Texas 2017 - 85th Regular

Texas House Bill HB823 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	85R3236 CLG-F
2	2	By: Parker H.B. No. 823
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the self-directed and semi-independent status of the
8	8	State Securities Board; authorizing fees.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Section 472.001, Government Code, is amended to
11	11	read as follows:
12	12	Sec. 472.001. APPLICABILITY OF CHAPTER. This chapter
13	13	applies to:
14	14	(1) the Texas State Board of Public Accountancy;
15	15	(2) the Texas Board of Professional Engineers; [and]
16	16	(3) the Texas Board of Architectural Examiners; and
17	17	(4) the State Securities Board.
18	18	SECTION 2. The Securities Act (Article 581-1 et seq.,
19	19	Vernon's Texas Civil Statutes) is amended by adding Sections 45,
20	20	46, 47, and 48 to read as follows:
21	21	Sec. 45. SELF-DIRECTED AND SEMI-INDEPENDENT STATUS. The
22	22	State Securities Board has self-directed and semi-independent
23	23	status as provided under Chapter 472, Government Code.
24	24	Sec. 46. REPORT TO BOARD. Periodically, the Commissioner
25	25	shall submit to the members of the Board, as directed by the Board
26	26	members, a report of the receipts and expenditures of the agency.
27	27	Sec. 47. REFUND OF CERTAIN REGISTRATION FEES. If the
28	28	Commissioner or Board determines that all or part of a registration
29	29	fee deposited to the general revenue fund should be refunded, the
30	30	refund shall be paid from the general revenue fund.
31	31	Sec. 48. REPRESENTATION BY ATTORNEY GENERAL. The attorney
32	32	general may assess and collect from the Commissioner or the Board
33	33	reasonable attorney's fees associated with any legal
34	34	representation requested by the Commissioner and provided by the
35	35	attorney general. Notwithstanding any other law, a requirement that
36	36	the attorney general represent an agency in any litigation does not
37	37	apply to a proceeding under this Act that is governed by Chapter
38	38	2001, Government Code.
39	39	SECTION 3. Subsections D, G, and K, Section 2, The
40	40	Securities Act (Article 581-2, Vernon's Texas Civil Statutes), are
41	41	amended to read as follows:
42	42	D. Each member of the Board is entitled to reimbursement for
43	43	travel expenses incurred [per diem as set by legislative
44	44	appropriation] for each day that the member engages in the business
45	45	of the Board.
46	46	The Governor shall designate a member of the Board as the
47	47	presiding officer of the Board to serve in that capacity at the will
48	48	of the Governor. A majority of the members shall constitute a quorum
49	49	for the transaction of any business.
50	50	G. The Board shall appoint a Securities Commissioner who
51	51	serves at the pleasure of the Board and who shall, under the
52	52	supervision of the Board, administer the provisions of this Act.
53	53	The Board shall determine the Commissioner's salary. Each member of
54	54	the Board shall have access to all offices and records under his
55	55	supervision, and the Board, or a majority thereof, may exercise any
56	56	power or perform any act authorized to the [Securities]
57	57	Commissioner by the provisions of this Act.
58	58	K. The Commissioner shall determine the number of Board
59	59	employees and the employees' salaries. The Commissioner or his
60	60	designee shall develop an intraagency career ladder program, one
61	61	part of which shall be the intraagency posting of all nonentry level
62	62	positions for at least ten (10) days before any public posting. The
63	63	Commissioner or his designee shall develop a system of annual
64	64	performance evaluations based on measurable job tasks. All merit
65	65	pay for Board employees must be based on the system established
66	66	under this section.
67	67	SECTION 4. Subsection C, Section 2-3, The Securities Act
68	68	(Article 581-2-3, Vernon's Texas Civil Statutes), is amended to
69	69	read as follows:
70	70	C. A person appointed to the Board is entitled to
71	71	reimbursement[, as provided by the General Appropriations Act,] for
72	72	the travel expenses incurred in attending the training program
73	73	regardless of whether the attendance at the program occurs before
74	74	or after the person qualifies for office.
75	75	SECTION 5. Subsections A, B, and D, Section 35, The
76	76	Securities Act (Article 581-35, Vernon's Texas Civil Statutes), are
77	77	amended to read as follows:
78	78	A. The Board shall establish the following fees to produce
79	79	[in amounts so that the aggregate amount that exceeds the amount of
80	80	the fees on September 1, 2002, produces] sufficient revenue to
81	81	cover the costs of administering and enforcing this Act:
82	82	(1) for the filing of any original, amended, or
83	83	renewal application to sell or dispose of securities[, an amount
84	84	not to exceed $100];
85	85	(2) for the filing of any original application of a
86	86	dealer or investment adviser or for the submission of a notice
87	87	filing for a federal covered investment adviser[, an amount not to
88	88	exceed $100];
89	89	(3) for the filing of any renewal application of a
90	90	dealer or investment adviser or for the submission of a renewal
91	91	notice filing for a federal covered investment adviser[, an amount
92	92	not to exceed $100];
93	93	(4) for the filing of any original application for
94	94	each agent, officer, or investment adviser representative or for
95	95	the submission of a notice filing for each representative of a
96	96	federal covered investment adviser[, an amount not to exceed $100];
97	97	and
98	98	(5) for the filing of any renewal application for each
99	99	agent, officer, or investment adviser representative or for the
100	100	submission of a renewal notice filing for each representative of a
101	101	federal covered investment adviser[, an amount not to exceed $100].
102	102	B. Notwithstanding Section 472.110, Government Code, the
103	103	[The] Commissioner or Board shall charge and collect the following
104	104	fees and shall deposit daily [pay] all fees received to [into] the
105	105	general revenue fund [State Treasury]:
106	106	(1) for any filing to amend the registration
107	107	certificate of a dealer or investment adviser or evidence of
108	108	registration of an agent or investment adviser representative,
109	109	issue a duplicate certificate or evidence of registration, or
110	110	register a branch office, $25;
111	111	(2) for the examination of any original or amended
112	112	application filed under Subsection A, B, or C of Section 7 of this
113	113	Act, regardless of whether the application is denied, abandoned,
114	114	withdrawn, or approved, a fee of one-tenth (1/10) of one percent
115	115	(1%) of the aggregate amount of securities described and proposed
116	116	to be sold to persons located within this state based upon the price
117	117	at which such securities are to be offered to the public;
118	118	(3) for certified copies of any papers filed in the
119	119	office of the Commissioner, the Commissioner shall charge such fees
120	120	as are reasonably related to costs; however, in no event shall such
121	121	fees be more than those which the Secretary of State is authorized
122	122	to charge in similar cases;
123	123	(4) for the filing of any application for approval of a
124	124	stock exchange so that securities fully listed thereon will be
125	125	exempt, a fee of $10,000;
126	126	(5) for the filing of a request to take the Texas
127	127	Securities Law Examination, $35;
128	128	(6) for the filing of an initial notice required by the
129	129	Commissioner to claim a secondary trading exemption, a fee of $500,
130	130	and for the filing of a secondary trading exemption renewal notice,
131	131	a fee of $500;
132	132	(7) for the filing of an initial notice required by the
133	133	Commissioner to claim a limited offering exemption, a fee of
134	134	one-tenth (1/10) of one percent (1%) of the aggregate amount of
135	135	securities described as being offered for sale, but in no case more
136	136	than $500; and
137	137	(8) for an interpretation by the Board's general
138	138	counsel of this Act or a rule adopted under this Act, a fee of $100,
139	139	except that an officer or employee of a governmental entity and the
140	140	entity that the officer or employee represents are exempt from the
141	141	fee under this subsection when the officer or employee is
142	142	conducting official business of the entity.
143	143	D. A cost incurred by the Board in administering or
144	144	enforcing this Act may be paid only from a fee collected under
145	145	Subsection A of this section.
146	146	SECTION 6. The following provisions of The Securities Act
147	147	(Article 581-l et seq., Vernon's Texas Civil Statutes) are
148	148	repealed:
149	149	(1) Subsections J, M, and N, Section 2;
150	150	(2) Subsection C, Section 35; and
151	151	(3) Section 36.
152	152	SECTION 7. Subject to Chapter 472, Government Code, the
153	153	appropriations made by an Act of the 85th Legislature, Regular
154	154	Session, 2017, may be spent by the State Securities Board as the
155	155	Securities Commissioner directs. The board shall repay to the
156	156	general revenue fund the appropriation made to the agency for the
157	157	state fiscal year ending August 31, 2018, not later than that date
158	158	and as funds become available. The board shall repay to the general
159	159	revenue fund the appropriation made to the board for the state
160	160	fiscal year ending August 31, 2019, not later than that date and as
161	161	funds become available.
162	162	SECTION 8. The transfer of the State Securities Board to
163	163	self-directed and semi-independent status under this Act, and the
164	164	expiration of self-directed and semi-independent status may not act
165	165	to cancel, suspend, or prevent:
166	166	(1) any debt owed to or by the State Securities Board;
167	167	(2) any fine, tax, penalty, or obligation of any
168	168	party;
169	169	(3) any contract or other obligation of any party; or
170	170	(4) any action taken by the State Securities Board,
171	171	the Securities Commissioner, or the board's employees in the
172	172	administration or enforcement of the agency's duties.
173	173	SECTION 9. The State Securities Board shall continue to
174	174	have and exercise the powers and duties allocated to the board in
175	175	the board's enabling legislation, except as specifically amended by
176	176	this Act.
177	177	SECTION 10. Title to or ownership of all supplies,
178	178	materials, records, equipment, books, papers, and furniture used by
179	179	the State Securities Board is transferred to the State Securities
180	180	Board in fee simple. This Act does not affect any property owned by
181	181	the State Securities Board on or before the effective date of this
182	182	Act.
183	183	SECTION 11. Beginning September 1, 2017, the State
184	184	Securities Board shall pay rent to this state in a reasonable amount
185	185	to be determined by the Texas Facilities Commission for its use and
186	186	occupancy of state-owned office space.
187	187	SECTION 12. This Act takes effect September 1, 2017.