By Counts                                             H.B. No. 1287

         75R5746 PB-F                           

                                A BILL TO BE ENTITLED

 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.