By: Parker	H.B. No. 4131

	A BILL TO BE ENTITLED
	AN ACT
	relating to the self-directed and semi-independent status of the
	State Securities Board; authorizing fees.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1.  Section 472.001, Government Code, is amended to
	read as follows:
	Sec. 472.001.  APPLICABILITY OF CHAPTER.  This chapter
	applies to:
	(1)  the Texas State Board of Public Accountancy;
	(2)  the Texas Board of Professional Engineers; [and]
	(3)  the Texas Board of Architectural Examiners; and
	(4)  the State Securities Board.
	SECTION 2.  The Securities Act (Article 581-1 et seq.,
	Vernon's Texas Civil Statutes) is amended by adding Sections 44,
	45, 46, and 47 to read as follows:
	Sec. 44.  SELF-DIRECTED AND SEMI-INDEPENDENT STATUS.  The
	State Securities Board has self-directed and semi-independent
	status as provided under Chapter 472, Government Code.
	Sec. 45.  REPORT TO BOARD.  Periodically, the Commissioner
	shall submit to the members of the Board, as directed by the Board
	members, a report of the receipts and expenditures of the agency.
	Sec. 46.  REFUND OF REGISTRATION FEE. If the Commissioner or
	Board determines that all or part of a registration fee should be
	refunded, the refund shall be made by warrant on the state treasury
	from the fund into which the registration fee was deposited.
	Sec. 47.  REPRESENTATION BY ATTORNEY GENERAL. The attorney
	general may assess and collect from the Commissioner or the Board
	reasonable attorney's fees associated with any legal
	representation requested by the Commissioner and provided by the
	attorney general.  Notwithstanding any other law, a requirement
	that the attorney general represent an agency in any litigation
	does not apply to a proceeding under this Act that is governed by
	Chapter 2001, Government Code.
	SECTION 3.  Subsections D, G, and K, Section 2, The
	Securities Act (Article 581-2, Vernon's Texas Civil Statutes), are
	amended to read as follows:
	D.  Each member of the Board is entitled to reimbursement for
	travel expenses incurred [per diem as set by legislative
	appropriation] for each day that the member engages in the business
	of the Board.
	The Governor shall designate a member of the Board as the
	presiding officer of the Board to serve in that capacity at the will
	of the Governor.  A majority of the members shall constitute a
	quorum for the transaction of any business.
	G.  The Board shall appoint a Securities Commissioner who
	serves at the pleasure of the Board and who shall, under the
	supervision of the Board, administer the provisions of this Act.
	The Board shall determine the Commissioner's salary.  Each member
	of the Board shall have access to all offices and records under his
	supervision, and the Board, or a majority thereof, may exercise any
	power or perform any act authorized to the [Securities]
	Commissioner by the provisions of this Act.
	K.  The Commissioner shall determine the number of Board
	employees and the employees' salaries.  The Commissioner or his
	designee shall develop an intraagency career ladder program, one
	part of which shall be the intraagency posting of all nonentry level
	positions for at least ten (10) days before any public posting.  The
	Commissioner or his designee shall develop a system of annual
	performance evaluations based on measurable job tasks.  All merit
	pay for Board employees must be based on the system established
	under this section.
	SECTION 4.  Subsection C, Section 2-3, The Securities Act
	(Article 581-2-3, Vernon's Texas Civil Statutes), is amended to
	read as follows:
	C.  A person appointed to the Board is entitled to
	reimbursement[, as provided by the General Appropriations Act,] for
	the travel expenses incurred in attending the training program
	regardless of whether the attendance at the program occurs before
	or after the person qualifies for office.
	SECTION 5.  Subsections A and D, Section 35, The Securities
	Act (Article 581-35, Vernon's Texas Civil Statutes), are amended to
	read as follows:
	A.  The Board shall establish the following fees to produce
	[in amounts so that the aggregate amount that exceeds the amount of
	the fees on September 1, 2002, produces] sufficient revenue to
	cover the costs of administering and enforcing this Act:
	(1)  for the filing of any original, amended, or
	renewal application to sell or dispose of securities[, an amount
	not to exceed $100];
	(2)  for the filing of any original application of a
	dealer or investment adviser or for the submission of a notice
	filing for a federal covered investment adviser[, an amount not to
	exceed $100];
	(3)  for the filing of any renewal application of a
	dealer or investment adviser or for the submission of a renewal
	notice filing for a federal covered investment adviser[, an amount
	not to exceed $100];
	(4)  for the filing of any original application for
	each agent, officer, or investment adviser representative or for
	the submission of a notice filing for each representative of a
	federal covered investment adviser[, an amount not to exceed $100];
	and
	(5)  for the filing of any renewal application for each
	agent, officer, or investment adviser representative or for the
	submission of a renewal notice filing for each representative of a
	federal covered investment adviser[, an amount not to exceed $100].
	D.  A cost incurred by the Board in administering or
	enforcing this Act may be paid only from a fee collected under
	Subsection A of this section.
	SECTION 6.  The following provisions of The Securities Act
	(Article 581-l et seq., Vernon's Texas Civil Statutes) are
	repealed:
	(1)  Subsections J, M, and N, Section 2;
	(2)  Subsection C, Section 35; and
	(3)  Section 36.
	SECTION 7.  Subject to Chapter 472, Government Code, the
	appropriations made by an Act of the 87th Legislature, Regular
	Session, 2021, may be spent by the State Securities Board as the
	Securities Commissioner directs.  The board shall repay to the
	general revenue fund the appropriation made to the agency for the
	state fiscal year ending August 31, 2022, not later than that date
	and as funds become available.  The board shall repay to the general
	revenue fund the appropriation made to the board for the state
	fiscal year ending August 31, 2023, not later than that date and as
	funds become available.
	SECTION 8.  The transfer of the State Securities Board to
	self-directed and semi-independent status under this Act, and the
	expiration of self-directed and semi-independent status may not act
	to cancel, suspend, or prevent:
	(1)  any debt owed to or by the State Securities Board;
	(2)  any fine, tax, penalty, or obligation of any
	party;
	(3)  any contract or other obligation of any party; or
	(4)  any action taken by the State Securities Board,
	the Securities Commissioner, or the board's employees in the
	administration or enforcement of the agency's duties.
	SECTION 9.  The State Securities Board shall continue to
	have and exercise the powers and duties allocated to the board in
	the board's enabling legislation, except as specifically amended by
	this Act.
	SECTION 10.  Title to or ownership of all supplies,
	materials, records, equipment, books, papers, and furniture used by
	the State Securities Board is transferred to the State Securities
	Board in fee simple.  This Act does not affect any property owned by
	the State Securities Board on or before the effective date of this
	Act.
	SECTION 11.  Beginning September 1, 2021, the State
	Securities Board shall pay rent to this state in a reasonable amount
	to be determined by the Texas Facilities Commission for its use and
	occupancy of state-owned office space.
	SECTION 12.  This Act takes effect September 1, 2021.