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AN ACT
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relating to personal financial statements filed by public officers |
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and candidates, including the disclosure of certain contracts, |
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agreements, services, and compensation in and the amendment of |
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those statements. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 572.023, Government Code, is amended by |
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amending Subsection (b) and adding Subsections (e), (f), and (g) to |
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read as follows: |
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(b) The account of financial activity consists of: |
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(1) a list of all sources of occupational income, |
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identified by employer, or if self-employed, by the nature of the |
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occupation, including identification of a person or other |
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organization from which the individual or a business in which the |
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individual has a substantial interest received a fee as a retainer |
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for a claim on future services in case of need, as distinguished |
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from a fee for services on a matter specified at the time of |
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contracting for or receiving the fee, if professional or |
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occupational services are not actually performed during the |
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reporting period equal to or in excess of the amount of the |
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retainer, and the category of the amount of the fee; |
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(2) identification by name and the category of the |
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number of shares of stock of any business entity held or acquired, |
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and if sold, the category of the amount of net gain or loss realized |
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from the sale; |
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(3) a list of all bonds, notes, and other commercial |
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paper held or acquired, and if sold, the category of the amount of |
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net gain or loss realized from the sale; |
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(4) identification of each source and the category of |
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the amount of income in excess of $500 derived from each source from |
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interest, dividends, royalties, and rents; |
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(5) identification of each guarantor of a loan and |
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identification of each person or financial institution to whom a |
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personal note or notes or lease agreement for a total financial |
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liability in excess of $1,000 existed at any time during the year |
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and the category of the amount of the liability; |
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(6) identification by description of all beneficial |
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interests in real property and business entities held or acquired, |
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and if sold, the category of the amount of the net gain or loss |
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realized from the sale; |
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(7) identification of a person or other organization |
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from which the individual or the individual's spouse or dependent |
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children received a gift of anything of value in excess of $250 and |
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a description of each gift, except: |
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(A) a gift received from an individual related to |
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the individual at any time within the second degree by |
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consanguinity or affinity, as determined under Subchapter B, |
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Chapter 573; |
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(B) a political contribution that was reported as |
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required by Chapter 254, Election Code; and |
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(C) an expenditure required to be reported by a |
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person required to be registered under Chapter 305; |
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(8) identification of the source and the category of |
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the amount of all income received as beneficiary of a trust, other |
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than a blind trust that complies with Subsection (c), and |
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identification of each trust asset, if known to the beneficiary, |
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from which income was received by the beneficiary in excess of $500; |
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(9) identification: |
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(A) by description of a corporation, firm, |
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partnership, limited partnership, limited liability partnership, |
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professional corporation, professional association, joint venture, |
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or other business association in which five percent or more of the |
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outstanding ownership was held, acquired, or sold; and |
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(B) by description and the category of the amount |
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of all assets and liabilities of a corporation, firm, partnership, |
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limited partnership, limited liability partnership, professional |
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corporation, professional association, joint venture, or other |
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business association in which 50 percent or more of the outstanding |
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ownership was held, acquired, or sold; |
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(10) a list of all boards of directors of which the |
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individual is a member and executive positions that the individual |
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holds in corporations, firms, partnerships, limited partnerships, |
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limited liability partnerships, professional corporations, |
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professional associations, joint ventures, or other business |
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associations or proprietorships, stating the name of each |
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corporation, firm, partnership, limited partnership, limited |
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liability partnership, professional corporation, professional |
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association, joint venture, or other business association or |
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proprietorship and the position held; |
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(11) identification of any person providing |
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transportation, meals, or lodging expenses permitted under Section |
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36.07(b), Penal Code, and the amount of those expenses, other than |
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expenditures required to be reported under Chapter 305; |
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(12) any corporation, firm, partnership, limited |
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partnership, limited liability partnership, professional |
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corporation, professional association, joint venture, or other |
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business association, excluding a publicly held corporation, in |
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which both the individual and a person registered under Chapter 305 |
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have an interest; |
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(13) identification by name and the category of the |
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number of shares of any mutual fund held or acquired, and if sold, |
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the category of the amount of net gain or loss realized from the |
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sale; [and] |
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(14) identification of each blind trust that complies |
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with Subsection (c), including: |
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(A) the category of the fair market value of the |
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trust; |
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(B) the date the trust was created; |
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(C) the name and address of the trustee; and |
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(D) a statement signed by the trustee, under |
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penalty of perjury, stating that: |
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(i) the trustee has not revealed any |
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information to the individual, except information that may be |
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disclosed under Subdivision (8); and |
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(ii) to the best of the trustee's knowledge, |
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the trust complies with this section; |
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(15) if the aggregate cost of goods or services sold |
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under one or more written contracts described by this subdivision |
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exceeds $10,000 in the year covered by the report, identification |
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of each written contract, including the name of each party to the |
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contract: |
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(A) for the sale of goods or services in the |
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amount of $2,500 or more; |
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(B) to which the individual, the individual's |
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spouse, the individual's dependent child, or any business entity of |
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which the individual, the individual's spouse, or the individual's |
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dependent child, independently or in conjunction with one or more |
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persons described by this subsection, has at least a 50 percent |
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ownership interest is a party; and |
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(C) with: |
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(i) a governmental entity; or |
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(ii) a person who contracts with a |
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governmental entity, if the individual or entity described by |
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Paragraph (B) performs work arising out of the contract, |
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subcontract, or agreement between the person and the governmental |
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entity for a fee; and |
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(16) if the individual is a member of the legislature |
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and provides bond counsel services to an issuer, as defined by |
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Section 1201.002(1), identification of the following for each |
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issuance for which the individual served as bond counsel: |
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(A) the amount of the issuance; |
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(B) the name of the issuer; |
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(C) the date of the issuance; |
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(D) the amount of fees paid to the individual, |
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and whether the amount is: |
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(i) less than $5,000; |
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(ii) at least $5,000 but less than $10,000; |
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(iii) at least $10,000 but less than |
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$25,000; or |
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(iv) $25,000 or more; and |
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(E) the amount of fees paid to the individual's |
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firm, if applicable, and whether the amount is: |
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(i) less than $5,000; |
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(ii) at least $5,000 but less than $10,000; |
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(iii) at least $10,000 but less than |
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$25,000; or |
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(iv) $25,000 or more. |
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(e) In this section, "governmental entity" means this |
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state, a political subdivision of the state, or an agency or |
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department of the state or a political subdivision of the state. |
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(f) Subsection (b)(15) does not require the disclosure of an |
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employment contract between a school district or open-enrollment |
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charter school and an employee of the district or school. |
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(g) An individual who complies with any applicable |
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requirements of Sections 51.954 and 51.955, Education Code, and |
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Section 2252.908 of this code, in an individual capacity or as a |
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member or employee of an entity to which those sections apply, is |
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not required to include in the account of financial activity the |
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information described by Subsection (b)(15) unless specifically |
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requested by the commission to include the information. |
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SECTION 2. Subchapter B, Chapter 572, Government Code, is |
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amended by adding Section 572.0295 to read as follows: |
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Sec. 572.0295. AMENDMENT OF FINANCIAL STATEMENT. (a) A |
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person who files a financial statement under this chapter may amend |
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the person's statement. |
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(b) A financial statement that is amended is considered to |
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have been filed on the date on which the original statement was |
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filed if: |
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(1) the amendment is made on or before the 14th day |
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after the date the person filing the statement learns of an error or |
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omission in the original statement; |
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(2) the original financial statement was made in good |
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faith and without an intent to mislead or to misrepresent the |
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information contained in the statement; and |
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(3) the person filing the amendment accompanies the |
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amendment with a declaration that: |
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(A) the person became aware of the error or |
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omission in the original statement during the preceding 14 days; |
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and |
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(B) the original statement was made in good faith |
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and without intent to mislead or to misrepresent the information |
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contained in the statement. |
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SECTION 3. The changes in law made by this Act to Subchapter |
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B, Chapter 572, Government Code, apply only to a financial |
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statement filed under Subchapter B, Chapter 572, Government Code, |
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as amended by this Act, on or after January 8, 2019. A financial |
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statement filed before January 8, 2019, is governed by the law in |
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effect on the date of filing, and the former law is continued in |
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effect for that purpose. |
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SECTION 4. This Act takes effect January 8, 2019. |
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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. 501 was passed by the House on May 3, |
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2017, by the following vote: Yeas 147, Nays 0, 2 present, not |
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voting; that the House refused to concur in Senate amendments to |
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H.B. No. 501 on May 24, 2017, and requested the appointment of a |
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conference committee to consider the differences between the two |
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houses; and that the House adopted the conference committee report |
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on H.B. No. 501 on May 28, 2017, by the following vote: Yeas 148, |
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Nays 1, 1 present, not voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 501 was passed by the Senate, with |
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amendments, on May 22, 2017, by the following vote: Yeas 30, Nays |
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0; at the request of the House, the Senate appointed a conference |
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committee to consider the differences between the two houses; and |
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that the Senate adopted the conference committee report on H.B. No. |
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501 on May 28, 2017, by the following vote: Yeas 30, 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 |