AI-assisted research summary: The state must notify each listed financial company, and the company must stop boycotting energy companies within 90 days of notice to avoid divestment consequences.
Sec. 809.053. ACTIONS RELATING TO LISTED FINANCIAL COMPANY. (a) For each listed financial company identified under Section 809.052, the state governmental entity shall send a written notice: (1) informing the financial company of its status as a listed financial company; (2) warning the financial company that it may become subject to divestment by state governmental entities after the expiration of the period described by Subsection (b); and (3) offering the financial company the opportunity to clarify its activities related to companies described by Sections 809.001(1)(A) and (B). (b) Not later than the 90th day after the date the financial company receives notice under Subsection (a), the financial company must cease boycotting energy companies in order to avoid qualifying for divestment by state governmental entities. (c) If, during the time provided by Subsection (b), the financial company ceases boycotting energy companies, the comptroller shall remove the financial company from the list maintained under Section 809.051 and this chapter will no longer apply to the financial company unless it resumes boycotting energy companies. (d) If, after the time provided by Subsection (b) expires, the financial company continues to boycott energy companies, the state governmental entity shall sell, redeem, divest, or withdraw all publicly traded securities of the financial company, except securities described by Section 809.055, according to the schedule provided by Section 809.054. Added by Acts 2021, 87th Leg., R.S., Ch. 529 (S.B. 13), Sec. 1, eff. September 1, 2021.