80th Texas Legislature, Regular Session, House Bill 1741, Chapter 303 Page: 2 of 7
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H.B. No. 1741
1 allocation claims on behalf of certified investors with respect to
2 Program Two [en a d te] not later than January 1i, 2008 [the -1 0th
3 ,day t ttc" r s- .rc., -ane]
4 SECTION 3. Article 4.56(b), Insurance Code, is amended to
5 read as follows:
6 (b) At least 50 percent of the amount of qualified
7 investments required by Subsection (a)(2) of this article must be
8 placed in early stage businesses. At least 30 percent of the amount
9 of qualified investments required by Subsections (a)(1) and (2) of
10 this article must be placed in a strategic investment or low-income
11 community business.
12 SECTION 4. Article 4.57, Insurance Code, is amended to read
13 as follows:
14 Art. 4.57. EVALUATION OF BUSINESS BY COMPTROLLER. (a) A
15 certified capital company may, before making an investment in a
16 business, request from the comptroller a written opinion as to
17 whether the business in which it proposes to invest is a qualified
18 business, an early stage business, or a strategic investment or
19 low-income community business.
20 (b) The comptroller shall, not later than the 15th business
21 day after the date of the receipt of a request under Subsection (a)
22 of this article, determine whether the business meets the
23 definition of a qualified business, an early stage business, or a
24 strategic investment or low-income community business, as
25 applicable, and notify the certified capital company of the
26 determination and an explanation of its determination or notify the
27 certified capital company that an additional 15 days will be needed
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Texas. Legislature. House of Representatives. 80th Texas Legislature, Regular Session, House Bill 1741, Chapter 303, legislative document, 2007-04/2007-06; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth154838/m1/2/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.