By: Junell H.B. No. 1008
73R4918 LJD-F
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to generating additional revenue in connection with the
1-3 unclaimed money fund.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 74.201, Property Code, is amended by
1-6 adding Subsection (d) to read as follows:
1-7 (d) The State Treasurer may offer for sale space for
1-8 suitable advertisements in a notice published under this section.
1-9 Proceeds from the sale of the advertising space shall be used to
1-10 defray the cost of publishing the notices, with the remaining
1-11 amount, if any, to be deposited to the credit of the unclaimed
1-12 money fund.
1-13 SECTION 2. Section 74.505(c), Property Code, is amended to
1-14 read as follows:
1-15 (c) Costs of publication and postage shall be deducted from
1-16 the amounts paid under this section, but deductions for any costs
1-17 of administration or service charges may not be made, except as
1-18 provided by Section 74.509.
1-19 SECTION 3. Subchapter F, Chapter 74, Property Code, is
1-20 amended by adding Section 74.509 to read as follows:
1-21 Sec. 74.509. HANDLING FEE FOR PROCESSING UNCLAIMED PROPERTY.
1-22 The State Treasurer shall charge a person claiming unclaimed
1-23 property a handling fee if ownership of the property is reinstated
1-24 and the value of the property is $50 or more.
2-1 SECTION 4. Section 74.601(d), Property Code, is amended to
2-2 read as follows:
2-3 (d) Notwithstanding Section 404.024, Government Code, the
2-4 <The> State Treasurer shall from time to time invest the amount in
2-5 the unclaimed money fund that exceeds $50,000 in investments that
2-6 persons of ordinary prudence, discretion, and intelligence, in
2-7 exercising the judgment and care under the circumstances then
2-8 prevailing, acquire or retain for their own account in the
2-9 management of their affairs, not in regard to speculation but in
2-10 regard to the permanent disposition of their funds, considering the
2-11 probable income as well as the probable safety of their capital
2-12 <approved by law for the investment of state funds>.
2-13 SECTION 5. This Act takes effect September 1, 1993.
2-14 SECTION 6. The importance of this legislation and the
2-15 crowded condition of the calendars in both houses create an
2-16 emergency and an imperative public necessity that the
2-17 constitutional rule requiring bills to be read on three several
2-18 days in each house be suspended, and this rule is hereby suspended.