Bill Text: TX HB1668 | 2021-2022 | 87th Legislature | Introduced


Bill Title: Relating to reporting requirements for bank loans made to African American-owned businesses.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2021-03-09 - Referred to Pensions, Investments & Financial Services [HB1668 Detail]

Download: Texas-2021-HB1668-Introduced.html
  87R755 JES-D
 
  By: Thierry H.B. No. 1668
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to reporting requirements for bank loans made to African
  American-owned businesses.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subtitle Z, Title 3, Finance Code, is amended by
  adding Chapter 272 to read as follows:
  CHAPTER 272. REPORTING REQUIREMENTS FOR BANK LOANS TO CERTAIN
  BUSINESSES
         Sec. 272.001.  DEFINITIONS. (a) In this chapter, "African
  American-owned business" means a business entity that is at least
  51 percent owned by one or more African Americans.
         (b)  The definitions provided by Section 31.002 apply to this
  chapter.
         Sec. 272.002.  ANNUAL REPORT REQUIRED. Not later than March
  1 of each year, each bank doing business in this state that makes
  loans to businesses shall submit a report to the finance commission
  in the form and manner prescribed by the commission on loans made by
  the bank during the previous calendar year to African
  American-owned businesses. The report must include:
               (1)  the total dollar value of loans made by the bank to
  African American-owned businesses; and
               (2)  the amount loaned to African American-owned
  businesses as a percentage of the total amount of loans made by the
  bank to businesses during that calendar year.
         Sec. 272.003.  ONLINE PUBLICATION OF REPORT. (a) The
  finance commission shall provide the reports submitted under
  Section 272.002 to the banking commissioner. The banking
  commissioner shall publish and maintain the information from the
  reports on the department's Internet website in a form determined
  by the commissioner.
         (b)  The information published under Subsection (a) must be:
               (1)  available to the public; and
               (2)  displayed in a manner that shows the reported
  information disaggregated by bank.
         Sec. 272.004.  RULES. The finance commission shall adopt
  rules necessary to implement this chapter.
         SECTION 2.  As soon as practicable after the effective date
  of this Act, the Finance Commission of Texas shall adopt the rules
  necessary to implement Chapter 272, Finance Code, as added by this
  Act.
         SECTION 3.  This Act takes effect September 1, 2021.
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