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A BILL TO BE ENTITLED
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AN ACT
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relating to financial coaches for economically disadvantaged |
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persons. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 14, Finance Code, is |
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amended by adding Section 14.1021 to read as follows: |
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Sec. 14.1021. CERTIFICATION PROGRAM FOR FINANCIAL COACHES. |
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(a) In this section, "charitable organization" means a nonprofit |
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corporation that: |
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(1) is located in this state; |
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(2) is exempt from federal income tax under Section |
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501(a) of the Internal Revenue Code of 1986 by being listed as an |
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exempt organization in Section 501(c)(3) of that code; and |
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(3) provides services to economically disadvantaged |
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individuals and families. |
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(b) The office shall establish and operate a voluntary |
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certification program for persons serving as financial coaches for |
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clients of charitable organizations. |
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(c) The finance commission by rule shall adopt forms, |
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criteria, and procedures for issuing certificates to financial |
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coaches under this section. |
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(d) The criteria for the program must include training and |
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educational materials to be determined by the finance commission. |
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(e) The securities commissioner may issue a no-action |
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letter to a financial coach issued a certificate under this section |
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who, without compensation, provides to an economically |
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disadvantaged individual assistance with the individual's |
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enrollment in any fund or plan established under Subchapter G or H, |
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Chapter 54, Education Code. The State Securities Board shall adopt |
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rules to implement this subsection. |
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SECTION 2. This Act takes effect September 1, 2013. |