By: Parker, Capriglione, et al. H.B. No. 2493
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the self-directed and semi-independent status of the
  State Securities Board; authorizing fees.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 472.001, Government Code, is amended to
  read as follows:
         Sec. 472.001.  APPLICABILITY OF CHAPTER.  This chapter
  applies to:
               (1)  the Texas State Board of Public Accountancy;
               (2)  the Texas Board of Professional Engineers; [and]
               (3)  the Texas Board of Architectural Examiners; and
               (4)  the State Securities Board.
         SECTION 2.  The Securities Act (Article 581-1 et seq.,
  Vernon's Texas Civil Statutes) is amended by adding Sections 44,
  45, 46, and 47 to read as follows:
         Sec. 44.  SELF-DIRECTED AND SEMI-INDEPENDENT STATUS. The
  State Securities Board has self-directed and semi-independent
  status as provided under Chapter 472, Government Code.
         Sec. 45.  REPORT TO BOARD. Periodically, the Commissioner
  shall submit to the members of the Board, as directed by the Board
  members, a report of the receipts and expenditures of the agency.
         Sec. 46.  REFUND OF REGISTRATION FEE. If the Commissioner or
  Board determines that all or part of a registration fee should be
  refunded, the refund shall be made by warrant on the state treasury
  from the fund into which the registration fee was deposited.
         Sec. 47.  REPRESENTATION BY ATTORNEY GENERAL. The attorney
  general may assess and collect from the Commissioner or the Board
  reasonable attorney's fees associated with any legal
  representation requested by the Commissioner and provided by the
  attorney general. Notwithstanding any other law, a requirement that
  the attorney general represent an agency in any litigation does not
  apply to a proceeding under this Act that is governed by Chapter
  2001, Government Code.
         SECTION 3.  Subsections D, G, and K, Section 2, The
  Securities Act (Article 581-2, Vernon's Texas Civil Statutes), are
  amended to read as follows:
         D.  Each member of the Board is entitled to reimbursement for
  travel expenses incurred [per diem as set by legislative
  appropriation] for each day that the member engages in the business
  of the Board.
         The Governor shall designate a member of the Board as the
  presiding officer of the Board to serve in that capacity at the will
  of the Governor. A majority of the members shall constitute a quorum
  for the transaction of any business.
         G.  The Board shall appoint a Securities Commissioner who
  serves at the pleasure of the Board and who shall, under the
  supervision of the Board, administer the provisions of this Act.
  The Board shall determine the Commissioner's salary. Each member of
  the Board shall have access to all offices and records under his
  supervision, and the Board, or a majority thereof, may exercise any
  power or perform any act authorized to the [Securities]
  Commissioner by the provisions of this Act.
         K.  The Commissioner shall determine the number of Board
  employees and the employees' salaries. The Commissioner or his
  designee shall develop an intraagency career ladder program, one
  part of which shall be the intraagency posting of all nonentry level
  positions for at least ten (10) days before any public posting. The
  Commissioner or his designee shall develop a system of annual
  performance evaluations based on measurable job tasks. All merit
  pay for Board employees must be based on the system established
  under this section.
         SECTION 4.  Subsection C, Section 2-3, The Securities Act
  (Article 581-2-3, Vernon's Texas Civil Statutes), is amended to
  read as follows:
         C.  A person appointed to the Board is entitled to
  reimbursement[, as provided by the General Appropriations Act,] for
  the travel expenses incurred in attending the training program
  regardless of whether the attendance at the program occurs before
  or after the person qualifies for office.
         SECTION 5.  Subsections A and D, Section 35, The Securities
  Act (Article 581-35, Vernon's Texas Civil Statutes), are amended to
  read as follows:
         A.  The Board shall establish the following fees to produce
  [in amounts so that the aggregate amount that exceeds the amount of
  the fees on September 1, 2002, produces] sufficient revenue to
  cover the costs of administering and enforcing this Act:
               (1)  for the filing of any original, amended, or
  renewal application to sell or dispose of securities[, an amount
  not to exceed $100];
               (2)  for the filing of any original application of a
  dealer or investment adviser or for the submission of a notice
  filing for a federal covered investment adviser[, an amount not to
  exceed $100];
               (3)  for the filing of any renewal application of a
  dealer or investment adviser or for the submission of a renewal
  notice filing for a federal covered investment adviser[, an amount
  not to exceed $100];
               (4)  for the filing of any original application for
  each agent, officer, or investment adviser representative or for
  the submission of a notice filing for each representative of a
  federal covered investment adviser[, an amount not to exceed $100];
  and
               (5)  for the filing of any renewal application for each
  agent, officer, or investment adviser representative or for the
  submission of a renewal notice filing for each representative of a
  federal covered investment adviser[, an amount not to exceed $100].
         D.  A cost incurred by the Board in administering or
  enforcing this Act may be paid only from a fee collected under
  Subsection A of this section.
         SECTION 6.  The following provisions of The Securities Act
  (Article 581-l et seq., Vernon's Texas Civil Statutes) are
  repealed:
               (1)  Subsections J, M, and N, Section 2;
               (2)  Subsection C, Section 35; and
               (3)  Section 36.
         SECTION 7.  Subject to Chapter 472, Government Code, the
  appropriations made by an Act of the 84th Legislature, Regular
  Session, 2015, may be spent by the State Securities Board as the
  Securities Commissioner directs. The board shall repay to the
  general revenue fund the appropriation made to the agency for the
  state fiscal year ending August 31, 2016, not later than that date
  and as funds become available. The board shall repay to the general
  revenue fund the appropriation made to the board for the state
  fiscal year ending August 31, 2017, not later than that date and as
  funds become available.
         SECTION 8.  The transfer of the State Securities Board to
  self-directed and semi-independent status under this Act, and the
  expiration of self-directed and semi-independent status may not act
  to cancel, suspend, or prevent:
               (1)  any debt owed to or by the State Securities Board;
               (2)  any fine, tax, penalty, or obligation of any
  party;
               (3)  any contract or other obligation of any party; or
               (4)  any action taken by the State Securities Board,
  the Securities Commissioner, or the board's employees in the
  administration or enforcement of the agency's duties.
         SECTION 9.  The State Securities Board shall continue to
  have and exercise the powers and duties allocated to the board in
  the board's enabling legislation, except as specifically amended by
  this Act.
         SECTION 10.  Title to or ownership of all supplies,
  materials, records, equipment, books, papers, and furniture used by
  the State Securities Board is transferred to the State Securities
  Board in fee simple. This Act does not affect any property owned by
  the State Securities Board on or before the effective date of this
  Act.
         SECTION 11.  Beginning September 1, 2015, the State
  Securities Board shall pay rent to this state in a reasonable amount
  to be determined by the Texas Facilities Commission for its use and
  occupancy of state-owned office space.
         SECTION 12.  This Act takes effect September 1, 2015.