By Armbrister                                    S.B. No. 320

      75R2507 CAS-F                           

                                A BILL TO BE ENTITLED

 1-1                                   AN ACT

 1-2     relating to exempting officers and employees of political

 1-3     subdivisions of this state from certain interest payments in regard

 1-4     to unclaimed property claims.

 1-5           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

 1-6           SECTION 1.  Section 74.705, Property Code, is amended by

 1-7     adding Subsection (f) to read as follows:

 1-8           (f)  A person is exempt from payment of interest under

 1-9     Subsection (a) if the person's action or omission is in connection

1-10     with the person's official duties as an officer or employee of a

1-11     political subdivision of this state.

1-12           SECTION 2.  The exemption provided by Section 74.705(f),

1-13     Property Code, as added by this Act, applies only to interest

1-14     accruing under Section 74.705(a), Property Code, on or after the

1-15     effective date of this Act.

1-16           SECTION 3.  The importance of this legislation and the

1-17     crowded condition of the calendars in both houses create an

1-18     emergency and an imperative public necessity that the

1-19     constitutional rule requiring bills to be read on three several

1-20     days in each house be suspended, and this rule is hereby suspended,

1-21     and that this Act take effect and be in force from and after its

1-22     passage, and it is so enacted.