By Harris S.B. No. 172
76R3629 WP-D
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. Subdivision (9), Article 1H.001, Title 79,
1-5 Revised Statutes (Article 5069-1H.001, Vernon's Texas Civil
1-6 Statutes), is amended to read as follows:
1-7 (9) "Qualified commercial loan" means:
1-8 (A) a commercial loan in the original principal
1-9 amount of $1,000,000 [$3,000,000] or more; or
1-10 (B) a renewal or extension of a commercial loan
1-11 in the original principal amount of $1,000,000 [$3,000,000] or
1-12 more, whether the principal amount of the loan at the time of its
1-13 renewal or extension is $1,000,000 [$3,000,000] or more.
1-14 SECTION 2. Subdivision (9), Section 306.001, Finance Code,
1-15 is amended to read as follows:
1-16 (9) "Qualified commercial loan" means:
1-17 (A) a commercial loan in the original principal
1-18 amount of $1 million [$3 million] or more; or
1-19 (B) a renewal or extension of a commercial loan
1-20 in the original principal amount of $1 million [$3 million] or
1-21 more, regardless of whether the principal amount of the loan when
1-22 renewed or extended is $1 million [$3 million] or more.
1-23 SECTION 3. (a) Except as provided by Subsections (b) and
1-24 (c) of this section, this Act takes effect September 1, 1999.
2-1 (b) Section 1 of this Act takes effect only if the Act of
2-2 the 76th Legislature, Regular Session, 1999, relating to
2-3 nonsubstantive additions to and corrections in enacted codes does
2-4 not take effect.
2-5 (c) Section 2 of this Act takes effect only if the Act of
2-6 the 76th Legislature, Regular Session, 1999, relating to
2-7 nonsubstantive additions to and corrections in enacted codes takes
2-8 effect.
2-9 SECTION 4. The importance of this legislation and the
2-10 crowded condition of the calendars in both houses create an
2-11 emergency and an imperative public necessity that the
2-12 constitutional rule requiring bills to be read on three several
2-13 days in each house be suspended, and this rule is hereby suspended.