1-1 AN ACT
1-2 relating to the definition of a qualified commercial loan.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Article 1H.001(9), Title 79, Revised Statutes
1-5 (Article 5069-1H.001, Vernon's Texas Civil Statutes), is amended to
1-6 read as follows:
1-7 (9) "Qualified commercial loan" means:
1-8 (A) a commercial loan in which one or more
1-9 persons as part of the same transaction lends, advances, borrows,
1-10 or receives, or is obligated to lend or advance or entitled to
1-11 borrow or receive, money or credit with an aggregate value [the
1-12 original principal amount] of $3,000,000 or more; or
1-13 (B) a renewal or extension of a commercial loan
1-14 described by Paragraph (A) [in the original principal amount of
1-15 $3,000,000 or more], regardless of [whether] the principal amount
1-16 of the loan at the time of the [its] renewal or extension [is
1-17 $3,000,000 or more].
1-18 SECTION 2. Section 306.001(9), Finance Code, is amended to
1-19 read as follows:
1-20 (9) "Qualified commercial loan" means:
1-21 (A) a commercial loan in which one or more
1-22 persons as part of the same transaction lends, advances, borrows,
1-23 or receives, or is obligated to lend or advance or entitled to
1-24 borrow or receive, money or credit with an aggregate value [the
2-1 original principal amount] of $3 million or more; or
2-2 (B) a renewal or extension of a commercial loan
2-3 described by Paragraph (A) [in the original principal amount of $3
2-4 million or more], regardless of [whether] the principal amount of
2-5 the loan at the time of the renewal or extension [when renewed or
2-6 extended is $3 million or more].
2-7 SECTION 3. (a) Section 1 of this Act takes effect
2-8 immediately on passage only if the Act of the 76th Legislature,
2-9 Regular Session, 1999, relating to nonsubstantive additions to and
2-10 corrections in enacted codes does not take effect.
2-11 (b) Section 2 of this Act takes effect September 1, 1999,
2-12 only if the Act of the 76th Legislature, Regular Session, 1999,
2-13 relating to nonsubstantive additions to and corrections in enacted
2-14 codes takes effect.
2-15 SECTION 4. The importance of this legislation and the
2-16 crowded condition of the calendars in both houses create an
2-17 emergency and an imperative public necessity that the
2-18 constitutional rule requiring bills to be read on three several
2-19 days in each house be suspended, and this rule is hereby suspended,
2-20 and that this Act take effect and be in force according to its
2-21 terms, and it is so enacted.
_______________________________ _______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 2781 was passed by the House on May
12, 1999, by the following vote: Yeas 140, Nays 1, 1 present, not
voting.
_______________________________
Chief Clerk of the House
I certify that H.B. No. 2781 was passed by the Senate on May
26, 1999, by the following vote: Yeas 30, Nays 0.
_______________________________
Secretary of the Senate
APPROVED: _____________________
Date
_____________________
Governor