Texas 2017 - 85th Regular

Texas House Bill HB1377 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	85R18593 EES-F
2	1		By: Davis of Harris H.B. No. 1377
3		-	Substitute the following for H.B. No. 1377:
4		-	By: Davis of Harris C.S.H.B. No. 1377
5	2
6	3
7	4		A BILL TO BE ENTITLED
8	5		AN ACT
9	6		relating to the contents of and recordkeeping requirements relating
10	7		to personal financial statements filed with the Texas Ethics
11	8		Commission.
12	9		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
13	10		SECTION 1. Section 572.023(b), Government Code, is amended
14	11		to read as follows:
15	12		(b) The account of financial activity consists of:
16	13		(1) a list of all sources of occupational income,
17	14		identified by employer, or if self-employed, by the nature of the
18	15		occupation, including identification of a person or other
19	16		organization from which the individual or a business in which the
20	17		individual has a substantial interest received a fee as a retainer
21	18		for a claim on future services in case of need, as distinguished
22	19		from a fee for services on a matter specified at the time of
23	20		contracting for or receiving the fee, if professional or
24	21		occupational services are not actually performed during the
25	22		reporting period equal to or in excess of the amount of the
26	23		retainer, and the category of the amount of the fee;
27	24		(2) identification by name and the category of the
28	25		greatest number of shares of stock of any nonpublicly traded
29	26		business entity held or acquired, and if sold, the category of the
30	27		amount of net gain or loss realized from the sale;
31	28		(2-a) identification by stock symbol and the category
32	29		of the number of shares of stock of any publicly traded corporation
33	30		held;
34	31		(3) a list of all bonds, notes, and other commercial
35	32		paper held or acquired, and if sold, the category of the amount of
36	33		net gain or loss realized from the sale;
37	34		(4) identification of each source and the category of
38	35		the amount of income in excess of $500 derived from each source from
39	36		interest, dividends, royalties, and rents;
40	37		(5) identification of each guarantor of a loan and
41	38		identification of each person or financial institution to whom a
42	39		personal note or notes or lease agreement for a total financial
43	40		liability in excess of $1,000 existed at any time during the year
44	41		and the category of the amount of the liability;
45	42		(6) identification by description of all beneficial
46	43		interests in real property and business entities held or acquired,
47	44		and if sold, the category of the amount of the net gain or loss
48	45		realized from the sale;
49	46		(7) identification of a person or other organization
50	47		from which the individual or the individual's spouse or dependent
51	48		children received a gift of anything of value in excess of $250 and
52	49		a description of each gift, except:
53	50		(A) a gift received from an individual related to
54	51		the individual at any time within the second degree by
55	52		consanguinity or affinity, as determined under Subchapter B,
56	53		Chapter 573;
57	54		(B) a political contribution that was reported as
58	55		required by Chapter 254, Election Code; and
59	56		(C) an expenditure required to be reported by a
60	57		person required to be registered under Chapter 305;
61	58		(8) identification of the source and the category of
62	59		the amount of all income received as beneficiary of a trust, other
63	60		than a blind trust that complies with Subsection (c), and
64	61		identification of each trust asset, if known to the beneficiary,
65	62		from which income was received by the beneficiary in excess of $500;
66	63		(9) identification by description and the category of
67	64		the amount of all assets and liabilities of a corporation, firm,
68	65		partnership, limited partnership, limited liability partnership,
69	66		professional corporation, professional association, joint venture,
70	67		or other business association in which 50 percent or more of the
71	68		outstanding ownership was held, acquired, or sold;
72	69		(10) a list of all boards of directors of which the
73	70		individual is a member and executive positions that the individual
74	71		holds in corporations, firms, partnerships, limited partnerships,
75	72		limited liability partnerships, professional corporations,
76	73		professional associations, joint ventures, or other business
77	74		associations or proprietorships, stating the name of each
78	75		corporation, firm, partnership, limited partnership, limited
79	76		liability partnership, professional corporation, professional
80	77		association, joint venture, or other business association or
81	78		proprietorship and the position held;
82	79		(11) identification of any person providing
83	80		transportation, meals, or lodging expenses permitted under Section
84	81		36.07(b), Penal Code, and the amount of those expenses, other than
85	82		expenditures required to be reported under Chapter 305;
86	83		(12) any corporation, firm, partnership, limited
87	84		partnership, limited liability partnership, professional
88	85		corporation, professional association, joint venture, or other
89	86		business association, excluding a publicly held corporation, in
90	87		which both the individual and a person registered under Chapter 305
91	88		have an interest;
92	89		(13) identification by name and the category of the
93	90		number of shares of any mutual fund held or acquired, and if sold,
94	91		the category of the amount of net gain or loss realized from the
95	92		sale; and
96	93		(14) identification of each blind trust that complies
97	94		with Subsection (c), including:
98	95		(A) the category of the fair market value of the
99	96		trust;
100	97		(B) the date the trust was created;
101	98		(C) the name and address of the trustee; and
102	99		(D) a statement signed by the trustee, under
103	100		penalty of perjury, stating that:
104	101		(i) the trustee has not revealed any
105	102		information to the individual, except information that may be
106	103		disclosed under Subdivision (8); and
107	104		(ii) to the best of the trustee's knowledge,
108	105		the trust complies with this section.
109	106		SECTION 2. Subchapter B, Chapter 572, Government Code, is
110	107		amended by adding Section 572.0292 to read as follows:
111	108		Sec. 572.0292. RECORDKEEPING REQUIRED. (a) Each
112	109		individual who files with the commission a financial statement
113	110		required by this subchapter shall maintain a record of the
114	111		information that is necessary for filing the financial statement.
115	112		(b) An individual required to maintain a record under this
116	113		section shall preserve the record for at least three years
117	114		beginning on the filing deadline for the financial statement
118	115		containing the information in the record.
119		-	SECTION 3. The changes in law made by this Act apply only to
	116	+	SECTION 3. Section 572.032, Government Code, is amended by
	117	+	amending Subsection (a) and adding Subsection (d) to read as
	118	+	follows:
	119	+	(a) Financial statements filed under this subchapter are
	120	+	public records. The commission shall maintain the statements in
	121	+	separate alphabetical files and in a manner that is accessible to
	122	+	the public during regular office hours and make the statements
	123	+	available to the public on the commission's website not later than
	124	+	the 15th day after the date the statement is required to be filed or
	125	+	is actually filed, whichever is later.
	126	+	(d) The commission is not required to continue to make
	127	+	available on its website a financial statement that may be
	128	+	destroyed under Subsection (c). The commission may not make
	129	+	available on its website a financial statement that the commission
	130	+	is required to destroy under Subsection (c).
	131	+	SECTION 4. Section 572.032(b), Government Code, is
	132	+	repealed.
	133	+	SECTION 5. The changes in law made by this Act apply only to
120	134		a financial statement due on or after the effective date of this
121	135		Act. A financial statement due before the effective date of this
122	136		Act is governed by the law in effect on the date the financial
123	137		statement was due, and the former law is continued in effect for
124	138		that purpose.
125		-	SECTION 4. This Act takes effect September 1, 2017.
	139	+	SECTION 6. This Act takes effect September 1, 2017.