Meeting Video(s)

TX

Texas 2025 - 89th Regular

Pensions, Investments & Financial Services May 12th, 2025 at 08:05 am

House Pensions, Investments & Financial Services Committee

The meeting focused on the discussion of two significant pieces of legislation: SB512 and SB1024. SB512 aims to protect users of money transmission services by preventing penalties imposed by service providers for violating terms of service. Representative Hayes explained that this bill responds to troubling practices observed among money service businesses. Public testimonies were presented both in support and opposition to the bill, highlighting concerns over First Amendment rights and the implications for consumer protection. The committee ultimately left the bill pending for further consideration. In contrast, SB1024 addresses public finance issues, specifically the misuse of voter-rejected projects through certificates of obligation and tax anticipation notes. Senator Betancourt described instances where municipalities have circumvented voter will by issuing debt for projects previously rejected in elections. The committee heard extensive public testimony critiquing the proposed restrictions in the bill, with arguments centered around the potential unintended consequences for local governments and necessary infrastructure projects. Both bills generated lively discussions among committee members, leading to wider considerations of public finance ethics and the relationship between voters and local governments.

Bills on the Agenda

TX

Texas 2025 - 89th Regular

Texas Senate Bill SB512

Filed
11/25/24  
Out of Senate Committee
4/16/25  
Voted on by Senate
4/28/25  
Out of House Committee
5/21/25  
Bill Becomes Law
 
Relating to prohibiting the imposition of a monetary fine or penalty for a violation of a money services business's terms of service agreement; providing a civil penalty.
TX

Texas 2025 - 89th Regular

Texas Senate Bill SB1024

Filed
1/30/25  
Out of Senate Committee
3/17/25  
Voted on by Senate
3/31/25  
Governor Action
 
Bill Becomes Law
 
Relating to the issuance of certain anticipation notes and certificates of obligation.