1-1 AN ACT
1-2 relating to the refund of assessments and the transfer of funds
1-3 among accounts of the Texas Title Insurance Guaranty Association.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 9, Texas Title Insurance Guaranty Act
1-6 (Article 9.48, Insurance Code), is amended by amending Subsection
1-7 (b) and by adding Subsection (c) to read as follows:
1-8 (b) Should the association at any time determine that money
1-9 exists in the [administrative account or the] title account in
1-10 excess of the amount reasonably necessary for efficient future
1-11 operation under the terms of this article, it shall cause the
1-12 excess money to be returned pro rata to the holders of any
1-13 participation receipts on which there is a balance outstanding
1-14 after deducting any credits taken against premium taxes as
1-15 authorized by Section 15 of this article. The amount deducted for
1-16 those credits shall be deposited with the state treasurer for
1-17 credit to the general fund of this state. Any excess money
1-18 remaining in the title account after the distribution shall be
1-19 transferred [retained] by the association to [in] the guaranty fee
1-20 account to be used as provided by [and held pursuant to] this
1-21 article.
1-22 (c) If the association determines at any time that money
1-23 exists in the administrative account in excess of the amount
1-24 reasonably necessary for efficient future operation under the terms
2-1 of this article, the association shall transfer the excess money to
2-2 the guaranty fee account to be used as provided by this article.
2-3 SECTION 2. The importance of this legislation and the
2-4 crowded condition of the calendars in both houses create an
2-5 emergency and an imperative public necessity that the
2-6 constitutional rule requiring bills to be read on three several
2-7 days in each house be suspended, and this rule is hereby suspended,
2-8 and that this Act take effect and be in force from and after its
2-9 passage, and it is so enacted.
_______________________________ _______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 1287 was passed by the House on April
30, 1997, by the following vote: Yeas 144, Nays 0, 1 present, not
voting.
_______________________________
Chief Clerk of the House
I certify that H.B. No. 1287 was passed by the Senate on May
26, 1997, by the following vote: Yeas 31, Nays 0.
_______________________________
Secretary of the Senate
APPROVED: _____________________
Date
_____________________
Governor