Relating to electronic submission and delivery of public securities and records of proceedings for those securities.
Impact
The implementation of HB 4395 will likely enhance the operational efficiency of state processes concerning public securities. Local governments and entities engaged in issuing public securities will benefit from a more straightforward submission process, potentially reducing turnaround times and costs associated with traditional paper-based practices. Furthermore, the requirement for electronic signatures aligns with broader trends in legislative practices focusing on modernization and digital transformation, ensuring that Texas stays in line with technological advancements in document management.
Summary
House Bill 4395 aims to modernize the process regarding the submission and delivery of public securities and related records by mandating electronic submissions. This bill proposes changes to Section 1202 of the Government Code, promoting efficiency and ease of access in the management of financial documents submitted to the Attorney General. By enabling electronic formats and electronic signatures, the bill seeks to streamline the approval process and reduce the reliance on physical documentation, thus reflecting a shift towards digital governance.
Sentiment
The sentiment surrounding the bill appears to be positive among proponents who advocate for modernizing access to government processes and documents. Supporters argue that the bill will lessen bureaucratic hurdles and make it easier for issuers to comply with regulatory requirements. However, there may be concerns over cybersecurity and access, particularly for entities that may struggle with technological transition. The discussions thus reflect a favorable view towards efficiency but highlight the necessary caution regarding the risks associated with electronic governance.
Contention
While there is general support for the bill, some points of contention may arise regarding the security and accessibility of electronic submissions, especially for smaller municipalities or organizations who may lack the necessary resources. Additionally, there is a need for clear guidelines and adequate training for stakeholders who must adapt to this new system. If enacted, further discussions may focus on how to ensure that transition to electronic processes does not disenfranchise those who are less technologically inclined.
Texas Constitutional Statutes Affected
Government Code
Chapter 1202. Examination And Registration Of Public Securities
Relating to the examination fee imposed by the attorney general for the examination of a record of proceedings for the issuance of public securities and the uses of revenue from that fee; increasing a fee.
Relating to a prohibition on the enactment of a law imposing an occupation tax on certain entities that enter into transactions conveying securities or imposing a tax on certain securities transactions.
Proposing a constitutional amendment prohibiting the enactment of a law imposing an occupation tax on certain entities that enter into transactions conveying securities or imposing a tax on certain securities transactions.
Relating to appointment of and performance of notarial acts by an online notary public and online acknowledgment and proof of written instruments; authorizing a fee and creating a criminal offense.