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.
1-40 * * * * *