1-1 By: Pitts (Senate Sponsor - Ellis) H.B. No. 2781
1-2 (In the Senate - Received from the House May 13, 1999;
1-3 May 13, 1999, read first time and referred to Committee on Economic
1-4 Development; May 14, 1999, reported favorably by the following
1-5 vote: Yeas 4, Nays 0; May 14, 1999, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to the definition of a qualified commercial loan.
1-9 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-10 SECTION 1. Article 1H.001(9), Title 79, Revised Statutes
1-11 (Article 5069-1H.001, Vernon's Texas Civil Statutes), is amended to
1-12 read as follows:
1-13 (9) "Qualified commercial loan" means:
1-14 (A) a commercial loan in which one or more
1-15 persons as part of the same transaction lends, advances, borrows,
1-16 or receives, or is obligated to lend or advance or entitled to
1-17 borrow or receive, money or credit with an aggregate value [the
1-18 original principal amount] of $3,000,000 or more; or
1-19 (B) a renewal or extension of a commercial loan
1-20 described by Paragraph (A) [in the original principal amount of
1-21 $3,000,000 or more], regardless of [whether] the principal amount
1-22 of the loan at the time of the [its] renewal or extension [is
1-23 $3,000,000 or more].
1-24 SECTION 2. Section 306.001(9), Finance Code, is amended to
1-25 read as follows:
1-26 (9) "Qualified commercial loan" means:
1-27 (A) a commercial loan in which one or more
1-28 persons as part of the same transaction lends, advances, borrows,
1-29 or receives, or is obligated to lend or advance or entitled to
1-30 borrow or receive, money or credit with an aggregate value [the
1-31 original principal amount] of $3 million or more; or
1-32 (B) a renewal or extension of a commercial loan
1-33 described by Paragraph (A) [in the original principal amount of $3
1-34 million or more], regardless of [whether] the principal amount of
1-35 the loan at the time of the renewal or extension [when renewed or
1-36 extended is $3 million or more].
1-37 SECTION 3. (a) Section 1 of this Act takes effect
1-38 immediately on passage only if the Act of the 76th Legislature,
1-39 Regular Session, 1999, relating to nonsubstantive additions to and
1-40 corrections in enacted codes does not take effect.
1-41 (b) Section 2 of this Act takes effect September 1, 1999,
1-42 only if the Act of the 76th Legislature, Regular Session, 1999,
1-43 relating to nonsubstantive additions to and corrections in enacted
1-44 codes takes effect.
1-45 SECTION 4. The importance of this legislation and the
1-46 crowded condition of the calendars in both houses create an
1-47 emergency and an imperative public necessity that the
1-48 constitutional rule requiring bills to be read on three several
1-49 days in each house be suspended, and this rule is hereby suspended,
1-50 and that this Act take effect and be in force according to its
1-51 terms, and it is so enacted.
1-52 * * * * *