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A BILL TO BE ENTITLED
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AN ACT
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relating to electronic submission and delivery of public securities |
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and records of proceedings for those securities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 1202, Government Code, is amended by |
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adding Section 1202.0035 to read as follows: |
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Sec. 1202.0035. ELECTRONIC SUBMISSION AND DELIVERY. (a) |
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In this section: |
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(1) "Electronic" has the meaning assigned by Section |
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322.002, Business & Commerce Code. |
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(2) "Electronic signature" has the meaning assigned by |
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Section 322.002, Business & Commerce Code, and includes any |
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electronic signing method recognized by law. |
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(b) An issuer shall submit to the attorney general the |
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following documents, including any related correspondence or |
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supplemental information, in an electronic format and accompanied |
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by an electronic signature, if applicable: |
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(1) a public security, record of proceedings, or |
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credit agreement required to be submitted to the attorney general |
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for approval under Section 1202.003; and |
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(2) an amendment to a public security, record of |
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proceedings, or credit agreement approved or registered under this |
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chapter. |
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(c) The attorney general shall deliver to the comptroller a |
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document required to be delivered under Section 1202.003(b)(2) in |
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an electronic format and accompanied by an electronic signature, if |
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applicable. |
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SECTION 2. Not later than December 1, 2025, in accordance |
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with Section 402.044, Government Code, the attorney general shall |
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advise the proper legal authorities in regard to the issuance of |
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bonds that by law require the attorney general's approval that |
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Section 1202.0035, Government Code, as added by this Act, requires |
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electronic submission of public securities and advise those persons |
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of any other procedural changes to the submission and registration |
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requirements of public securities under Chapter 1202, Government |
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Code, as amended by this Act, that the attorney general deems |
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necessary to efficiently receive electronic submissions of public |
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securities after the effective date of this Act. |
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SECTION 3. Section 1202.0035, Government Code, as added by |
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this Act, applies only to a public security, record of proceedings, |
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or credit agreement submitted to the attorney general under Section |
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1202.003, Government Code, on or after the effective date of this |
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Act. A public security, record of proceedings, or credit agreement |
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submitted before the effective date of this Act is governed by the |
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law in effect on the date the security, record, or agreement was |
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submitted, and the former law is continued in effect for that |
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purpose. |
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SECTION 4. This Act takes effect January 1, 2026. |