87R755 JES-D
By: Reynolds H.B. No. 2012
A BILL TO BE ENTITLED
AN ACT
relating to reporting requirements for bank loans made to African
American-owned businesses.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subtitle Z, Title 3, Finance Code, is amended by
adding Chapter 272 to read as follows:
CHAPTER 272. REPORTING REQUIREMENTS FOR BANK LOANS TO CERTAIN
BUSINESSES
Sec. 272.001. DEFINITIONS. (a) In this chapter, "African
American-owned business" means a business entity that is at least
51 percent owned by one or more African Americans.
(b) The definitions provided by Section 31.002 apply to this
chapter.
Sec. 272.002. ANNUAL REPORT REQUIRED. Not later than March
1 of each year, each bank doing business in this state that makes
loans to businesses shall submit a report to the finance commission
in the form and manner prescribed by the commission on loans made by
the bank during the previous calendar year to African
American-owned businesses. The report must include:
(1) the total dollar value of loans made by the bank to
African American-owned businesses; and
(2) the amount loaned to African American-owned
businesses as a percentage of the total amount of loans made by the
bank to businesses during that calendar year.
Sec. 272.003. ONLINE PUBLICATION OF REPORT. (a) The
finance commission shall provide the reports submitted under
Section 272.002 to the banking commissioner. The banking
commissioner shall publish and maintain the information from the
reports on the department's Internet website in a form determined
by the commissioner.
(b) The information published under Subsection (a) must be:
(1) available to the public; and
(2) displayed in a manner that shows the reported
information disaggregated by bank.
Sec. 272.004. RULES. The finance commission shall adopt
rules necessary to implement this chapter.
SECTION 2. As soon as practicable after the effective date
of this Act, the Finance Commission of Texas shall adopt the rules
necessary to implement Chapter 272, Finance Code, as added by this
Act.
SECTION 3. This Act takes effect September 1, 2021.