By Thompson H.B. No. 1137 76R1741 CAS-F A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the penalty imposed on certain persons who fail to 1-3 timely pay or deliver abandoned property. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Section 74.706, Property Code, is amended to read 1-6 as follows: 1-7 Sec. 74.706. PENALTY. (a) A penalty equal to five percent 1-8 of the value of the property due shall be imposed on a holder who 1-9 fails to pay or deliver property within the time prescribed by this 1-10 chapter. If a holder fails to pay or deliver property before the 1-11 31st day after the date the property is due, an additional penalty 1-12 equal to five percent of the value of the property due shall be 1-13 imposed. 1-14 (b) For purposes of Subsection (a), "holder" does not 1-15 include a local governmental entity or an officer or employee of a 1-16 local governmental entity who is performing the officer's or 1-17 employee's official duties for the local governmental entity. 1-18 SECTION 2. The change in law made by this Act applies only 1-19 to conduct occurring on or after the effective date of this Act. 1-20 For purposes of this section, conduct occurs before the effective 1-21 date of this Act if any element of the conduct giving rise to the 1-22 penalty occurs before that date. Conduct occurring before the 1-23 effective date of this Act is covered by the law in effect when the 1-24 conduct occurred, and the former law is continued in effect for 2-1 that purpose. 2-2 SECTION 3. This Act takes effect September 1, 1999. 2-3 SECTION 4. 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.