By Gallegos                                     S.B. No. 1508

      75R5478 BEM-D                           

                                A BILL TO BE ENTITLED

 1-1                                   AN ACT

 1-2     relating to the maximum amount that may be charged for an

 1-3     electronic transfer of funds.

 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

 1-5           SECTION 1.  Subchapter D, Chapter 35, Business & Commerce

 1-6     Code, is amended by adding Section 35.55 to read as follows:

 1-7           Sec. 35.55.  MAXIMUM FEE FOR WIRE TRANSFER OF FUNDS.  The

 1-8     maximum amount that a person may charge for transferring money or

 1-9     its equivalent by wire, computer modem, facsimile, or other

1-10     electronic means is five percent of the amount being transferred.

1-11           SECTION 2.  This Act takes effect September 1, 1997.

1-12           SECTION 3.  The importance of this legislation and the

1-13     crowded condition of the calendars in both houses create an

1-14     emergency and an imperative public necessity that the

1-15     constitutional rule requiring bills to be read on three several

1-16     days in each house be suspended, and this rule is hereby suspended.