Bill Text: TX SB2146 | 2023-2024 | 88th Legislature | Engrossed
Bill Title: Relating to oversight by the comptroller of financial institution divestments from certain industries.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2023-05-06 - Referred to State Affairs [SB2146 Detail]
Download: Texas-2023-SB2146-Engrossed.html
By: Parker | S.B. No. 2146 |
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relating to oversight by the comptroller of financial institution | ||
divestments from certain industries. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter B, Chapter 403, Government Code, is | ||
amended by adding Section 403.0302 to read as follows: | ||
Sec. 403.0302. OVERSIGHT OF DIVESTMENTS IN CERTAIN | ||
INDUSTRIES. (a) The comptroller shall require a financial | ||
institution that operates a mutual fund to periodically submit a | ||
statement to the comptroller stating whether the financial | ||
institution has divested or intends to divest from the mutual fund | ||
investments in a company that engages in the exploration, | ||
production, utilization, transportation, sale, or manufacturing of | ||
fossil fuel-based energy. | ||
(b) The comptroller shall adopt rules to: | ||
(1) prescribe the requirements for a financial | ||
institution to comply with the requirements of Subsection (a); | ||
(2) require a financial institution that chooses to | ||
divest from investments described by Subsection (a) to place a mark | ||
prescribed by the comptroller on prospectus documents that | ||
signifies the institution's choice to divest; and | ||
(3) provide a penalty for financial institutions that | ||
fail to submit a statement required under Subsection (a). | ||
SECTION 2. The comptroller shall adopt rules as required by | ||
Section 403.0302, Government Code, as added by this Act, not later | ||
than January 1, 2024. | ||
SECTION 3. This Act takes effect September 1, 2023. |