Amend HB 3480 (committee printing) as follows and adjust 
accordingly:      
	1)  Page 3, line 16 after "revoked", insert the following:              

without first providing the employee with notice in writing that:      
			(A)  indicates the reason the subject of the 
salary reduction agreement is no longer an eligible qualified 
investment or why certification has been denied, suspended, or 
revoked; and
			(B)  clearly states that by signing the notice the 
employee is agreeing to enter into or continue the salary reduction 
agreement
	2)  Add the following appropriately numbered SECTION to the 
bill and renumbering subsequent SECTIONS accordingly:
	SECTION ____.  Chapter 22 (S.B. 17), Acts of the 57th 
Legislature, 3rd Called Session, 1962 (Article 6228a-5, Vernon's 
Texas Civil Statutes), is amended by adding Sections 9A and 9B to 
read as follows:
	Sec. 9A.  A person, other than an employee of an educational 
institution, or an affiliate of the person may not enter into or 
renew a contract under which the person is to provide services for 
or administer a plan offered by the institution under Section 
403(b), Internal Revenue Code of 1986, unless the person:
		(1)  holds a license or certificate of authority issued 
by the Texas Department of Insurance;
		(2)  is registered as a securities dealer or agent or 
investment advisor with the State Securities Board; or
		(3)  is a financial institution that:                                  
			(A)  is authorized by state or federal law to 
exercise fiduciary powers; and
			(B)  has its main office, a branch office, or a 
trust office in this state.
	Sec. 9B.  (a)  This section applies to an entity under this 
Act that enters into a contract with an educational institution to 
administer a plan offered by the institution under Section 403(b), 
Internal Revenue Code of 1986.

	(b)  If a person described by Subsection (a) holds a meeting 
at which qualified investment products will be marketed to 
employees of the educational institution, the person must provide 
representatives of other companies certified to the retirement 
system under Section 5 or 8 of this Act an opportunity to attend and 
market their qualified investment products at the meeting.