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A BILL TO BE ENTITLED
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AN ACT
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relating to the selection of financial advisors by governmental |
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entities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2254.002(2), Government Code, is amended |
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to read as follows: |
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(2) "Professional services" means services: |
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(A) within the scope of the practice, as defined |
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by state law, of: |
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(i) accounting; |
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(ii) architecture; |
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(iii) landscape architecture; |
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(iv) land surveying; |
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(v) medicine; |
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(vi) optometry; |
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(vii) professional engineering; |
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(viii) real estate appraising; or |
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(ix) professional nursing; [or] |
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(B) provided in connection with the professional |
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employment or practice of a person who is licensed or registered as: |
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(i) a certified public accountant; |
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(ii) an architect; |
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(iii) a landscape architect; |
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(iv) a land surveyor; |
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(v) a physician, including a surgeon; |
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(vi) an optometrist; |
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(vii) a professional engineer; |
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(viii) a state certified or state licensed |
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real estate appraiser; or |
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(ix) a registered nurse; or |
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(C) provided by a person who has a fiduciary duty |
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to an issuer, as defined by Section 1202.001, and who is acting as a |
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financial advisor to an issuer in connection with: |
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(i) a credit agreement, as defined by |
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Section 1371.001; or |
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(ii) a public security, as defined by |
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Section 1202.001. |
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SECTION 2. This Act takes effect September 1, 2007. |