By Pitts                                              H.B. No. 2781
         76R8660 DWS-F                           
                                A BILL TO BE ENTITLED
 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.