GEC S.B. 320 75(R)    BILL ANALYSIS


BUSINESS & INDUSTRY
S.B. 320
By: Armbrister (Cook)
5-9-97
Committee Report (Unamended)


BACKGROUND 

Currently, Section 74.705(a), Property Code, provides for the payment of
interest on escheat property to the state treasurer by any person who
fails to pay or deliver property within certain time limits. This bill
provides that a person is exempt from payment of interest under Section
74.705(a) if the person's action or omission is in connection with the
person's official duties as an officer or employee of a political
subdivision of this state. 

PURPOSE

As proposed, S.B. 320 provides for an exemption from certain interest
payments under Section 74.705(a), Property Code, regarding unclaimed
property claims. 

RULEMAKING AUTHORITY

This bill does not grant any additional rulemaking authority to a state
officer, institution, or agency. 

SECTION BY SECTION ANALYSIS

SECTION 1. Amends Section 74.705, Property Code, to add Subsection (f), to
provide that a person is exempt from payment of interest under Subsection
(a) if the person's action or omission is in connection with the person's
official duties as an officer or employee of a political subdivision of
this state. 

SECTION 2. Makes application of this Act prospective.

SECTION 3. Emergency clause.
  Effective date: upon passage.