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A BILL TO BE ENTITLED
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AN ACT
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relating to a prohibition on the establishment, operation, or |
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ownership of a public bank by a political subdivision. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 140, Local Government Code, is amended |
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by adding Section 140.014 to read as follows: |
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Sec. 140.014. PROHIBITION ON PUBLIC BANK. Notwithstanding |
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any other law, a political subdivision may not establish, operate, |
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or own an organization or entity that is organized for the purpose |
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of engaging in banking as defined by Section 31.002, Finance Code. |
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SECTION 2. This Act takes effect September 1, 2025. |