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AN ACT
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relating to the decertification of a certified capital company. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 228.302, Insurance Code, is amended by |
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adding Subsection (c-1) to read as follows: |
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(c-1) Notwithstanding any other provision of this section, |
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the comptroller may decertify a certified capital company if the |
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comptroller receives a request in writing from the certified |
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capital company stating that the certified capital company has made |
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qualified investments in an amount cumulatively equal to 100 |
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percent of the company's certified capital. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2015. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 3031 was passed by the House on April |
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23, 2015, by the following vote: Yeas 139, Nays 0, 2 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 3031 was passed by the Senate on May |
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8, 2015, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |