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A BILL TO BE ENTITLED
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AN ACT
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relating to fees charged for the purchase or sale of securities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. The Securities Act (Article 581-1 et seq., |
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Vernon's Texas Civil Statutes) is amended by adding Section 44 to |
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read as follows: |
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Sec. 44. FEES CHARGED BY DEALER. (a) At or before the time |
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a person opens an account with a dealer or otherwise enters into an |
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agreement with the dealer, the dealer must disclose all fees the |
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dealer will charge the person for purchasing or selling a security |
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to or on behalf of the person. |
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(b) A fee described by Subsection (a) of this section may |
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not exceed $25 for each transaction. |
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SECTION 2. Section 44, The Securities Act, as added by this |
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Act, applies only to the purchase or sale of a security on or after |
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September 1, 2009, except that if the purchase or sale is made for |
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an account opened or under an agreement entered into before |
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September 1, 2009, the dealer must disclose the fees as provided by |
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Section 44 before the date on which a fee is charged. |
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SECTION 3. This Act takes effect September 1, 2009. |