88R12313 LRM-D     By: Parker S.B. No. 2146       A BILL TO BE ENTITLED   AN ACT   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.