1-1  By:  Luna                                              S.B. No. 172
    1-2        (In the Senate - Filed January 9, 1995; January 17, 1995,
    1-3  read first time and referred to Committee on Jurisprudence;
    1-4  February 14, 1995, reported favorably, as amended, by the following
    1-5  vote:  Yeas 7, Nays 0; February 14, 1995, sent to printer.)
    1-6  COMMITTEE AMENDMENT NO. 1                                 By:  Luna
    1-7  Amend S.B. No. 172 as follows:
    1-8        (1)  In SECTION 1 of the bill, in proposed Section 490A,
    1-9  Texas Probate Code (page 1, lines 30-31), strike the second
   1-10  sentence of Subsection (b).
   1-11        (2)  In SECTION 1 of the bill, in proposed Subsection (c),
   1-12  Section 490A, Texas Probate Code (page 1, line 33), strike "third"
   1-13  and substitute "fourth".
   1-14                         A BILL TO BE ENTITLED
   1-15                                AN ACT
   1-16  relating to certain records of transactions conducted under durable
   1-17  powers of attorney.
   1-18        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
   1-19        SECTION 1.  The Durable Power of Attorney Act (Chapter XII,
   1-20  Texas Probate Code) is amended by adding Section 490A to read as
   1-21  follows:
   1-22        Sec. 490A.  ACCOUNTING RECORDS.  (a)  The attorney in fact or
   1-23  agent of a principal empowered to act for the principal with regard
   1-24  to a class of transactions under a durable power of attorney or
   1-25  statutory durable power of attorney shall maintain appropriate
   1-26  records of each transaction, including an accounting of receipts
   1-27  and disbursements.
   1-28        (b)  On request of the principal, the attorney in fact or
   1-29  agent shall make the records available to the principal for
   1-30  inspection and review.  The principal is entitled to inspect and
   1-31  review the records under this subsection only once each year.
   1-32        (c)  The attorney in fact or agent shall maintain the records
   1-33  until at least the third anniversary of the date the durable power
   1-34  of attorney or statutory durable power of attorney expires or is
   1-35  expressly revoked by the principal.
   1-36        SECTION 2.  This Act takes effect September 1, 1995, and the
   1-37  change in law made by this Act applies only to a durable power of
   1-38  attorney or statutory durable power of attorney that is executed on
   1-39  or after that date.  A durable power of attorney or statutory
   1-40  durable power of attorney that is executed before the effective
   1-41  date of this Act is governed by the law in effect on the date the
   1-42  power of attorney was executed, and that law is continued in effect
   1-43  for that purpose.
   1-44        SECTION 3.  The importance of this legislation and the
   1-45  crowded condition of the calendars in both houses create an
   1-46  emergency and an imperative public necessity that the
   1-47  constitutional rule requiring bills to be read on three several
   1-48  days in each house be suspended, and this rule is hereby suspended.
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