By Harris of Tarrant                                   S.B. No. 518
          Substitute the following for S.B. No. 518:
          By Marchant                                        C.S.S.B. No. 518
                                 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 D, Section 33, The Securities Act
    1-5  (Article 581-33, Vernon's Texas Civil Statutes), is amended by
    1-6  adding Subdivision (8) to read as follows:
    1-7        (8)  In damages, a buyer shall recover reasonable attorney's
    1-8  fees, in addition to other damages specified herein.
    1-9        SECTION 2.  Subsection M, Section 33, The Securities Act
   1-10  (Article 581-33, Vernon's Texas Civil Statutes), is amended to read
   1-11  as follows:
   1-12        M.  Saving of Existing Remedies.  (1)  Except as provided by
   1-13  Subdivision (2), the <The> rights and remedies provided by this Act
   1-14  are in addition to any other rights (including exemplary or
   1-15  punitive damages) or remedies that may exist at law or in equity.
   1-16              (2)  The rights and remedies provided by this Act
   1-17  supersede and are exclusive of any right or remedy otherwise
   1-18  provided by the Deceptive Trade Practices-Consumer Protection Act
   1-19  (Section 17.41 et seq., Business & Commerce Code) with respect to a
   1-20  transaction, an act, a service, or advice covered by this Act
   1-21  except to any express representations of a material fact in any
   1-22  printed advertising, radio advertising, or television advertising
   1-23  made either by a person who offers or sells a security or who
   1-24  directly or indirectly controls a seller of a security or anyone
    2-1  acting on their behalf.  This subdivision does not apply to a
    2-2  telephone solicitation made by a person other than a dealer, agent,
    2-3  or salesman authorized by this Act to sell securities in Texas.
    2-4  However, nothing in this subdivision diminishes the enforcement
    2-5  authority of the Attorney General's office under the Deceptive
    2-6  Trade Practices-Consumer Protection Act.
    2-7        SECTION 3.  This Act applies only to lawsuits filed on or
    2-8  after the effective date of this Act.  Lawsuits filed before the
    2-9  effective date of this Act are governed by the law in effect when
   2-10  the suit was filed, and the former law is continued in effect for
   2-11  this purpose.
   2-12        SECTION 4.  This importance of this legislation and the
   2-13  crowded condition of the calendars in both houses create an
   2-14  emergency and an imperative public necessity that the
   2-15  constitutional rule requiring bills to be read on three several
   2-16  days in each house be suspended, and this rule is hereby suspended,
   2-17  and that this Act take effect and be in force from and after its
   2-18  passage, and it is so enacted.