HB2189 —

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

This bill amends the Texas statutes.

• CHAPTER 809. PROHIBITION ON INVESTMENT IN COMPANIES THAT BOYCOTT CERTAIN ENERGY COMPANIES SUBCHAPTER A. GENERAL PROVISIONS Sec. 809.001. DEFINITIONS. In this chapter: (1) "Boycott energy company" means, without an ordinary business purpose, refusing to deal with, terminating business activities with, or otherwise taking any action that is intended to penalize, inflict economic harm on, or limit commercial relations with a company because the company: (A) invests in or assists in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy; or (B) does business with a company described by Paragraph (A). (2) "Company" means a for-profit sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, or limited liability company, including a wholly owned subsidiary, majority-owned subsidiary, parent company, or affiliate of those entities or business associations, that exists to make a profit. (3) "Direct holdings" means, with respect to a company, all securities of that company held directly by a state governmental entity in an account or fund in which a state governmental entity owns all shares or interests. (4) "Indirect holdings" means, with respect to a company, all securities of that company held in an account or fund, such as a mutual fund, managed by one or more persons not employed by a state governmental entity, in which the state governmental entity owns shares or interests together with other investors not subject to the provisions of this chapter. The term does not include money invested under a plan described by Section 401(k) or 457 of the Internal Revenue Code of 1986. (5) "Listed company" means a company listed by the comptroller under Section 809.051. (6) "State governmental entity" means: (A) the Employees Retirement System of Texas, including a retirement system administered by that system; (B) the Teacher Retirement System of Texas; (C) the Texas Municipal Retirement System; (D) the Texas County and District Retirement System; (E) the Texas Emergency Services Retirement System; and (F) the permanent school fund. Sec. 809.002. OTHER LEGAL OBLIGATIONS. With respect to actions taken in compliance with this chapter, including all good faith determinations regarding companies as required by this chapter, a state governmental entity and the comptroller are exempt from any conflicting statutory or common law obligations, including any obligations with respect to making investments, divesting from any investment, preparing or maintaining any list of companies, or choosing asset managers, investment funds, or investments for the state governmental entity's securities portfolios. Sec. 809.003. INDEMNIFICATION OF STATE GOVERNMENTAL ENTITIES, EMPLOYEES, AND OTHERS. In a cause of action based on an action, inaction, decision, divestment, investment, company communication, report, or other determination made or taken in connection with this chapter, the state shall, without regard to whether the person performed services for compensation, indemnify and hold harmless for actual damages, court costs, and attorney's fees adjudged against, and defend: (1) an employee, a member of the governing body, or any other officer of a state governmental entity; (2) a contractor of a state governmental entity; (3) a former employee, a former member of the governing body, or any other former officer of a state governmental entity who was an employee, member of the governing body, or other officer when the act or omission on which the damages are based occurred; (4) a former contractor of a state governmental entity who was a contractor when the act or omission on which the damages are based occurred; and (5) a state governmental entity. Sec. 809.004. NO PRIVATE CAUSE OF ACTION. (a) A person, including a member, retiree, or beneficiary of a retirement system to which this chapter applies, an association, a research f

  amended

• CHAPTER 2274. PROHIBITION ON CONTRACTS WITH COMPANIES BOYCOTTING CERTAIN ENERGY COMPANIES Sec. 2274.001. DEFINITIONS. In this chapter: (1) "Boycott energy company" has the meaning assigned by Section 809.001. (2) "Company" has the meaning assigned by Section 809.001, except that the term does not include a sole proprietorship. (3) "Governmental entity" has the meaning assigned by Section 2251.001. Sec. 2274.002. PROVISION REQUIRED IN CONTRACT. (a) This section applies only to a contract that: (1) is between a governmental entity and a company with 10 or more full-time employees; and (2) has a value of $100,000 or more that is to be paid wholly or partly from public funds of the governmental entity. (b) A governmental entity may not enter into a contract with a company for goods or services unless the contract contains a written verification from the company that it: (1) does not boycott energy companies; and (2) will not boycott energy companies during the term of the contract.

  amended

Similar bills in other states

Bills in other jurisdictions that match this one by MEANING — title, summary and subject, compared across every state we track. A strong signal the same policy is moving elsewhere.

• HB 2189 Tennessee 88% Compare text
• HB 2189 Tennessee 88% Compare text