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A BILL TO BE ENTITLED
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AN ACT
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relating to a prohibition on the acceptance of certain compensation |
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or employment by current or former members of the legislature for |
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work involving bond services; creating a criminal offense. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 572, Government Code, is |
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amended by adding Section 572.062 to read as follows: |
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Sec. 572.062. CERTAIN COMPENSATION AND EMPLOYMENT BY |
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CURRENT OR FORMER MEMBERS OF LEGISLATURE PROVIDING BOND SERVICES |
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PROHIBITED. (a) Notwithstanding any other law, an individual may |
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not accept compensation or employment from a person that receives |
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money from any proceeds in connection with the issuance of bonds if |
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the individual provided financial advice, bond counsel, bond |
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underwriting, or another professional service associated with the |
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issuance of the bonds while the individual was a member of the |
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legislature. |
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(b) The prohibition under Subsection (a) applies until the |
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10th anniversary of the later of: |
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(1) the date the bonds are issued; or |
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(2) the date the individual ceases to be a member of |
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the legislature. |
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(c) A person commits an offense if the person violates this |
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section. An offense under this section is a Class A misdemeanor. |
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SECTION 2. Section 572.062, Government Code, as added by |
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this Act, applies only to compensation paid or employment that |
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commences on or after the effective date of this Act. Compensation |
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that is paid or employment that commences before the effective date |
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of this Act is governed by the law in effect on the date the |
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compensation was paid or the employment commenced, and the former |
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law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2025. |