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A BILL TO BE ENTITLED
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AN ACT
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relating to reporting requirements for bank loans made to African |
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American-owned businesses. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle Z, Title 3, Finance Code, is amended by |
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adding Chapter 272 to read as follows: |
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CHAPTER 272. REPORTING REQUIREMENTS FOR BANK LOANS TO CERTAIN |
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BUSINESSES |
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Sec. 272.001. DEFINITIONS. (a) In this chapter, "African |
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American-owned business" means a business entity that is at least |
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51 percent owned by one or more African Americans. |
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(b) The definitions provided by Section 31.002 apply to this |
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chapter. |
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Sec. 272.002. ANNUAL REPORT REQUIRED. Not later than March |
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1 of each year, each bank doing business in this state that makes |
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loans to businesses shall submit a report to the finance commission |
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in the form and manner prescribed by the commission on loans made by |
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the bank during the previous calendar year to African |
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American-owned businesses. The report must include: |
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(1) the total dollar value of loans made by the bank to |
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African American-owned businesses; and |
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(2) the amount loaned to African American-owned |
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businesses as a percentage of the total amount of loans made by the |
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bank to businesses during that calendar year. |
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Sec. 272.003. ONLINE PUBLICATION OF REPORT. (a) The |
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finance commission shall provide the reports submitted under |
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Section 272.002 to the banking commissioner. The banking |
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commissioner shall publish and maintain the information from the |
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reports on the department's Internet website in a form determined |
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by the commissioner. |
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(b) The information published under Subsection (a) must be: |
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(1) available to the public; and |
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(2) displayed in a manner that shows the reported |
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information disaggregated by bank. |
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Sec. 272.004. RULES. The finance commission shall adopt |
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rules necessary to implement this chapter. |
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SECTION 2. As soon as practicable after the effective date |
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of this Act, the Finance Commission of Texas shall adopt the rules |
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necessary to implement Chapter 272, Finance Code, as added by this |
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Act. |
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SECTION 3. This Act takes effect September 1, 2021. |