Bill Text: TX HB1038 | 2023-2024 | 88th Legislature | Enrolled
Bill Title: Relating to a biennial report on state lending and credit support programs.
Spectrum: Strong Partisan Bill (Republican 11-1)
Status: (Passed) 2023-05-24 - Effective on 9/1/23 [HB1038 Detail]
Download: Texas-2023-HB1038-Enrolled.html
| H.B. No. 1038 | ||
|
|
||
| relating to a biennial report on state lending and credit support | ||
| programs. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter D, Chapter 1231, Government Code, is | ||
| amended by adding Section 1231.064 to read as follows: | ||
| Sec. 1231.064. BIENNIAL REPORT ON STATE LENDING AND CREDIT | ||
| SUPPORT PROGRAMS. (a) In this section: | ||
| (1) "Credit support program" means a program under | ||
| which this state guarantees or provides credit enhancements for the | ||
| debt of any public or private entity, including providing support | ||
| for interest or principal payments, in a manner that obligates this | ||
| state to pay any part of the principal or interest on that debt if | ||
| the entity defaults. | ||
| (2) "Lending program" means a program through which | ||
| state money is loaned, or otherwise provided with the expectation | ||
| of repayment, to a public or private entity. | ||
| (b) Not later than December 31 of each even-numbered year, | ||
| the board shall submit to the legislature and post on the board's | ||
| Internet website a report on all lending programs and credit | ||
| support programs in this state. The report must include: | ||
| (1) the total amount of state money lent through | ||
| lending programs; | ||
| (2) the total amount of debt supported by credit | ||
| support programs; and | ||
| (3) for each lending program or credit support | ||
| program: | ||
| (A) the total amount of state money lent through | ||
| or debt supported by the program, as applicable; | ||
| (B) a citation to the law authorizing the | ||
| program; and | ||
| (C) a reasonable estimate of the costs of default | ||
| associated with the program, computed in accordance with | ||
| private-sector accounting standards for credit or other losses. | ||
| (c) A state agency or political subdivision of this state | ||
| shall provide to the board in the manner provided by board rule any | ||
| information necessary for the board to prepare the report required | ||
| by this section. | ||
| SECTION 2. This Act takes effect September 1, 2023. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I certify that H.B. No. 1038 was passed by the House on April | ||
| 18, 2023, by the following vote: Yeas 147, Nays 1, 1 present, not | ||
| voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| I certify that H.B. No. 1038 was passed by the Senate on May | ||
| 11, 2023, by the following vote: Yeas 30, Nays 0. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| APPROVED: _____________________ | ||
| Date | ||
| _____________________ | ||
| Governor | ||
