement that
40	40	the attorney general represent an agency in any litigation does not
41	41	apply to a proceeding under this Act that is governed by Chapter
42	42	2001, Government Code.
43	43	SECTION 3. Subsections D, G, and K, Section 2, The
44	44	Securities Act (Article 581-2, Vernon's Texas Civil Statutes), are
45	45	amended to read as follows:
46	46	D. Each member of the Board is entitled to reimbursement for
47	47	travel expenses incurred [per diem as set by legislative
48	48	appropriation] for each day that the member engages in the business
49	49	of the Board.
50	50	The Governor shall designate a member of the Board as the
51	51	presiding officer of the Board to serve in that capacity at the will
52	52	of the Governor. A majority of the members shall constitute a quorum
53	53	for the transaction of any business.
54	54	G. The Board shall appoint a Securities Commissioner who
55	55	serves at the pleasure of the Board and who shall, under the
56	56	supervision of the Board, administer the provisions of this Act.
57	57	The Board shall determine the Commissioner's salary. Each member of
58	58	the Board shall have access to all offices and records under his
59	59	supervision, and the Board, or a majority thereof, may exercise any
60	60	power or perform any act authorized to the [Securities]
61	61	Commissioner by the provisions of this Act.
62	62	K. The Commissioner shall determine the number of Board
63	63	employees and the employees' salaries. The Commissioner or his
64	64	designee shall develop an intraagency career ladder program, one
65	65	part of which shall be the intraagency posting of all nonentry level
66	66	positions for at least ten (10) days before any public posting. The
67	67	Commissioner or his designee shall develop a system of annual
68	68	performance evaluations based on measurable job tasks. All merit
69	69	pay for Board employees must be based on the system established
70	70	under this section.
71	71	SECTION 4. Subsection C, Section 2-3, The Securities Act
72	72	(Article 581-2-3, Vernon's Texas Civil Statutes), is amended to
73	73	read as follows:
74	74	C. A person appointed to the Board is entitled to
75	75	reimbursement[, as provided by the General Appropriations Act,] for
76	76	the travel expenses incurred in attending the training program
77	77	regardless of whether the attendance at the program occurs before
78	78	or after the person qualifies for office.
79	79	SECTION 5. Subsections A and D, Section 35, The Securities
80	80	Act (Article 581-35, Vernon's Texas Civil Statutes), are amended to
81	81	read as follows:
82	82	A. The Board shall establish the following fees to produce
83	83	[in amounts so that the aggregate amount that exceeds the amount of
84	84	the fees on September 1, 2002, produces] sufficient revenue to
85	85	cover the costs of administering and enforcing this Act:
86	86	(1) for the filing of any original, amended, or
87	87	renewal application to sell or dispose of securities[, an amount
88	88	not to exceed $100];
89	89	(2) for the filing of any original application of a
90	90	dealer or investment adviser or for the submission of a notice
91	91	filing for a federal covered investment adviser[, an amount not to
92	92	exceed $100];
93	93	(3) for the filing of any renewal application of a
94	94	dealer or investment adviser or for the submission of a renewal
95	95	notice filing for a federal covered investment adviser[, an amount
96	96	not to exceed $100];
97	97	(4) for the filing of any original application for
98	98	each agent, officer, or investment adviser representative or for
99	99	the submission of a notice filing for each representative of a
100	100	federal covered investment adviser[, an amount not to exceed $100];
101	101	and
102	102	(5) for the filing of any renewal application for each
103	103	agent, officer, or investment adviser representative or for the
104	104	submission of a renewal notice filing for each representative of a
105	105	federal covered investment adviser[, an amount not to exceed $100].
106	106	D. A cost incurred by the Board in administering or
107	107	enforcing this Act may be paid only from a fee collected under
108	108	Subsection A of this section.
109	109	SECTION 6. The following provisions of The Securities Act
110	110	(Article 581-l et seq., Vernon's Texas Civil Statutes) are
111	111	repealed:
112	112	(1) Subsections J, M, and N, Section 2;
113	113	(2) Subsection C, Section 35; and
114	114	(3) Section 36.
115	115	SECTION 7. Subject to Chapter 472, Government Code, the
116	116	appropriations made by an Act of the 84th Legislature, Regular
117	117	Session, 2015, may be spent by the State Securities Board as the
118	118	Securities Commissioner directs. The board shall repay to the
119	119	general revenue fund the appropriation made to the agency for the
120	120	state fiscal year ending August 31, 2016, not later than that date
121	121	and as funds become available. The board shall repay to the general
122	122	revenue fund the appropriation made to the board for the state
123	123	fiscal year ending August 31, 2017, not later than that date and as
124	124	funds become available.
125	125	SECTION 8. The transfer of the State Securities Board to
126	126	self-directed and semi-independent status under this Act, and the
127	127	expiration of self-directed and semi-independent status may not act
128	128	to cancel, suspend, or prevent:
129	129	(1) any debt owed to or by the State Securities Board;
130	130	(2) any fine, tax, penalty, or obligation of any
131	131	party;
132	132	(3) any contract or other obligation of any party; or
133	133	(4) any action taken by the State Securities Board,
134	134	the Securities Commissioner, or the board's employees in the
135	135	administration or enforcement of the agency's duties.
136	136	SECTION 9. The State Securities Board shall continue to
137	137	have and exercise the powers and duties allocated to the board in
138	138	the board's enabling legislation, except as specifically amended by
139	139	this Act.
140	140	SECTION 10. Title to or ownership of all supplies,
141	141	materials, records, equipment, books, papers, and furniture used by
142	142	the State Securities Board is transferred to the State Securities
143	143	Board in fee simple. This Act does not affect any property owned by
144	144	the State Securities Board on or before the effective date of this
145	145	Act.
146	146	SECTION 11. Beginning September 1, 2015, the State
147	147	Securities Board shall pay rent to this state in a reasonable amount
148	148	to be determined by the Texas Facilities Commission for its use and
149	149	occupancy of state-owned office space.
150	150	SECTION 12. This Act takes effect September 1, 2015.
151	151	* * * * *