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A BILL TO BE ENTITLED
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AN ACT
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relating to oversight by the comptroller of financial institution |
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divestments from certain industries. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 403, Government Code, is |
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amended by adding Section 403.0302 to read as follows: |
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Sec. 403.0302. OVERSIGHT OF DIVESTMENTS IN CERTAIN |
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INDUSTRIES. (a) The comptroller shall require a financial |
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institution that operates a mutual fund to periodically submit a |
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statement to the comptroller stating whether the financial |
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institution has divested or intends to divest from the mutual fund |
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investments in a company that engages in the exploration, |
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production, utilization, transportation, sale, or manufacturing of |
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fossil fuel-based energy. |
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(b) The comptroller shall adopt rules to: |
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(1) prescribe the requirements for a financial |
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institution to comply with the requirements of Subsection (a); |
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(2) require a financial institution that chooses to |
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divest from investments described by Subsection (a) to place a mark |
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prescribed by the comptroller on prospectus documents that |
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signifies the institution's choice to divest; and |
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(3) provide a penalty for financial institutions that |
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fail to submit a statement required under Subsection (a). |
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SECTION 2. The comptroller shall adopt rules as required by |
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Section 403.0302, Government Code, as added by this Act, not later |
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than January 1, 2024. |
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SECTION 3. This Act takes effect September 1, 2023. |