bill making public bond filings to the AG electronic

The text as introduced · 407 words

89R10409 CS-F

By: West
S.B. No. 2791

A BILL TO BE ENTITLED

AN ACT

relating to electronic submission and delivery of public securities

and records of proceedings for those securities.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Chapter 1202, Government Code, is amended by

adding Section 1202.0035 to read as follows:

Sec. 1202.0035. ELECTRONIC SUBMISSION AND DELIVERY. (a)

In this section:

(1) "Electronic" has the meaning assigned by Section

322.002, Business & Commerce Code.

(2) "Electronic signature" has the meaning assigned by

Section 322.002, Business & Commerce Code, and includes any

electronic signing method recognized by law.

(b) An issuer shall submit to the attorney general the

following documents, including any related correspondence or

supplemental information, in an electronic format and accompanied

by an electronic signature, if applicable:

(1) a public security, record of proceedings, or

credit agreement required to be submitted to the attorney general

for approval under Section 1202.003; and

(2) an amendment to a public security, record of

proceedings, or credit agreement approved or registered under this

chapter.

(c) The attorney general shall deliver to the comptroller a

document required to be delivered under Section 1202.003(b)(2) in

an electronic format and accompanied by an electronic signature, if

applicable.

SECTION 2. Not later than December 1, 2025, in accordance

with Section 402.044, Government Code, the attorney general shall

advise the proper legal authorities in regard to the issuance of

bonds that by law require the attorney general's approval that

Section 1202.0035, Government Code, as added by this Act, requires

electronic submission of public securities and advise those persons

of any other procedural changes to the submission and registration

requirements of public securities under Chapter 1202, Government

Code, as amended by this Act, that the attorney general deems

necessary to efficiently receive electronic submissions of public

securities after the effective date of this Act.

SECTION 3. Section 1202.0035, Government Code, as added by

this Act, applies only to a public security, record of proceedings,

or credit agreement submitted to the attorney general under Section

1202.003, Government Code, on or after the effective date of this

Act. A public security, record of proceedings, or credit agreement

submitted before the effective date of this Act is governed by the

law in effect on the date the security, record, or agreement was

submitted, and the former law is continued in effect for that

purpose.

SECTION 4. This Act takes effect January 1, 2026.