HBA-TBM H.B. 3564 77(R)    BILL ANALYSIS


Office of House Bill AnalysisH.B. 3564
By: Wise
Pensions & Investments
3/25/2001
Introduced



BACKGROUND AND PURPOSE 

Under current Texas law, transactions relating to a life or viatical
settlement are governed by provisions of The Securities Act that contradict
provisions in the federal Securities Exchange Act of 1934.  This
contradiction causes increases in litigation costs and court congestion.
House Bill 3564 exempts transactions relating to a life or viatical
settlement from The Securities Act.   

RULEMAKING AUTHORITY

It is the opinion of the Office of House Bill Analysis that this bill does
not expressly delegate any additional rulemaking authority to a state
officer, department, agency, or institution. 

ANALYSIS

House Bill 3564 amends The Securities Act (Act) to provide that a
transaction relating to a life or viatical settlement is exempt from the
Act.   

EFFECTIVE DATE

September 1, 2001.