Texas 2019 - 86th Regular

Texas Senate Bill SB862 Compare Versions

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

Old	New	Differences
1	1	86R7561 JG-F
2	2	By: Fallon S.B. No. 862
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the contents of personal financial statements filed
8	8	with the Texas Ethics Commission.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Section 572.023(b), Government Code, is amended
11	11	to read as follows:
12	12	(b) The account of financial activity consists of:
13	13	(1) a list of all sources of occupational income,
14	14	identified by employer, or if self-employed, by the nature of the
15	15	occupation, including identification of a person or other
16	16	organization from which the individual or a business in which the
17	17	individual has a substantial interest received a fee as a retainer
18	18	for a claim on future services in case of need, as distinguished
19	19	from a fee for services on a matter specified at the time of
20	20	contracting for or receiving the fee, if professional or
21	21	occupational services are not actually performed during the
22	22	reporting period equal to or in excess of the amount of the
23	23	retainer, and the category of the amount of the fee;
24	24	(2) identification by name and the category of the
25	25	number of shares of stock of any business entity held or acquired,
26	26	and if sold, the category of the amount of net gain or loss realized
27	27	from the sale;
28	28	(3) a list of all bonds, notes, and other commercial
29	29	paper held or acquired, and if sold, the category of the amount of
30	30	net gain or loss realized from the sale;
31	31	(4) identification of each source and the category of
32	32	the amount of income in excess of $500 derived from each source from
33	33	interest, dividends, royalties, and rents;
34	34	(5) identification of each guarantor of a loan and
35	35	identification of each person or financial institution to whom a
36	36	personal note or notes or lease agreement for a total financial
37	37	liability in excess of $1,000 existed at any time during the year
38	38	and the category of the amount of the liability;
39	39	(6) identification by description of all beneficial
40	40	interests in real property and business entities held or acquired,
41	41	and if sold, the category of the amount of the net gain or loss
42	42	realized from the sale;
43	43	(7) identification of a person or other organization
44	44	from which the individual or the individual's spouse or dependent
45	45	children received a gift of anything of value in excess of $250 and
46	46	a description of each gift, except:
47	47	(A) a gift received from an individual related to
48	48	the individual at any time within the second degree by
49	49	consanguinity or affinity, as determined under Subchapter B,
50	50	Chapter 573;
51	51	(B) a political contribution that was reported as
52	52	required by Chapter 254, Election Code; and
53	53	(C) an expenditure required to be reported by a
54	54	person required to be registered under Chapter 305;
55	55	(8) identification of the source and the category of
56	56	the amount of all income received as beneficiary of a trust, other
57	57	than a blind trust that complies with Subsection (c), and
58	58	identification of each trust asset, if known to the beneficiary,
59	59	from which income was received by the beneficiary in excess of $500;
60	60	(9) identification:
61	61	(A) by description of a corporation, firm,
62	62	partnership, limited partnership, limited liability partnership,
63	63	professional corporation, professional association, joint venture,
64	64	or other business association in which five percent or more of the
65	65	outstanding ownership was held, acquired, or sold; and
66	66	(B) by description and the category of the amount
67	67	of all assets and liabilities of a corporation, firm, partnership,
68	68	limited partnership, limited liability partnership, professional
69	69	corporation, professional association, joint venture, or other
70	70	business association in which 50 percent or more of the outstanding
71	71	ownership was held, acquired, or sold;
72	72	(10) a list of all boards of directors of which the
73	73	individual is a member and executive positions that the individual
74	74	holds in corporations, firms, partnerships, limited partnerships,
75	75	limited liability partnerships, professional corporations,
76	76	professional associations, joint ventures, or other business
77	77	associations or proprietorships, stating the name of each
78	78	corporation, firm, partnership, limited partnership, limited
79	79	liability partnership, professional corporation, professional
80	80	association, joint venture, or other business association or
81	81	proprietorship and the position held;
82	82	(11) identification of any person providing
83	83	transportation, meals, or lodging expenses permitted under Section
84	84	36.07(b), Penal Code, and the amount of those expenses, other than
85	85	expenditures required to be reported under Chapter 305;
86	86	(12) any corporation, firm, partnership, limited
87	87	partnership, limited liability partnership, professional
88	88	corporation, professional association, joint venture, or other
89	89	business association, excluding a publicly held corporation, in
90	90	which both the individual and a person registered under Chapter 305
91	91	have an interest;
92	92	(13) identification by name and the category of the
93	93	number of shares of any mutual fund held or acquired, and if sold,
94	94	the category of the amount of net gain or loss realized from the
95	95	sale;
96	96	(14) identification of each blind trust that complies
97	97	with Subsection (c), including:
98	98	(A) the category of the fair market value of the
99	99	trust;
100	100	(B) the date the trust was created;
101	101	(C) the name and address of the trustee; and
102	102	(D) a statement signed by the trustee, under
103	103	penalty of perjury, stating that:
104	104	(i) the trustee has not revealed any
105	105	information to the individual, except information that may be
106	106	disclosed under Subdivision (8); and
107	107	(ii) to the best of the trustee's knowledge,
108	108	the trust complies with this section;
109	109	(15) if the aggregate cost of goods or services sold
110	110	under one or more written contracts described by this subdivision
111	111	exceeds $10,000 in the year covered by the report, identification
112	112	of each written contract, including the name of each party to the
113	113	contract:
114	114	(A) for the sale of goods or services in the
115	115	amount of $2,500 or more;
116	116	(B) to which the individual, the individual's
117	117	spouse, the individual's dependent child, or any business entity of
118	118	which the individual, the individual's spouse, or the individual's
119	119	dependent child, independently or in conjunction with one or more
120	120	persons described by this subsection, has at least a 50 percent
121	121	ownership interest is a party; and
122	122	(C) with:
123	123	(i) a governmental entity; or
124	124	(ii) a person who contracts with a
125	125	governmental entity, if the individual or entity described by
126	126	Paragraph (B) performs work arising out of the contract,
127	127	subcontract, or agreement between the person and the governmental
128	128	entity for a fee; [and]
129	129	(16) if the individual is a member of the legislature
130	130	and provides bond counsel services to an issuer, as defined by
131	131	Section 1201.002(1), identification of the following for each
132	132	issuance for which the individual served as bond counsel:
133	133	(A) the amount of the issuance;
134	134	(B) the name of the issuer;
135	135	(C) the date of the issuance;
136	136	(D) the amount of fees paid to the individual,
137	137	and whether the amount is:
138	138	(i) less than $5,000;
139	139	(ii) at least $5,000 but less than $10,000;
140	140	(iii) at least $10,000 but less than
141	141	$25,000; or
142	142	(iv) $25,000 or more; and
143	143	(E) the amount of fees paid to the individual's
144	144	firm, if applicable, and whether the amount is:
145	145	(i) less than $5,000;
146	146	(ii) at least $5,000 but less than $10,000;
147	147	(iii) at least $10,000 but less than
148	148	$25,000; or
149	149	(iv) $25,000 or more; and
150	150	(17) identification of any person related to the
151	151	individual within the first degree of consanguinity or affinity, as
152	152	determined under Subchapter B, Chapter 573, who engages in
153	153	activities that require registration under Chapter 305.
154	154	SECTION 2. The change in law made by this Act to Section
155	155	572.023, Government Code, applies only to a financial statement
156	156	filed under Subchapter B, Chapter 572, Government Code, on or after
157	157	January 1, 2021. A financial statement filed before January 1,
158	158	2021, is governed by the law in effect on the date of filing, and the
159	159	former law is continued in effect for that purpose.
160	160	SECTION 3. This Act takes effect September 1, 2019.