(a) In this section:
(1) "Major information resources project" has the meaning assigned by Section 2054.003.
(2) "Sensitive personal information" has the meaning assigned by Section 521.002, Business & Commerce Code.
(b) A vendor awarded a services contract by a state agency may not assign the vendor's rights under the contract to a third party unless the assignment is approved by the state agency.
(c) At least 14 days before a state agency rejects or approves a vendor's proposed assignment under Subsection (b), the state agency shall notify the Legislative Budget Board of the proposed assignment if the contract subject to the assignment:
(1) is for a major information resources project; or
(2) involves storing, receiving, processing, transmitting, disposing of, or accessing sensitive personal information in a foreign country.