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.