Bill > SB440

This bill modifies requirements for audits and reporting by financial regulatory agencies in Texas, significantly expanding the scope and detail of mandatory reports. The bill requires the state auditor to conduct comprehensive audits of financial regulatory agencies at least once every six years, including financial, effectiveness, and performance audits, and allows for risk-based audits at any time. The reporting requirements for these agencies are substantially enhanced, mandating detailed biennial reports to the legislature and governor that now include specific breakdowns of fee changes, regulatory jurisdiction, enforcement activities, and a comprehensive list of new or repealed rules. Additionally, annual reports must now include extensive trend performance data covering five fiscal years, with granular details on personnel salaries, expenses, budget performance, enforcement actions, administrative penalties, complaint processing, licensing statistics, and key performance measures. The bill aims to increase transparency and accountability by requiring financial regulatory agencies to provide more comprehensive and structured information about their operations, financial status, and regulatory activities. These changes will take effect on September 1, 2025, and will apply to reports due on or after that date.

Budget and Finance, Business and Industry

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=SB440