PMWJ C.S.H.B. 1316 75(R)BILL ANALYSIS


JUDICIAL AFFAIRS
C.S.H.B. 1316
By: Naishtat
3-26-97
Committee Report (Substituted)



BACKGROUND 

 A guardian of an estate must invest a ward's assets in accordance with
the Texas Probate Code.  While some investments are authorized to be made
without court authority, other investments require an application to be
approved by the Court before the investment can be made.  Currently, there
is no means by which a guardian of a minor can invest in our state's Texas
Tomorrow Fund. The Texas Tomorrow Fund, as a way to directly provide for a
ward's future education, would be a welcome investment opportunity for
guardians of minor's estates and should be allowed with permission of the
probate court. 


PURPOSE

 The purpose of this bill is to enable a guardian of the estate to file an
application with the court for the purpose of investing the ward's assets
into the Texas Tomorrow Fund. 


RULEMAKING AUTHORITY

 It is the committee's opinion that this bill does not expressly grant any
additional rulemaking authority to a state officer, department, agency or
institution. 


SECTION BY SECTION ANALYSIS

 SECTION 1 amends Section 856(a) of the Probate code to allow a guardian
to invest a ward's assets in the Texas Tomorrow Fund. 

 SECTION 2 allows a court to modify any guardianship in effect on
September 1, 1997, to invest in accordance with SECTION 1. 

 SECTION 3.  Effective date.  Application of act.

 SECTION 4.  Emergency clause. 



COMPARISON OF ORIGINAL TO SUBSTITUTE

 Section 1 in the substitute capitalized the letters "T" and "F" in
"tomorrow" and "fund" respectively.  These were not capitalized in the
original.