| 1 | 1 | | 89R10409 CS-F |
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| 2 | 2 | | By: West S.B. No. 2791 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | |
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| 6 | 6 | | |
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| 7 | 7 | | A BILL TO BE ENTITLED |
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| 8 | 8 | | AN ACT |
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| 9 | 9 | | relating to electronic submission and delivery of public securities |
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| 10 | 10 | | and records of proceedings for those securities. |
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| 11 | 11 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 12 | 12 | | SECTION 1. Chapter 1202, Government Code, is amended by |
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| 13 | 13 | | adding Section 1202.0035 to read as follows: |
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| 14 | 14 | | Sec. 1202.0035. ELECTRONIC SUBMISSION AND DELIVERY. (a) |
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| 15 | 15 | | In this section: |
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| 16 | 16 | | (1) "Electronic" has the meaning assigned by Section |
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| 17 | 17 | | 322.002, Business & Commerce Code. |
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| 18 | 18 | | (2) "Electronic signature" has the meaning assigned by |
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| 19 | 19 | | Section 322.002, Business & Commerce Code, and includes any |
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| 20 | 20 | | electronic signing method recognized by law. |
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| 21 | 21 | | (b) An issuer shall submit to the attorney general the |
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| 22 | 22 | | following documents, including any related correspondence or |
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| 23 | 23 | | supplemental information, in an electronic format and accompanied |
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| 24 | 24 | | by an electronic signature, if applicable: |
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| 25 | 25 | | (1) a public security, record of proceedings, or |
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| 26 | 26 | | credit agreement required to be submitted to the attorney general |
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| 27 | 27 | | for approval under Section 1202.003; and |
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| 28 | 28 | | (2) an amendment to a public security, record of |
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| 29 | 29 | | proceedings, or credit agreement approved or registered under this |
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| 30 | 30 | | chapter. |
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| 31 | 31 | | (c) The attorney general shall deliver to the comptroller a |
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| 32 | 32 | | document required to be delivered under Section 1202.003(b)(2) in |
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| 33 | 33 | | an electronic format and accompanied by an electronic signature, if |
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| 34 | 34 | | applicable. |
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| 35 | 35 | | SECTION 2. Not later than December 1, 2025, in accordance |
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| 36 | 36 | | with Section 402.044, Government Code, the attorney general shall |
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| 37 | 37 | | advise the proper legal authorities in regard to the issuance of |
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| 38 | 38 | | bonds that by law require the attorney general's approval that |
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| 39 | 39 | | Section 1202.0035, Government Code, as added by this Act, requires |
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| 40 | 40 | | electronic submission of public securities and advise those persons |
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| 41 | 41 | | of any other procedural changes to the submission and registration |
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| 42 | 42 | | requirements of public securities under Chapter 1202, Government |
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| 43 | 43 | | Code, as amended by this Act, that the attorney general deems |
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| 44 | 44 | | necessary to efficiently receive electronic submissions of public |
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| 45 | 45 | | securities after the effective date of this Act. |
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| 46 | 46 | | SECTION 3. Section 1202.0035, Government Code, as added by |
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| 47 | 47 | | this Act, applies only to a public security, record of proceedings, |
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| 48 | 48 | | or credit agreement submitted to the attorney general under Section |
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| 49 | 49 | | 1202.003, Government Code, on or after the effective date of this |
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| 50 | 50 | | Act. A public security, record of proceedings, or credit agreement |
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| 51 | 51 | | submitted before the effective date of this Act is governed by the |
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| 52 | 52 | | law in effect on the date the security, record, or agreement was |
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| 53 | 53 | | submitted, and the former law is continued in effect for that |
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| 54 | 54 | | purpose. |
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| 55 | 55 | | SECTION 4. This Act takes effect January 1, 2026. |
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