88R12313 LRM-D
 
  By: Parker S.B. No. 2146
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to oversight by the comptroller of financial institution
  divestments from certain industries.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter B, Chapter 403, Government Code, is
  amended by adding Section 403.0302 to read as follows:
         Sec. 403.0302.  OVERSIGHT OF DIVESTMENTS IN CERTAIN
  INDUSTRIES. (a) The comptroller shall require a financial
  institution that operates a mutual fund to periodically submit a
  statement to the comptroller stating whether the financial
  institution has divested or intends to divest from the mutual fund
  investments in a company that engages in the exploration,
  production, utilization, transportation, sale, or manufacturing of
  fossil fuel-based energy. 
         (b)  The comptroller shall adopt rules to:
               (1)  prescribe the requirements for a financial
  institution to comply with the requirements of Subsection (a);
               (2)  require a financial institution that chooses to
  divest from investments described by Subsection (a) to place a mark
  prescribed by the comptroller on prospectus documents that
  signifies the institution's choice to divest; and
               (3)  provide a penalty for financial institutions that
  fail to submit a statement required under Subsection (a).
         SECTION 2.  The comptroller shall adopt rules as required by
  Section 403.0302, Government Code, as added by this Act, not later
  than January 1, 2024.
         SECTION 3.  This Act takes effect September 1, 2023.