1-1 By: Thompson (Senate Sponsor - Ellis) H.B. No. 1137 1-2 (In the Senate - Received from the House April 26, 1999; 1-3 April 27, 1999, read first time and referred to Committee on 1-4 Intergovernmental Relations; May 13, 1999, reported favorably by 1-5 the following vote: Yeas 5, Nays 0; May 13, 1999, sent to 1-6 printer.) 1-7 A BILL TO BE ENTITLED 1-8 AN ACT 1-9 relating to the penalty imposed on certain persons who fail to 1-10 timely pay or deliver abandoned property. 1-11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-12 SECTION 1. Section 74.706, Property Code, is amended to read 1-13 as follows: 1-14 Sec. 74.706. PENALTY. (a) A penalty equal to five percent 1-15 of the value of the property due shall be imposed on a holder who 1-16 fails to pay or deliver property within the time prescribed by this 1-17 chapter. If a holder fails to pay or deliver property before the 1-18 31st day after the date the property is due, an additional penalty 1-19 equal to five percent of the value of the property due shall be 1-20 imposed. 1-21 (b) For purposes of Subsection (a), "holder" does not 1-22 include a local governmental entity or an officer or employee of a 1-23 local governmental entity who is performing the officer's or 1-24 employee's official duties for the local governmental entity. 1-25 SECTION 2. The change in law made by this Act applies only 1-26 to conduct occurring on or after the effective date of this Act. 1-27 For purposes of this section, conduct occurs before the effective 1-28 date of this Act if any element of the conduct giving rise to the 1-29 penalty occurs before that date. Conduct occurring before the 1-30 effective date of this Act is covered by the law in effect when the 1-31 conduct occurred, and the former law is continued in effect for 1-32 that purpose. 1-33 SECTION 3. This Act takes effect September 1, 1999. 1-34 SECTION 4. The importance of this legislation and the 1-35 crowded condition of the calendars in both houses create an 1-36 emergency and an imperative public necessity that the 1-37 constitutional rule requiring bills to be read on three several 1-38 days in each house be suspended, and this rule is hereby suspended. 1-39 * * * * *