Bill Text: TX HB501 | 2017-2018 | 85th Legislature | Enrolled


Bill Title: Relating to personal financial statements filed by public officers and candidates, including the disclosure of certain contracts, agreements, services, and compensation in and the amendment of those statements.

Spectrum: Moderate Partisan Bill (Republican 4-1)

Status: (Passed) 2017-06-06 - Effective on . . . . . . . . . . . . . . . [HB501 Detail]

Download: Texas-2017-HB501-Enrolled.html
 
 
  H.B. No. 501
 
 
 
 
AN ACT
  relating to personal financial statements filed by public officers
  and candidates, including the disclosure of certain contracts,
  agreements, services, and compensation in and the amendment of
  those statements.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 572.023, Government Code, is amended by
  amending Subsection (b) and adding Subsections (e), (f), and (g) to
  read as follows:
         (b)  The account of financial activity consists of:
               (1)  a list of all sources of occupational income,
  identified by employer, or if self-employed, by the nature of the
  occupation, including identification of a person or other
  organization from which the individual or a business in which the
  individual has a substantial interest received a fee as a retainer
  for a claim on future services in case of need, as distinguished
  from a fee for services on a matter specified at the time of
  contracting for or receiving the fee, if professional or
  occupational services are not actually performed during the
  reporting period equal to or in excess of the amount of the
  retainer, and the category of the amount of the fee;
               (2)  identification by name and the category of the
  number of shares of stock of any business entity held or acquired,
  and if sold, the category of the amount of net gain or loss realized
  from the sale;
               (3)  a list of all bonds, notes, and other commercial
  paper held or acquired, and if sold, the category of the amount of
  net gain or loss realized from the sale;
               (4)  identification of each source and the category of
  the amount of income in excess of $500 derived from each source from
  interest, dividends, royalties, and rents;
               (5)  identification of each guarantor of a loan and
  identification of each person or financial institution to whom a
  personal note or notes or lease agreement for a total financial
  liability in excess of $1,000 existed at any time during the year
  and the category of the amount of the liability;
               (6)  identification by description of all beneficial
  interests in real property and business entities held or acquired,
  and if sold, the category of the amount of the net gain or loss
  realized from the sale;
               (7)  identification of a person or other organization
  from which the individual or the individual's spouse or dependent
  children received a gift of anything of value in excess of $250 and
  a description of each gift, except:
                     (A)  a gift received from an individual related to
  the individual at any time within the second degree by
  consanguinity or affinity, as determined under Subchapter B,
  Chapter 573;
                     (B)  a political contribution that was reported as
  required by Chapter 254, Election Code; and
                     (C)  an expenditure required to be reported by a
  person required to be registered under Chapter 305;
               (8)  identification of the source and the category of
  the amount of all income received as beneficiary of a trust, other
  than a blind trust that complies with Subsection (c), and
  identification of each trust asset, if known to the beneficiary,
  from which income was received by the beneficiary in excess of $500;
               (9)  identification:
                     (A)  by description of a corporation, firm,
  partnership, limited partnership, limited liability partnership,
  professional corporation, professional association, joint venture,
  or other business association in which five percent or more of the
  outstanding ownership was held, acquired, or sold; and
                     (B)  by description and the category of the amount
  of all assets and liabilities of a corporation, firm, partnership,
  limited partnership, limited liability partnership, professional
  corporation, professional association, joint venture, or other
  business association in which 50 percent or more of the outstanding
  ownership was held, acquired, or sold;
               (10)  a list of all boards of directors of which the
  individual is a member and executive positions that the individual
  holds in corporations, firms, partnerships, limited partnerships,
  limited liability partnerships, professional corporations,
  professional associations, joint ventures, or other business
  associations or proprietorships, stating the name of each
  corporation, firm, partnership, limited partnership, limited
  liability partnership, professional corporation, professional
  association, joint venture, or other business association or
  proprietorship and the position held;
               (11)  identification of any person providing
  transportation, meals, or lodging expenses permitted under Section
  36.07(b), Penal Code, and the amount of those expenses, other than
  expenditures required to be reported under Chapter 305;
               (12)  any corporation, firm, partnership, limited
  partnership, limited liability partnership, professional
  corporation, professional association, joint venture, or other
  business association, excluding a publicly held corporation, in
  which both the individual and a person registered under Chapter 305
  have an interest;
               (13)  identification by name and the category of the
  number of shares of any mutual fund held or acquired, and if sold,
  the category of the amount of net gain or loss realized from the
  sale; [and]
               (14)  identification of each blind trust that complies
  with Subsection (c), including:
                     (A)  the category of the fair market value of the
  trust;
                     (B)  the date the trust was created;
                     (C)  the name and address of the trustee; and
                     (D)  a statement signed by the trustee, under
  penalty of perjury, stating that:
                           (i)  the trustee has not revealed any
  information to the individual, except information that may be
  disclosed under Subdivision (8); and
                           (ii)  to the best of the trustee's knowledge,
  the trust complies with this section;
               (15)  if the aggregate cost of goods or services sold
  under one or more written contracts described by this subdivision
  exceeds $10,000 in the year covered by the report, identification
  of each written contract, including the name of each party to the
  contract:
                     (A)  for the sale of goods or services in the
  amount of $2,500 or more;
                     (B)  to which the individual, the individual's
  spouse, the individual's dependent child, or any business entity of
  which the individual, the individual's spouse, or the individual's
  dependent child, independently or in conjunction with one or more
  persons described by this subsection, has at least a 50 percent
  ownership interest is a party; and
                     (C)  with:
                           (i)  a governmental entity; or
                           (ii)  a person who contracts with a
  governmental entity, if the individual or entity described by
  Paragraph (B) performs work arising out of the contract,
  subcontract, or agreement between the person and the governmental
  entity for a fee; and
               (16)  if the individual is a member of the legislature
  and provides bond counsel services to an issuer, as defined by
  Section 1201.002(1), identification of the following for each
  issuance for which the individual served as bond counsel:
                     (A)  the amount of the issuance;
                     (B)  the name of the issuer;
                     (C)  the date of the issuance;
                     (D)  the amount of fees paid to the individual,
  and whether the amount is:
                           (i)  less than $5,000;
                           (ii)  at least $5,000 but less than $10,000;
                           (iii)  at least $10,000 but less than
  $25,000; or
                           (iv)  $25,000 or more; and
                     (E)  the amount of fees paid to the individual's
  firm, if applicable, and whether the amount is:
                           (i)  less than $5,000;
                           (ii)  at least $5,000 but less than $10,000;
                           (iii)  at least $10,000 but less than
  $25,000; or
                           (iv)  $25,000 or more.
         (e)  In this section, "governmental entity" means this
  state, a political subdivision of the state, or an agency or
  department of the state or a political subdivision of the state.
         (f)  Subsection (b)(15) does not require the disclosure of an
  employment contract between a school district or open-enrollment
  charter school and an employee of the district or school.
         (g)  An individual who complies with any applicable
  requirements of Sections 51.954 and 51.955, Education Code, and
  Section 2252.908 of this code, in an individual capacity or as a
  member or employee of an entity to which those sections apply, is
  not required to include in the account of financial activity the
  information described by Subsection (b)(15) unless specifically
  requested by the commission to include the information.
         SECTION 2.  Subchapter B, Chapter 572, Government Code, is
  amended by adding Section 572.0295 to read as follows:
         Sec. 572.0295.  AMENDMENT OF FINANCIAL STATEMENT. (a) A
  person who files a financial statement under this chapter may amend
  the person's statement.
         (b)  A financial statement that is amended is considered to
  have been filed on the date on which the original statement was
  filed if:
               (1)  the amendment is made on or before the 14th day
  after the date the person filing the statement learns of an error or
  omission in the original statement;
               (2)  the original financial statement was made in good
  faith and without an intent to mislead or to misrepresent the
  information contained in the statement; and
               (3)  the person filing the amendment accompanies the
  amendment with a declaration that:
                     (A)  the person became aware of the error or
  omission in the original statement during the preceding 14 days;
  and
                     (B)  the original statement was made in good faith
  and without intent to mislead or to misrepresent the information
  contained in the statement.
         SECTION 3.  The changes in law made by this Act to Subchapter
  B, Chapter 572, Government Code, apply only to a financial
  statement filed under Subchapter B, Chapter 572, Government Code,
  as amended by this Act, on or after January 8, 2019. A financial
  statement filed before January 8, 2019, is governed by the law in
  effect on the date of filing, and the former law is continued in
  effect for that purpose.
         SECTION 4.  This Act takes effect January 8, 2019.
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.B. No. 501 was passed by the House on May 3,
  2017, by the following vote:  Yeas 147, Nays 0, 2 present, not
  voting; that the House refused to concur in Senate amendments to
  H.B. No. 501 on May 24, 2017, and requested the appointment of a
  conference committee to consider the differences between the two
  houses; and that the House adopted the conference committee report
  on H.B. No. 501 on May 28, 2017, by the following vote:  Yeas 148,
  Nays 1, 1 present, not voting.
 
  ______________________________
  Chief Clerk of the House   
 
         I certify that H.B. No. 501 was passed by the Senate, with
  amendments, on May 22, 2017, by the following vote:  Yeas 30, Nays
  0; at the request of the House, the Senate appointed a conference
  committee to consider the differences between the two houses; and
  that the Senate adopted the conference committee report on H.B. No.
  501 on May 28, 2017, by the following vote:  Yeas 30, Nays 0.
 
  ______________________________
  Secretary of the Senate   
  APPROVED: __________________
                  Date       
   
           __________________
                Governor       
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