Update (Companion Bill Filed): Texas Bill Filed To Require Registration Of Brokers

Update: Another bill (HB 3645) which would require registration of brokers, and which has language substantially similar to SB 1497, has been filed, in the Texas House of Representatives

Earlier:

S.B. No. 1497 has been filed in the Texas legislature to require brokers to be registered with the PUC

Under the bill, "brokerage services" means providing advice or procurement services to, or acting on behalf of, a retail electric customer regarding the selection of a retail electric provider, or the product or service of a retail electric provider, or selling or attempting to sell retail electric products or services offered by retail electric providers to retail electric customers, including online services.

Under the bill, a person may not provide brokerage services for compensation or other consideration unless the person is registered with the PUC as a broker.

The bill provides that a retail electric provider is not a broker and may not knowingly provide bids or offers to an unregistered broker, and a broker may not sell or take title to electric energy.

The bill provides that brokers registering with the PUC shall comply with customer protection provisions, disclosure requirements, and marketing guidelines established by the commission and by statute.

The bill requires that the commission shall adopt rules as necessary to implement the bill.

The bill provides that the PUC shall process a person's application for registration as a broker not later than the 60th day after the date the person files the application.

The bill was filed by Senator Judith Zaffirini