1-1     By:  Counts (Senate Sponsor - Duncan)                 H.B. No. 1287

 1-2           (In the Senate - Received from the House May 1, 1997;

 1-3     May 2, 1997, read first time and referred to Committee on Economic

 1-4     Development; May 17, 1997, reported favorably by the following

 1-5     vote:  Yeas 7, Nays 0; May 17, 1997, sent to printer.)

 1-6                            A BILL TO BE ENTITLED

 1-7                                   AN ACT

 1-8     relating to the refund of assessments and the transfer of funds

 1-9     among accounts of the Texas Title Insurance Guaranty Association.

1-10           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

1-11           SECTION 1.  Section 9, Texas Title Insurance Guaranty Act

1-12     (Article 9.48, Insurance Code), is amended by amending Subsection

1-13     (b) and by adding Subsection (c) to read as follows:

1-14           (b)  Should the association at any time determine that money

1-15     exists in the [administrative account or the] title account in

1-16     excess of the amount reasonably necessary for efficient future

1-17     operation under the terms of this article, it shall cause the

1-18     excess money to be returned pro rata to the holders of any

1-19     participation receipts on which there is a balance outstanding

1-20     after deducting any credits taken against premium taxes as

1-21     authorized by Section 15 of this article.  The amount deducted for

1-22     those credits shall be deposited with the state treasurer for

1-23     credit to the general fund of this state.  Any excess money

1-24     remaining in the title account after the distribution shall be

1-25     transferred [retained] by the association to [in] the guaranty fee

1-26     account to be used as provided by [and held pursuant to] this

1-27     article.

1-28           (c)  If the association determines at any time that money

1-29     exists in the administrative account in excess of the amount

1-30     reasonably necessary for efficient future operation under the terms

1-31     of this article, the association shall transfer the excess money to

1-32     the guaranty fee account to be used as provided by this article.

1-33           SECTION 2.  The importance of this legislation and the

1-34     crowded condition of the calendars in both houses create an

1-35     emergency and an imperative public necessity that the

1-36     constitutional rule requiring bills to be read on three several

1-37     days in each house be suspended, and this rule is hereby suspended,

1-38     and that this Act take effect and be in force from and after its

1-39     passage, and it is so enacted.

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