By:  Oliveira                                          H.B. No. 415
       73R1413 LJD-F
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to rights and remedies under The Securities Act.
    1-3        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-4        SECTION 1.  Subsection M, Section 33, The Securities Act
    1-5  (Article 581-33, Vernon's Texas Civil Statutes), is amended to read
    1-6  as follows:
    1-7        M.  Saving of Existing Remedies.  (1)  Except as provided by
    1-8  Subdivision (2), the <The> rights and remedies provided by this Act
    1-9  are in addition to any other rights (including exemplary or
   1-10  punitive damages) or remedies that may exist at law or in equity.
   1-11              (2)  The rights and remedies provided by this Act
   1-12  supersede and are exclusive of any right or remedy otherwise
   1-13  provided by the Deceptive Trade Practices-Consumer Protection Act
   1-14  (Section 17.41 et seq., Business & Commerce Code) with respect to a
   1-15  transaction, an act, a service, or advice covered by this Act
   1-16  except to any express representations of a material fact in any
   1-17  printed advertising, radio advertising, or television advertising
   1-18  made either by a person who offers or sells a security or who
   1-19  directly or indirectly controls a seller of a security or anyone
   1-20  acting on their behalf.  This subdivision does not apply to a
   1-21  telephone solicitation made by a person other than a dealer, agent,
   1-22  or salesman authorized by this Act to sell securities in Texas.
   1-23  However, nothing in this subdivision diminishes the enforcement
   1-24  authority of the Attorney General's office  under the Deceptive
    2-1  Trade Practices-Consumer Protection Act.
    2-2        SECTION 2.  This Act applies only to lawsuits filed on or
    2-3  after the effective date of this Act.  Lawsuits filed before the
    2-4  effective date of this Act are governed by the law in effect when
    2-5  the suit was filed, and the former law is continued in effect for
    2-6  this purpose.
    2-7        SECTION 3.  The importance of this legislation and the
    2-8  crowded condition of the calendars in both houses create an
    2-9  emergency and an imperative public necessity that the
   2-10  constitutional rule requiring bills to be read on three several
   2-11  days in each house be suspended, and this rule is hereby suspended,
   2-12  and that this Act take effect and be in force from and after its
   2-13  passage, and it is so enacted.